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Air Arabia shares drop 9% after dividend payment

Shares in Air Arabia have dipped more than 9% following the company's dividend payment of 8 fils per shares. The drop puts Air Arabia shares at the lowest closing price on the Dubai Financial Market General Index since its 2007 IPO.

Most shares in the Middle East and Africa were flat, although shares in South African LCCs 1Time Holdings were up 3%, while Comair South Africa shares jumped 9%.

Selected Middle East and African airline daily share price movements (% change): 3o-Mar-2011