Decline of UAE stock exchanges amid rising regional tensions and oil price increase

The UAE stock exchanges declined on Friday, with Dubai leading the losses, amid fears of an expanding regional conflict following Houthi attacks in Saudi Arabia and rising oil prices. Dubai's index fell 1.4% and Abu Dhabi's 1.2%, affected by declines in banking, real estate, and energy stocks.

The UAE stock exchanges declined on Friday, with Dubai leading the losses, amid escalating fears of a widening regional conflict following Houthi attacks in Saudi Arabia, alongside rising oil prices. Dubai's main index fell 1.4%, reaching its lowest level in over four months, impacted by a 3.5% drop in Emirates NBD Bank shares and a 2.1% decline in Emaar Properties shares. The Abu Dhabi Securities Exchange index fell 1.2%, pressured by declines in energy, real estate, and banking sectors. Aldar Properties shares fell 3.7%, ADNOC Logistics & Services shares dropped 3.9%, and Abu Dhabi Commercial Bank shares fell 3.7%, despite announcing a 15% increase in third-quarter net profit to 3.56 billion dirhams. The declines followed reports from six informed sources that Saudi Aramco asked its employees to evacuate its headquarters in Dhahran and work remotely, after two people were killed in an attack on a nearby airport. On a weekly basis, Dubai's index recorded losses of 2.3%, while Abu Dhabi's index fell 2.2%. In contrast, Brent crude rose 1.3% to $114.61 per barrel. Separately, Abu Dhabi announced that the UAE will invest an additional 15 billion euros in Greece.