UAE shares extend losses on regional conflict fears

Stock markets in the United Arab Emirates fell on Friday, with Dubai leading the decline driven by losses in financial and real estate shares as Houthi strikes in Saudi heightened fears of a wider regional conflict.

Saudi Aramco has told staff to evacuate its Dhahran headquarters and work remotely, six people with knowledge of the matter said on Thursday, a day after two people were killed in an attack on a nearby airport.

Dubai’s main index dropped 1.4% to a more than four-month low, weighed down by a 3.5% fall in top lender Emirates NBD Bank and a 2.1% decline in blue-chip developer Emaar Properties.

Abu Dhabi’s benchmark index fell 1.2%, pressured by energy, real estate and banking stocks.

Real estate giant Aldar Properties slipped 3.7%, while energy shipping firm Adnoc L&S decreased 3.9%.

Abu Dhabi Commercial Bank, the UAE’s third-largest lender, fell 3.7%, despite reporting a 15% rise in third-quarter net profit to 3.56 billion dirhams ($969.26 million).7

Separately, the UAE is investing an additional €15 billion ($16.81 billion) in Greece, the Abu Dhabi Media Office said on Thursday, building on an existing joint investment initiative.

Dubai and Abu Dhabi indexes posted weekly losses of 2.3% and 2.2%, respectively, according to LSEG data.

Oil prices, a key driver of Gulf financial markets, drifted higher on Friday as Houthi attacks raised concerns about further disruption to Middle East energy supplies.

Brent crude rose 1.3% to $114.61 a barrel by 1148 GMT.