UAE bourses tracked declines in global stocks hit by growing recession fears, with real estate and bank shares leading losses despite a slew of positive third-quarter results.

In Dubai, Emaar Properties declined 2.26 percent, while Union Properties shed 4.29 percent. Dubai Islamic Bank fell 3.18 percent.

The main index fell 1.71 percent to 3,154 points.

Shares in Dubai Ports World plunged 9.09 percent on the Dubai International Financial Exchange. Shares in the container operator are trading at $0.39, having lost 70 percent of their value since the company's IPO last November.

"Yesterday international markets were very down, it seems like there is some flow-through impact of that happening," said Sana Kapadia, equity research associate at EFG-Hermes.

In Abu Dhabi, National Bank of Abu Dhabi is the biggest heavyweight loser, plummeting 9.29 percent. Sorouh Real Estate and Aldar Properties fell 6.69 and 6.22 percent respectively. The Abu Dhabi benchmark fell 3.03 percent to 3,486 points.

Kuwait's main index declined 3.03 percent to 10,463 points, according to the bourse website. Shares in Mobile Telecommunications Co (Zain) dropped more than 8 percent.

Oman's main index opened slightly lower, with Bank Muscat, down 2.4 percent, the biggest heavyweight loser.

Bank Sohar declined 2.09 percent, while Galfar Engineering Co fell 2.60 percent. The index shed 0.45 percent at 7,232 points. - Reuters