Gulf stock markets dropped sharply on Wednesday amid fears the world's top oil exporting region is not shielded from global economic turmoil.

Dubai's main index plunged more than 10 percent as stocks around the world dived.

Emaar Properties slid 13.13 percent, dragging the benchmark 10.32 percent to 3,022 points.

Shares of Dubai Ports World fell almost 15 percent as global stocks tumbled. DP World is down 14.81 percent at 0.46 US cents. It had listed last November at $1.30.

The company said in a statement on Wednesday its chief executive Mohammed Sharaf had bought 99,613 shares at a price of $0.55 on Oct. 7, bringing his total number of shares to 309,041 shares.

Emirates Telecommunications Corp (Etisalat) slid more than 8 percent, pulling the benchmark more than 5 percent lower.

Egypt's benchmark CASE 30 index dropped 11.19 percent in the first 15 minutes of trading on Wednesday, with investors dumping stocks in line with global markets.

Ezz Steel, Egypt's biggest steel producer, plunged 23.76 percent to 12 Egyptian pounds a share ($2.18). Orascom Telecom also fell nearly 10 percent to 32.60 pounds.

Saudi Arabia's main index slid more than 7 percent in early trading as Saudi Basic Industries Corp (Sabic) plunged more than 9 percent. Sabic is down 9.06 percent, and the benchmark lost 7.04 percent to 5,813 points.

Oman's main index plunged 6.6 percent to 6,670 points. Bank Muscat fell 5.68 percent after its third-quarter profit rose 44.3 percent.

'It's the same negative sentiment as this global crisis continues,' says Adel Nasr, broker at United Securities brokerage.  'There is no positive indicators in the market. Even the excellent results of Bank Muscat failed to have an effect.'  

Qatar's main index plunged more than 7 percent Industries Qatar led the decline, sliding 8.86 percent and the benchmark tumbles 7.12 percent to 7,567 points. -Reuters