UAE stocks end mixed as easing Iran tensions lift Dubai

United Arab Emirates stock markets ended mixed on Friday as geopolitical concerns eased after President Donald Trump said Washington would not launch an attack on Iran before next month’s US midterm congressional elections.

Trump said on Thursday that the United States and Iran were holding constructive discussions aimed at ending the conflict and reopening the Strait of Hormuz, a vital global energy shipping route.

Iran and the US have exchanged proposals in recent weeks, though Trump rejected Tehran’s latest offer.

Dubai’s benchmark index snapped a three-session losing streak to close 0.3% higher, with most constituents ending in positive territory.

Emirates NBD, Dubai’s largest lender, rose 2.1%, while blue-chip developer Emaar Properties advanced 1.1%.

In Abu Dhabi, the benchmark index edged lower, weighed down by losses in basic materials, consumer staples, telecommunications and utilities stocks.

First Abu Dhabi Bank , the UAE’s largest lender, fell 0.6%, while ADNOC Gas and Aldar Properties gained 1.5% and 1%, respectively.

The Abu Dhabi index recorded its third consecutive weekly loss, while Dubai’s index declined for a second straight week, according to LSEG data.

“Looking ahead, attention remains on any concrete diplomatic timelines and material updates that could ease tensions and improve shipping conditions in the Strait of Hormuz,” said George Pavel, general manager at Naga.com Middle East.

“Further escalation could keep UAE stock markets under pressure, while traders are also focused on third-quarter earnings, as solid results could help support market performance.”