Dubai edges higher, Abu Dhabi falls amid Middle East tensions
- Dubai’s main share index gained 0.5%
UAE stock markets closed mixed on Friday, with modest gains in Dubai offset by losses in Abu Dhabi, as investors largely looked past corporate earnings and focused on the risk of a renewed escalation in Middle East tensions.
Dubai’s main share index gained 0.5%, led by a 1.8% gain in top lender Emirates NBD and a 1.5% increase in utility firm Dubai Electricity and Water Authority.
However, blue-chip developer Emaar Properties fell 0.9%, despite reporting higher second-quarter profit, as earnings declined compared with the previous quarter.
In Abu Dhabi, the index eased 0.3%, hit by a 0.6% fall in conglomerate International Holding. On the other hand, ADNOC Gas gained 1.2%, ahead of its earnings announcement.
Investors remained cautious over efforts to end the U.S.-Iran war and reopen the vital Strait of Hormuz, as renewed regional tensions clouded the outlook.
A Houthi attack on southern Saudi Arabia wounded 11 civilians on Thursday, according to a military official, prompting Riyadh to warn of imminent coordinated strikes by Yemen’s Houthis and Iran-backed Iraqi militias.
A senior Saudi official, speaking anonymously, said intelligence shared by Saudi Arabia, the United States and regional partners indicated that civilian and economic targets—including energy infrastructure, ports and airports—could be at risk.
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