United Arab Emirate sharemarkets fell the most in more than a year as mainly overseas investors sold out, slicing $US9 billion worth of value from stocks.

Dubai's main index of stocks closed 7.3% lower at 1940.36, while neighbouring Abu Dhabi plunged 8.3% to 2668.23. Other Gulf sharemarkets, including Saudi Arabia, were still closed for holidays.

Most UAE stocks closed near their lowest-allowed trading limits for the day, set at 10% for liquid stocks. Dubai allows less frequently traded shares to fall a maximum of 5% in any one session.