UAE markets fall amid growing US-Iran tensions
- Dubai’s main market closed 0.3% lower
Stock markets in the United Arab Emirates declined on Friday as investors weighed growing geopolitical tensions after the U.S. said Iran will suffer if it does not agree a deal on its nuclear activity in a matter of days.
U.S. President Donald Trump said on Thursday that “really bad things” would happen if Tehran does not come to an agreement to curtail its nuclear programme. Trump set a deadline of 10 to 15 days.
Abu Dhabi’s benchmark index slipped 0.3%, pressured by a 2.6% decline in real estate heavyweight Aldar Properties and a 1.4% decrease in Agility Global .
Aldar Properties said it had issued $1 billion in subordinated hybrid notes to Apollo Global Management through a private placement.
However, agro-food investor Invictus jumped 1.6% after the firm recorded a 34% increase in its full-year profit to 225.9 million dirhams ($61.51 million).
Dubai’s main market closed 0.3% lower; Dubai Islamic Bank fell 2.2% and top lender Emirates NBD Bank dropped 0.7%.
Oil prices — a key catalyst for the Gulf’s financial market — eased 0.4% to $71.38 a barrel after two sessions of gains.
ABU DHABI | fell 0.3% to 10,581points |
DUBAI | down 0.3% to 6,590 points |
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