Gulf General Investment Company fell to its lowest intraday level in a week after it emerged the Dubai-based investment company defaulted on repayments on bank loans. Last Updated: May 23, 2011 <strong>UAE consumers among world's most optimistic</strong> Consumer confidence soars in the Middle East, which researchers attribute to a feel-good factor following the easing of the region's political unrest. <a href="http://www.thenational.ae/business/economy/uae-consumers-among-worlds-most-optimistic">Read article</a> <strong>Saudi Arabia considers shifting its weekend</strong> Saudi Arabia rethinks whether having its weekend halfway into the rest of the world's working week is a good idea. <a href="http://www.thenational.ae/business/economy/saudi-arabia-considers-shifting-its-weekend">Read article</a> <strong>Chinese security company leaves Nasdaq Dubai</strong> A Chinese security firm is removing its shares from trading on the Nasdaq Dubai, bringing the number of stocks listed there to 10. <a href="http://www.thenational.ae/business/markets/chinese-security-company-leaves-nasdaq-dubai">Read article</a> GGICO retreated 3.7 per cent to 34 fils a day after reports came out that the investment company defaulted on almost Dh500 million in repayments of bank loans. The company had posted a narrowing of first quarter loss to Dh48.8m after a loss of Dh85m a year earlier. It hired HSBC Middle East as an advisor to restructure its debts due to banks. The wider Dubai Financial Market General Index also fell 1.5 per cent, the lowest since April 7, to 1,554.81 points. Industry experts said the decision by the Dubai government to cut spending by up to 25 per cent to help the emirate achieve a budget surplus of Dh3 billion to Dh3.5bn affected confidence and liquidity in the market. "You need two things to stimulate the markets," said Nabil Farhat, a partner at Al Fajr Securities. "You need to have government spending and secondly you have to have relaxed monetary policy to increase liquidity [in the market]," he said. The Abu Dhabi Securities Exchange slipped 0.2 per cent to 2,642.08 points on weak volumes.