Mideast Stocks: Gulf equities gain following reports of US-Iran ceasefire proposal

Mideast Stocks: Gulf equities gain following reports of US-Iran ceasefire proposal

Most Gulf stock markets ended higher on Wednesday, ‌with Dubai leading regional gains, as optimism over a possible ceasefire grew following reports that Washington had submitted a 15-point ​proposal to Tehran aimed at ending the war. U.S. President Donald Trump said on Tuesday that efforts to negotiate an ​end to ​the conflict were making progress.

A source confirmed to Reuters that the U.S. had sent Iran the proposal, while Israel's Channel 12, citing sources, reported that Washington was seeking a ⁠month-long ceasefire to allow discussions on the plan.

Tehran denied that any direct talks had taken place, and the official IRNA news agency quoted an armed forces spokesperson on Wednesday as saying the U.S. was "negotiating with itself". Israel and Iran exchanged airstrikes on Wednesday.

Dubai's main share index jumped 4.2%, its biggest intraday ​gain since ‌December 2024, with ⁠blue-chip developer Emaar Properties surging 7.6% ⁠and top lender Emirates NBD climbing 6.8%.

In Abu Dhabi, the index concluded 2% higher, with Aldar Properties leaping ​6.1% while ADNOC Logistics climbed 4.2%. The maritime logistics provider said recent developments ‌in the region had not materially impacted its global operations and that ⁠it remains financially strong and fully operational across all divisions.

The Qatari index advanced 1.4%, led by a 3.1% rise in Qatar Islamic Bank.

Saudi Arabia's benchmark index finished 1.2% higher, with the country's biggest lender by assets Saudi National Bank rising 2.2%. Elsewhere, oil major Saudi Aramco added 0.8%.

Crude exports from Saudi Arabia's Red Sea port of Yanbu climbedto nearly 4 million barrels per day last week, shipping data showed, underscoring Aramco's progress in rerouting supplies through its East-West pipeline to bypass Hormuz disruptions caused by the Iran war.

Oil prices sank about 5% on hopes the U.S. ‌proposal to Iran could help end the war and ease regional supply ⁠risks.

Outside the Gulf, Egypt's blue-chip index closed 1.2% higher, with Commercial ​International Bank rising 1.5%. U.S. company Apache Corporation has made a new natural gas discovery in Egypt's Western Desert, the petroleum ministry said on Tuesday, with expected output of about 26 million cubic feet of gas per ​day.

#Dubai Real Estate Bonds Are Starting to Fall Into Distress - Bloomberg

Dubai Real Estate Bonds Are Starting to Fall Into Distress - Bloomberg

Two Dubai property developers have seen their Islamic bonds, or sukuk, fall into distressed territory, with investor concern mounting over credit quality and refinancing risks as the war in the Middle East rolls on for a fourth week.

Six dollar-denominated sukuk issued by property firms are indicated at distressed levels, or trading with a yield spread of over 1,000 basis points above the risk-free rate, according to data compiled by Bloomberg. In total, they represent about 15% of dollar real estate bonds in the Middle East.

The Shariah-compliant bonds are issued by entities linked to Dubai-based Binghatti Holding Ltd and Omniyat Holdings Ltd, with a 2027 issue from Binghatti coming in as the most distressed. Binghatti’s core business is mid-market housing, though it has also made a push into luxury projects, unveiling plans for a Mercedes-branded tower and one of the world’s tallest residential buildings. Omniyat focuses on the ultra-luxury segment.

Even among bonds and sukuk that haven’t crossed the distressed threshold, spreads have ballooned since the start of the war. Risk premiums on a 2030-dated bond by an entity of Sobha Realty have surged from under 300 basis points to 800 basis points. An Arada Developments LLC vehicle’s 2030-maturing security has seen spreads more than double to 728 basis points.

Debt issued by all four of these firms have sub-investment grade scores at major rating companies, based on data compiled by Bloomberg. Their high-grade peers’ spreads have also widened, but losses are more contained.

Once-Hot Sector
The once-hot sector has soured quickly. At the end of February, the widest-indicated bond was trading at less than half of the threshold associated with distress. But the Middle East’s primary bond market has been effectively shut since the war broke out, leaving issuers with limited refinancing options and increasing pressure on lower-rated names.

“Dubai real estate names were the most affected by the situation,” with short-selling by hedge funds contributing to a broad-based selloff across the sector, said Zeina Rizk, co-head of fixed income at Amwal Capital.

A representative for Binghatti said in a statement that the firm’s construction sites are fully operational and on schedule despite geopolitical tensions. “Cancellation rates remain below 1%, consistent with historical norms, and March sales have hit approximately AED 500 million per week, matching pre-crisis levels.”

Omniyat said it is “in a strong position, fully funded, with substantial contracted revenue providing over four years of revenue visibility.” Construction is active across all of the firm’s launched sites and there have been no purchase cancellations, the statement added.

Arada has “taken proactive steps to reinforce liquidity as we prepare for the next 18 months,” the company said in a statement. “The outlook is manageable, with sufficient liquidity to meet all obligations over this period.”

Sobha could not be reached for comment.

Fitch Ratings has placed both Binghatti and Omniyat on watch for possible downgrades, citing the impact of geopolitical risk on demand and the risk of higher construction costs. Still, both companies entered the recent period of volatility with solid balance sheets, Fitch said. Separately, Moody’s Ratings affirmed Binghatti’s rating last week, saying it has good liquidity over the next 12 months to cover its February 2027 maturity.

What Bloomberg Intelligence Says:

The GCC real estate party in bond markets appears to be ending before it began. A prolonged conflict could impede market access, which was helping to fund significant scaling up across the region. Government support looks inevitable, but its form and extent are as yet opaque. How the disparate group of issuers responds will be as varied as their business models and credit metrics. Some ratings are already pressured.

— Tolu M Alamutu, Senior Credit Analyst

Before the war, property companies had been on a debt spree as they raced to secure locations for residential projects in Dubai and Abu Dhabi. Real estate bond issuance in the UAE hit nearly $7 billion in 2025, more than double the 2024 number, itself a record. That’s created a growing wall of maturities, with about $8 billion due by 2030.

“There are pockets of opportunities appearing but some are waiting for better clarity on the outcome before stepping in,” said Amwal Capital’s Rizk.

StanChart-Backed Vault22 Eyes #UAE Move, Islamic Finance Platform - Bloomberg

StanChart-Backed Vault22 Eyes UAE Move, Islamic Finance Platform - Bloomberg

Vault22, a fintech company backed by Standard Chartered Plc’s innovation unit, plans to enter the Islamic finance market with Shariah-compliant personal-finance and wealth-management offering in the United Arab Emirates.

The company will roll out Hafiq, a new platform billed as a faith-driven approach to personal finance, in the Gulf state around mid-year. It will offer a Shariah asset-screening tool powered by artificial intelligence to help users make investment decisions, a real-time calculator for charitable donations known as zakat and a range of exchange-traded funds and thematic portfolios designed to appeal to millennial and Gen Z investors.

The announcement comes as the US-Israeli war on Iran, now in its 24th day, nears a possible inflection point. The UAE reported that the Islamic Republic launched overnight drone and missile attacks into Monday, hours before President Donald Trump’s deadline to reopen the Strait of Hormuz expires.

Standard Chartered’s SC Ventures and Next176, the venture-building arm of top African insurer by assets Old Mutual Group Ltd., created Vault22 about two years ago to tap into fast-growing markets for Islamic finance and AI-led wealth solutions in emerging and frontier markets.

The global Islamic finance industry was valued at $6 trillion in 2024, with the UAE ranking as the fourth largest country by assets, according to a study by the London Stock Exchange Group and Islamic Corp. for the Development of Private Sector.

“People need to be able to manage their risk, their finances and make long-term decisions around their wealth and savings ever more in times of uncertainty,” Stephen Ong, Vault22’s co-founder, said when asked about the impact of the Iran war on its expansion plans. “People need good wealth-management solutions and people need, we believe, these types of Islamic-first tools to help them fulfill their faith obligations.”

The company was created through the merger of 22seven, a popular South African budget aggregation and tracking platform and Autumn, a Singapore-incubated financial goals and wealth-planning app. It has set up a head office in the Dubai International Financial Centre to support plans to launch Hafiq in key Islamic finance markets in the Gulf and as well as Malaysia and Indonesia, and expand its Vault22 platform in Africa.

“The UAE offers a rapidly developing and enabling ecosystem for ventures like ours,” said Benito Mable, Vault22’s chief executive and co-founder. “Regulatory maturity and clarity is important and it’s there, and there’s also a huge linkage between the Middle East and Africa finance corridor that we sit in.”

The company, which also counts Franklin Templeton among its backers, is in talks with potential investors, including Gulf-based family offices, to support its expansion plans, the co-founders said, declining to identify them.

In Africa, the company is due to provide white-label infrastructure to two banks, allowing them to provide digital-wealth products to their clients without having to build their own systems, and is in talks over similar arrangements with others, Mable said, declining to identify them.

Vault22 is planning cryptocurrency and stablecoin offerings for its platform in South Africa, where the majority of its more than 1 million users are based. It’s also looking to service independent financial advisers in the country.

Gross banks’ assets up by 1.4% to $1.473trln at end of January 2026: CB#UAE

Gross banks’ assets up by 1.4% to $1.473trln at end of January 2026: CBUAE

Gross banks’ assets increased by 1.4% from AED 5,339.9 billion at the end of December 2025 to AED 5,413.6 billion at the end of January 2026, according to a report on the Monetary & Banking Developments – January 2026 issued by the Central Bank of the UAE (CBUAE).

The report showed that the gross credit increased by 1.1% from AED 2,570.3 billion at the end of December 2025 to AED 2,598.2 billion at the end of January 2026.

Total credit growth was supported mostly by growth of domestic credit (by AED 27.9 billion), that is result of increase of credit to the private sector by 0.6% (contributed with 0.4 p.p. to overall growth of 1.1%) and credit to the government sector 2.5%. Growth of domestic credit was moderated by the decline in credit extended to OFC for 5.7%, that had negative contribution (for - 0.1 p.p.) to overall domestic credit growth.

Banks’ deposits increased by 0.9%, from AED 3,307.0 billion at the end of December 2025 to AED 3,336.8 billion at the end of January 2026. The increase in banks’ deposits was driven by the growth in resident deposits by 1.2% reaching AED 3,046.1 billion, while non-resident deposits declined by 2.4% reaching AED 290.7 billion, with a negative contribution (-0.2 p.p. from overall 0.9 % total growth).

Within the resident deposits: private sector deposits increased by 1.0% reaching 2,272.8 billion, GRE deposits increased by 3.5% reaching AED 306.7 billion. At the same time, government sector deposits also increased by 2.0% reaching AED 401.3 billion, while Other Financial Corporations (OFC) deposits decreased by 6.7% reaching AED 65.3 billion at the end of January 2026.

The report also showed an increase in money supply aggregate M1 by 0.9%, from AED 1,071.5 billion at the end of December 2025 to AED 1,081.3 billion at the end of January 2026. The increase was supported by an increase in currency in circulation outside banks by 2.7% and in monetary deposits by 0.6%.

The money supply aggregate M2 increased by 1.3%, from AED 2,754.7 billion at the end of December 2025 to AED 2,789.8 billion at the end of January 2026, due to AED 25.3 billion growth in Quasi-Monetary Deposits. The corporate sector deposits and individuals’ deposits contributed the same (by 0.5 p.p. each) to overall growth of M2, having monthly increased by 0.9% and 1.5%, respectively.

Government-Related Entities (GREs) deposits increased by 3.6% contributed to the growth by 0.4 p.p. primarily driven by the growth of their AED demand and savings deposits. All sectors, except Other Financial Corporations (OFC), contributed positively to M2 growth. The monthly decline in OFC sector deposits by 7.1% (mostly foreign currency saving deposits) moderated the growth of the overall aggregate.

Money supply aggregate M3 increased by 1.4%, from AED 3,255.4 billion at the end of December 2025 to AED 3,301.5 billion at the end of January 2026. Government sector deposits recorded monthly increase by 2.2%, reaching AED 511.7 billion, contributing by 0.3 p.p, to growth of M3.

The monetary base increased by 0.6%, from AED 895.7 billion at the end of December 2025 to AED 900.8 billion at the end of January 2026. The increase was driven by the growth in: Reserve Requirements by 32.4% and currency issued by 1.7%. Banks & OFCs Current Accounts & Overnight Deposits of Banks recorded decline by 55.9% and moderated the growth of overall aggregate.

Mideast Stocks: Gulf stocks mixed amid confusion over US-Iran talks

Mideast Stocks: Gulf stocks mixed amid confusion over US-Iran talks

Gulf markets ended mixed ​on Tuesday, with Qatar extending ⁠losses while other bourses steadied as investors parsed conflicting signals on potential U.S.-Iran talks.

Sentiment was volatile ‌after U.S. President Donald Trump delayed strikes on Iran's energy infrastructure and talked of "productive" discussions to end the U.S-Israeli ​war with Iran, but Tehran dismissed that comment as "fake news".

The U.S. will continue strikes on Iran, with the pause applying ​only to ​energy sites, Semafor reported, citing a U.S. official. Israel was not part of Washington's contacts with Tehran, the report added.

The conflict has driven sharp rises in energy prices, disrupted air travel ⁠and hit shipping through the vital Strait of Hormuz route for oil and LNG exports.

Dubai's main index rose as much as 4% before closing 1.6% higher, lifted by gains in heavyweight real estate and banking stocks. Emirates NBD Bank jumped 7.3%, its second-biggest intraday gain in more than a year, while ​Emaar Properties added 4%.

In ‌Abu Dhabi, the ⁠index gained 1.1%. Abu ⁠Dhabi National Energy rose 3% and Two Point Zero Group climbed 5.1%.

The Dubai index trimmed year-to-date losses to 9.5%, ​while Abu Dhabi is down 4.7%, LSEG data shows.

Any signs of easing ‌tensions could lift equities further given solid domestic fundamentals in the ⁠UAE, said George Pavel, general manager at Naga.com Middle East.

Saudi Arabia's benchmark erased earlier declines to close 0.03% higher, supported by banking stocks. Al Rajhi Bank gained 3.3% and Saudi National Bank rose 3.1%. Saudi Aramco fell 1.5% and Saudi Arabian Mining dropped 6.8%.

Crude oil exports from Saudi Arabia's western Yanbu port rose to nearly 4 million barrels per day last week, up sharply from levels before the Iran war, shipping data shows.

Qatar's index slid 1.4%, extending losses from its previous session on March 18, led by financial and energy stocks. Qatar National Bank fell 3.5% and Qatar Gas Transport (Nakilat) lost ‌5.4%. Doha is not mediating between Washington and Tehran but supports all ⁠diplomatic channels to end the war, its foreign ministry said.

Oman's index ​gained 1.9% and Bahrain's edged 0.2% higher. Boursa Kuwait slipped 0.3%.

Outside the Gulf, Egypt's blue-chip index dropped 1.4%, with Commercial International Bank COMI.CA down 4.3%.

With the war ongoing and shipments of about one-fifth of global oil and ​LNG through ‌the Strait of Hormuz still restricted, oil prices resumed their climb. Brent crude ⁠was up 3% at $102.97 a barrel by ​1225 GMT.

#Qatar has options amid Gulf’s worst financial hit | Reuters

Qatar has options amid Gulf’s worst financial hit | Reuters

Qatar is no stranger to dicey financial situations. In 2017, a full-on trade blockade by Saudi Arabia, Bahrain, Egypt and the United Arab Emirates prompted an outflow of foreign funding from the Gulf ​state's lenders, forcing Doha to pump $40 billion into the banking sector. Now, the country's liquefied natural gas (LNG) capacity is impaired due to Iranian strikes, ‌and GDP may plunge. The banks look fragile again too. The question is what Qatar's wealth fund and central bank may have to do to ease the financial pain.

To Western investors, Qatar may just look like another rich Gulf petrostate. But Doha lacks the pipelines of Saudi and the UAE, making it entirely dependent on the now-blocked Strait of Hormuz to sell LNG. Iranian attacks on Wednesday also wiped ​out 17% of Qatar’s LNG output for up to five years, costing some $20 billion in annual revenues. Capital Economics reckons GDP could sink as much as ​13% in 2026 - the biggest hit in the region - due to the attacks, which are not yet over.

One specific pain point is ⁠the banking sector, which compared with regional peers looks particularly vulnerable to funding shocks. Collectively, Qatari banks had net external debt, opens new tab – which includes interbank loans and deposits held by foreigners – ​of $120 billion at the end of 2025, equivalent to one-third of domestic loans. According to S&P Global analysts, this makes the sector more susceptible to a scenario where foreigners pull ​cash or refrain from rolling over wholesale funding. In a stress test, where 50% of foreign interbank funding and 30% of non-resident deposits scarpered, Qatar's lenders would not have enough sellable assets to deal with the exodus, S&P reckons.

All that said, Doha could step in to help again. S&P's stress test only puts Qatari banks' possible funding shortfall, opens new tab in the mid-single-digit billions, which is a fraction of the support ​provided to the banking system in 2017. The country has other pots of liquidity, including $55 billion of foreign reserves at the end of 2025. Shares in $44 billion Qatar National ​Bank (QNBK.QA), opens new tab and $14 billion Qatar Islamic Bank (QISB.QA), opens new tab are only down 9% and 6% respectively since the end of February.

Still, there will be many other strains on the state budget if the crisis endures, ‌sapping gas-sale revenues. ⁠Even if the war stops now, Qatar may have to sell its gas at a cheaper rate to reflect the now-obvious interruption risk. Pressures like that could widen the country’s fiscal deficit beyond the 3.2% of GDP as estimated by S&P this year.

Qatar has meaningful airbags, though. Its central bank could sell some of its $18 billion in gold holdings, which have nearly doubled in value, opens new tab since last year. More importantly, the $580 billion Qatar Investment Authority sovereign wealth fund owns high-profile equity stakes in European blue chips like Volkswagen (VOWG.DE), opens new tab, Glencore (GLEN.L), opens new tab and Barclays (BARC.L), opens new tab, ​plus holdings in prime London real estate ​like Harrods, Heathrow Airport and Canary ⁠Wharf. Depending on how much further the Gulf conflict deteriorates, the QIA may find it prudent to shore up its finances by turning some of these crown jewels into cash.

#SaudiArabia, and #Kuwait Pursue Energy Deals Despite Regional Conflict - Bloomberg

Saudi Arabia, Kuwait Pursue Energy Deals Despite Regional Conflict - Bloomberg

Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.

Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to identified as the information is private.

Saudi Aramco too plans to launch a process to sell a stake in its oil export and storage terminals business in coming weeks, some of the people said. It had had picked Citigroup Inc. to help arrange a deal for the business that’s particularly significant now with the kingdom racing to reroute shipments to the Red Sea as the Strait of Hormuz remains at a standstill.

Kuwait Petroleum, meanwhile, is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan.

Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said.

Representatives for Aramco and Kuwait Petroleum didn’t respond to requests for comment. Citigroup and Centerview declined to comment.

Deals like the ones being considered by Aramco and KPC have become increasingly popular with Gulf governments looking to diversify their economies. Such transactions are typically structured to allow regional oil behemoths to tap into global institutional capital while still retaining control over key assets.

But the regional war, now in its fourth week, has caused some uncertainty.

President Donald Trump said on Monday that the US had held productive conversations regarding a total resolution of hostilities in the Middle East. However, Iran hasn’t had “direct or indirect communication with Trump,” the country’s semi-official Fars news agency reported, citing an anonymous Iranian source.

Tehran has hit energy assets across the region since the war started, including Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.

Saudi Arabia’s storage terminals have also been in focus as the near-closure of the Strait of Hormuz forces the kingdom to send more of its oil into tanks. Kuwait is facing similar concerns as storage fills up, forcing it to cut oil production to levels seen in the early 1990s after the Iraqi invasion.

Despite the conflict, Gulf sovereign investors more broadly are pressing ahead with global dealmaking. Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, was particularly active this month, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.

#Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg

Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg

Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.

Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.

Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.

The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.

Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.

Representatives for the firm declined to comment.

Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.

A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.

Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.

Middle Eastern Indices — TASI, TA 125 — TradingView 23/03/2026

Middle Eastern Indices — TASI, TA 125 — TradingView

Mideast Stocks: #UAE equities slip on Iran's retaliation warning on Gulf energy, water sites

Mideast Stocks: UAE equities slip on Iran's retaliation warning on Gulf energy, water sites

Stock markets in the United Arab Emirates tumbled on Monday after Iran warned it could target energy and ​water infrastructure ⁠across the Gulf if U.S. President Donald Trump carries out his threat ‌to strike the country's electricity grid.

After Gulf markets closed, world stocks rallied after Trump said ​he would order the U.S. military to postpone any strikes against Iranian power plants and ​energy infrastructure.

Trump ​on Saturday had threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Dubai's main share ⁠index dropped 3% on Monday, led by a decline in heavyweight real estate and telecom stocks. Blue-chip developer Emaar Properties slumped 4.6%, while telecom operator Emirates Integrated Telecommunications fell 4.5%. Top lender Emirates NBD Bank and low cost carrier Air Arabia ​both dropped ‌4.9%.

Abu Dhabi's benchmark ⁠index slipped ⁠1.5% with real estate giant Aldar properties and biggest lender First Abu Dhabi Bank falling 5% ​each.

The Abu Dhabi-listed water and Electricity firm Abu ‌Dhabi National Energy Company (better known as TAQA) declined 4.8%. Heightened ⁠uncertainty fuelled risk aversion, triggering broad declines across most sectors as heavyweight stocks dragged on the overall market, said Joseph Dahrieh, managing director at Tickmill.

"Firms in the banking, real estate, and other sectors continue to maintain strong financial positions, leaving the market well-placed for a recovery once risk aversion fades and investor appetite for risk begins to improve," he said.

ADNOC Gas settled 1.5% lower after the firm said it made temporary adjustments to its ‌production of liquefied natural gas and export-traded liquids in response ⁠to ongoing shipping disruption in the Strait of Hormuz. "Operations ​are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said.

"Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity." The ​Dubai index ‌has now fallen 11% year-to-date, while Abu Dhabi's has declined ⁠5.7%, according to LSEG ​data.

#SaudiArabia shares higher at close of trade; Tadawul All Share up 0.55% By Investing.com

Saudi Arabia shares higher at close of trade; Tadawul All Share up 0.55% By Investing.com

Saudi Arabia equities were higher at the close on Sunday, as gains in the Media & Publishing, Energy & Utilities and Real Estate Development sectors propelled shares higher.

At the close in Saudi Arabia, the Tadawul All Share added 0.55%.

The biggest gainers of the session on the Tadawul All Share were Dar Al Majed Real Estate Co Ltd (TADAWUL:4326), which rose 8.62% or 0.73 points to trade at 9.20 at the close. Emaar The Economic City (TADAWUL:4220) added 8.28% or 0.77 points to end at 10.07 and National Gas & Industrialization Co (TADAWUL:2080) was up 6.56% or 4.80 points to 78.00 in late trade.

Biggest losers included Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170), which lost 9.93% or 0.71 points to trade at 6.44 in late trade. Marketing Home Group for Trading Co (TADAWUL:4194) declined 4.46% or 2.16 points to end at 46.22 and Yanbu National Petrochemical Co (TADAWUL:2290) shed 3.83% or 1.28 points to 32.12.

Declining stocks outnumbered rising ones by 0 to 0 on the Saudi Arabia Stock Exchange.

In commodities trading, Crude oil for May delivery was up 2.27% or 2.18 to $98.32 a barrel. Meanwhile, Brent oil for delivery in June rose 3.26% or 3.54 to hit $106.41 a barrel, while the June Gold Futures contract fell 0.67% or 30.80 to trade at $4,609.60 a troy ounce.

EUR/SAR was down 0.14% to 4.34, while USD/SAR unchanged 0.01% to 3.75.

The US Dollar Index Futures was up 0.40% at 99.46.

#Qatar Eyes 10% Stake in Italy’s Golden Goose, Corriere Says - Bloomberg

Qatar Eyes 10% Stake in Italy’s Golden Goose, Corriere Says - Bloomberg

Qatar Investment Authority, the country’s sovereign wealth fund, is preparing to buy a stake of about 10% in Italian sneaker maker Golden Goose, Corriere della Sera reported Saturday.

The reported move would add another investor to Golden Goose after HSG agreed in December to acquire a majority stake from Permira in a deal valuing the company at just over €2.5 billion ($2.9 billion). It also signals continued interest from global funds in Italian luxury assets.

Corriere said QIA is poised to invest alongside HSG, formerly known as Sequoia Capital China, as well as Temasek and Permira, which retained a minority stake following the transaction.

If the investment is priced in line with the €2.5 billion valuation, the QIA stake would be worth about €250 million, Corriere said.

Golden Goose reported revenue of €734 million in 2025, with direct-to-consumer sales rising 21% year on year. Adjusted Ebitda was €248.3 million, and the group operated 232 stores.

Eid Mubarak

 

How hard will war hit the Gulf’s economies?

How hard will war hit the Gulf’s economies?

The current war is damaging economies across the Gulf region. It has stopped exports of up to 15 per cent of global oil and petroleum products, 20 per cent of liquefied natural gas exports and a third of seaborne fertilisers. It has brought regional tourism and aviation sectors to a halt. For now, these effects are temporary. But what is the economic outlook for the region after the war? 

The most likely result seems to be a weakened but defiant Iran. This would be a worst-case scenario for the Gulf monarchies, creating an enduring risk that Israel and the US will conduct future air strikes and that Iran — bereft of much of its longer-range arsenal — will once again retaliate against soft targets in the Gulf. 

But the outlook for leading Gulf Cooperation Council (GCC) economies differs. Over the past two decades, the UAE has sought to make itself indispensable to global powers and has invested heavily in its military modernisation. Yet it will remain the most vulnerable. It is geographically close to Iran and most of its logistics infrastructure sits inside the Strait of Hormuz — and it is an enticing political target for Tehran as a member of the Abraham Accords. Its reliance on tourism, shipping and aviation, foreign direct investment and white-collar expatriates makes its economy the most vulnerable to Iranian attacks which, in turn, puts pressure on the western powers. 

UAE President Mohamed bin Zayed is known to be intensely security-focused. State investments in logistics, finance and AI are meant to help insulate it from regional threats by giving foreign powers an interest in protecting the country. Yet they appear to have made the country more vulnerable in the midst of a prolonged conflict, as they provide more pressure points. 

Saudi Arabia, while far from immune to regional threats, has a larger land mass and an additional strategic coastline at the Red Sea, far from Iran. It has kept its distance from Israel, refusing to normalise ties as the UAE has. Its economy relies more on state spending and domestic demand than foreign capital and footloose expats. Its oil installations remain vulnerable, and critical for the global economy, but the range of vital assets along the Gulf coast that need protection is smaller. 

The large-scale FDI inflows targeted by the kingdom’s Vision 2030 remain unlikely — but they were never going to be the key driver of Saudi Arabia’s economy given its much larger size. Instead, the kingdom’s diversification process relies more on modernising its domestic economy, especially in consumer sectors and unglamorous heavy manufacturing. This economic model is more resilient to geopolitical shocks. While it certainly faces fiscal challenges, being relatively less open makes Saudi Arabia less vulnerable. 

The kingdom could now benefit from its safer location in strategic areas like minerals processing, data centre services, logistics and aviation; in the latter two fields, the UAE’s lead was until recently unassailable. While Saudi Arabia might not become a global hub, GCC countries could diversify their regional logistics networks away from Dubai’s Jebel Ali, relying more on the kingdom’s Red Sea coastline and cross-Arabian transport infrastructure, including pipelines. 

If Yemen’s Houthis enter the war and once again harass ships in the Red Sea, Saudi Arabia’s geographic advantage would diminish. Yet Jeddah’s large port and the oil port in Yanbu lie about 800km and 1,000km north of the Yemeni border respectively. Both are accessible via the Suez Canal, avoiding the Bab el-Mandeb Strait that is most directly threatened by the Houthis. 

Bahrain, Kuwait, Qatar and Oman have less diversified, less globalised, more state-dependent economies, which are less sensitive to international flows of capital and people. Yet they are small and close to Iran, although Oman has a larger hinterland beyond the Strait of Hormuz providing relative protection for its shipping routes. Kuwait and Qatar have large fiscal reserves while Bahrain and Oman are budget-constrained. But all of them are likely to remain exposed to the threat from Iran, which could deter future investment. 

Many regional elites feel that the UAE has disregarded the Arab world in recent years, instead nurturing its global status and its partnership with the US and Israel. Now, thanks to those ties, it has been pulled back into the region with a big thud. It retains vast sovereign wealth, which will prevent any acute economic crisis. And Dubai will not disappear as a global hub. But unless there is regime change in Iran, the UAE will operate under more of a cloud than its less globalised Saudi neighbour.

Mideast Stocks: Most Gulf equities gain, #UAE banks rise on central bank's package

Mideast Stocks: Most Gulf equities gain, UAE banks rise on central bank's package

Most Gulf equities closed higher on Wednesday, with UAE markets lifted by financial ​stocks after the country's ⁠central bank launched a resilience package, helping investors claw back some losses ‌due to the Iran war and wider Middle East conflict.

Israel stepped up its offensive by killing ​Iran's security chief, while Iran renewed attacks on oil facilities in the United Arab Emirates. A ​senior Iranian ​official said the country's new supreme leader had rejected de-escalation proposals relayed through intermediaries, dimming prospects of a swift end to a conflict that has sent ⁠global oil prices surging.

Dubai's main share index rose as much as 3.4 before concluding 0.8% higher, helped by a 4.4% rise in blue-chip developer Emaar Properties.

Elsewhere, MashreqBank advanced 4.8%.

However, top lender Emirates NBD - which surged more than 9% - closed 0.9% higher.

Dubai, ​a major ‌travel and tourism ⁠hub in the ⁠Middle East, has been significantly affected by the war, with its bourse falling nearly 20% at ​its lowest point before cutting losses to around 15%.

The UAE ‌central bank said on Tuesday it had approved ⁠a broad financial resilience package to strengthen the stability of the country's banking sector.

The central bank said UAE banks hold nearly $250 billion in liquidity and eligible assets, and under the package will get greater access to reserve balances of up to 30% and term liquidity facilities in both dirhams and U.S. dollars.

In Abu Dhabi, the index added 0.2%, with Abu Dhabi Commercial Bank jumping 3.6%.

The rebound highlights the UAE's financial resilience and long-term appeal to investors, said Samer Hasn, ‌senior market analyst at XS.com. He said recent weakness may offer ⁠attractive entry points, supported by the country's regulatory framework, political ​stability, and business-friendly environment.

The Qatari benchmark dropped 1%, with the telecoms firm Ooredoo losing 3.6%.

Oman's index gained 1.3% and Bahrain's edged 0.1% higher.

Elsewhere, Boursa Kuwait lost 0.5%.

Saudi Arabia's stock market ​was closed ‌for the Eid holidays.

Outside the Gulf, Egypt's blue-chip index ⁠climbed 3.4%, with Commercial International Bank surging 8.5%.

#Oman Keeps Trickle of LNG Flowing from Middle East Amid Iran War - Bloomberg

Oman Keeps Trickle of LNG Flowing from Middle East Amid Iran War - Bloomberg

Oman LNG is offering to sell a cargo of liquefied natural gas to be delivered to Asia, according to people with knowledge of the matter, signaling a trickle of the fuel continues to flow from the Middle East despite the Iran war.

Traders have been closely watching Oman, the world’s eighth largest LNG producer, for signs it would continue shipping it as attacks in the region intensify. The nation’s export plant is on the Arabian Sea, meaning tankers don’t need to pass through Strait of Hormuz to access it.

The US and Israel’s war against Iran has cut off about a fifth of the world’s LNG supply. The world’s largest LNG export facility, in Qatar, has been shut down for more than two weeks following an Iranian drone strike on the plant. Shipments from the United Arab Emirates, meanwhile, are all but trapped inside the Persian Gulf because Iran has effectively blocked the strait.

Oman’s LNG plant in Qalhat has loaded nine cargoes since the war began, according to shipping data compiled by Bloomberg. The recent shipment it’s offering is for delivery from late April to early May, the people said. The tender closed earlier Tuesday.

While supplies continue to flow from Oman, Rystad warned in a research note that its LNG exports could still be at risk, particularly since Iran has already attacked one of the nation’s ports in Sohar, about 200 miles (320 kilometers) northwest of the LNG plant in Qalhat.

Mideast Stocks: #Dubai leads Gulf stock market advance as investors reassess regional risks

Mideast Stocks: Dubai leads Gulf stock market advance as investors reassess regional risks

Stock markets in the Gulf largely ended in ​positive territory on ⁠Tuesday, with Dubai leading the advance, as investors looked beyond regional geopolitical concerns and ‌reassessed their broader outlook.

Dubai's main share index reversed early losses to close 4.1% higher, with the ​index narrowing its losses since the start of the conflict to 15.3%. Iran renewed its attacks on ​the United ​Arab Emirates, as the U.S.-Israeli war on Iran entered its third week with no signs of easing.

The Strait of Hormuz remained largely closed, pushing oil prices ⁠about 3% higher and deepening concerns over inflation. The fresh strikes led to a temporary shutdown of airspace in the UAE. A drone also hit an oil facility in Fujairah, a key port for Emirati oil exports, for a second consecutive day, while operations at ​the Shah ‌gas field remained ⁠suspended following a drone ⁠attack.

U.S. President Donald Trump had said on Monday he was surprised by Iran's retaliatory attacks on neighboring ​countries, including Qatar, Saudi Arabia, the UAE, Bahrain, and Kuwait.

But ‌Gulf stock markets rebounded on Tuesday on strong ⁠real estate gains. Emaar Properties and Emaar Development advanced after S&P reaffirmed the sector's resilience despite geopolitical tensions, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.

In Abu Dhabi, the index gained 1%, with Aldar Properties climbing 6%.

Earlier this month, the Dubai and Abu Dhabi exchanges introduced a temporary 5% daily downside limit on listed securities and suspended trading on March 2 and March 3, as part of broader measures to curb volatility and maintain orderly market conditions.

According to Takieddine, improving global sentiment, solid local fundamentals ‌and hopes of a Strait of Hormuz resolution could support further ⁠gains in both markets.

"However, a full recovery will largely ​depend on the de-escalation of geopolitical tensions in the region," he said.

Qatar's benchmark index rose 0.6%, while Oman's gained 0.2%.

Bahrain's index edged up 0.2%, whereas Boursa Kuwait slipped 0.6%.

Saudi Arabia's stock ​market was ‌closed for the Eid holidays.

Outside the Gulf, Egypt's blue-chip index ⁠jumped 1.9%, with Commercial International Bank advancing 2%.

Gulf banks face $307 billion deposit flight risk if war persists, S&P says | Reuters

Gulf banks face $307 billion deposit flight risk if war persists, S&P says | Reuters

Gulf banks, which have proved resilient since war in the Middle East broke out, could face a ‌domestic deposit outflow of $307 billion if the conflict deepens, according to S&P Global Ratings.

S&P said it had found no evidence of major outflows of foreign or local funding so far, but cautioned that a prolonged conflict could trigger a flight to quality between ​banks within the same systems, as well as broader external and local funding exits.

The ratings agency's base ​case scenario assumes the most intense phase of the war lasts two to four weeks, though ⁠it acknowledged that spillovers and intermittent security incidents could extend beyond that window, it said in a report dated ​March 16.

The U.S.-Israeli war on Iran is in its third week with no end in sight.

Under its hypothetical stress ​scenario, domestic deposit outflows across the six Gulf Cooperation Council banking systems could reach $307 billion based on year-end 2025 figures, S&P said.

Banks currently hold around $312 billion in cash or at central banks to absorb such outflows, with an additional buffer of roughly $630 billion ​available after liquidating investment portfolios at a 20% haircut, S&P added.

"Overall, the risk appears manageable," S&P said, adding ​that four of the six GCC countries are considered highly supportive of their banking systems and that regional regulators have stepped ‌up supervision ⁠since hostilities began.

Bahraini retail banks appear more vulnerable given recent increases in external debt, S&P added.

The UAE central bank has moved to reassure markets.

Governor Khaled Mohamed Balama said earlier this month the banking sector has continued to operate normally.

UAE banks have benefited recently from rising credit demand as regional governments pour billions of dollars into sectors such ​as tourism and infrastructure.
Still, bank shares ​have tanked since the ⁠war began, with double-digit dives for all the major lenders (ENBD.DU), opens new tab, (FAB.AD), opens new tab, (ADCB.AD), opens new tab . On asset quality, S&P said the full impact on banks’ loan books will take time to materialise, with logistics, ​transportation, tourism, real estate, retail and hospitality among the most exposed sectors.

Under a high-stress ​scenario assuming ⁠either a 50% increase in non-performing loans (NPL) or a NPL ratio of 7% of total loans, whichever is greater, cumulative losses across the region’s top 45 banks could reach around $37 billion, S&P said.

The agency said GCC banks are entering the ⁠stress ​period from a position of relative strength.

It drew parallels with the 2020 ​COVID-19 shock, noting that regulators deployed measures at the time to allow banks to absorb loan impairments, and said it expected a similar ​response if conditions deteriorated.

Middle East oil exports drop at least 60% as Hormuz stays mostly closed, data shows | Reuters

Middle East oil exports drop at least 60% as Hormuz stays mostly closed, data shows | Reuters

Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60% in the week to March 15 compared to February due to disruptions and output cuts amid the ​U.S.-Iran war, according to shipping data and Reuters calculations.

The effective closure of the Strait of Hormuz, ​normally used to transport about a fifth of the world's oil supply, has forced ⁠exporters to cancel shipments and shut production at oilfields, creating the world's biggest ever supply disruption. Crude oil ​prices have surged to the highest in four years and those of some fuels to record highs.

Crude, condensate ​and refined fuels exports from eight Middle Eastern countries - Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the United Arab Emirates - in the week to March 15 averaged 9.71 million barrels per day, data from Kpler showed, down 61% from ​25.13 million bpd in February.

Data from Vortexa shows an even more dramatic drop, with exports from the eight ​countries last week reaching 7.5 million bpd, down 71% from February's 26.1 million bpd.

Prior to the war, the eight ‌countries ⁠accounted for 36% or global seaborne oil exports of 70.43 million bpd, according to Kpler.

The actual exports could be even lower as some volumes go into floating storage but not leaving the Gulf.

"Floating storage of Middle Eastern crude has surpassed 50 million barrels this week, up from pre-war levels of around 10 million barrels," Kpler ​analyst Johannes Rauball said.

Loadings ​from the UAE's Fujairah ⁠port have been disrupted in the past few days due to drone attacks.

Oil flows that are continuing include exports from Saudi Arabia's Red Sea port of Yanbu, Iran's exports, Oman's exports ​and the UAE's flows from Fujairah.

Total oil output cuts from Middle East producers ​have risen as ⁠the countries run out of storage and traffic through Hormuz remains a fraction of normal levels.

Oil output in the United Arab Emirates, which pumped about 3.4 million bpd before the conflict, is down by more than half, Reuters reported ⁠on ​Monday. Saudi Arabia has cut production by 20%, and Iraq by ​some 70%. Total crude oil output cuts in the Middle East now stand at 7-10 million bpd, according to analysts' estimates.

Mideast Stocks: Most Gulf equities decline as #Iran conflict fuels regional market uncertainty

Mideast Stocks: Most Gulf equities decline as Iran conflict fuels regional market uncertainty

Most Gulf stock markets ended lower on Monday, led by losses in Dubai as the U.S. and Israel's war with Iran weighed ​on investor sentiment. Over the weekend, ⁠Trump threatened further strikes on Iran's Kharg Island — which accounts for roughly 90% of the country's oil exports — ‌after earlier attacks on military targets prompted a defiant response from Tehran and raised the prospect of further retaliation.

Shortly after the attacks on ​Kharg, Iranian drones struck a major oil terminal in Fujairah, United Arab Emirates. Although oil loading operations at Fujairah have resumed, four sources said ​it was ​unclear whether activity has fully returned to normal.

Dubai's main share index declined 2.5%, dragged down by a 4.9% slide in blue-chip developer Emaar Properties and a 1.7% retreat in top lender Emirates NBD .

Since the conflict began, ⁠the index has shed more than 18%, bringing its valuation down to 843.25 billion dirhams ($229.61 billion). Citigroup is keeping most branches and offices in the UAE closed until further notice after temporarily closing them last week, the bank said on Monday, the latest sign of the impact on the industry of the Iran war.

Gulf equities are showing a growing divergence as the regional ​conflict drives a swift ‌repricing of risk ⁠amid persistently high trading volumes, ⁠said Ahmad Assiri, research strategist at Pepperstone.

"While the overarching narrative remains anchored by energy fundamentals, the price action reveals a market at ​a crossroads where investor conviction is being tested by shifting security dynamics in critical maritime ‌corridors."

In Abu Dhabi, the index lost 0.2%, hit by a 3.5% drop in ⁠Aldar Properties.

Meanwhile, the bourse's market capitalization has shrunk to $771.9 billion, down nearly $77.2 billion from pre-conflict levels.

Earlier this month, the Dubai and Abu Dhabi exchanges introduced a temporary 5% daily downside limit on listed securities and suspended trading on March 2 and March 3, as part of broader measures to curb volatility and maintain orderly market conditions.

Saudi Arabia's benchmark index gained 0.6%, led by a 1.1% rise in the country's biggest lender by assets Saudi National Bank .

According to Assiri, Saudi Arabia's TASI stands out as the region's clearest dip-buying story, with equities showing notable resilience by testing the key 11,000 level before easing slightly ahead of the Eid holiday. The trading pause could offer a timely breather as global ‌efforts intensify to secure energy routes through the Strait of Hormuz.

However, oil major ⁠Saudi Aramco eased 0.2%. Oil prices were mixed, with benchmark Brent crude slightly higher ​and U.S. crude prices down amid attacks on Gulf oil production and Trump's call for global efforts to secure the Strait of Hormuz. The Qatari index fell 1.2%, with Qatar National Bank , the Gulf's biggest lender by assets, losing 2%.

Oman's index was down ​0.7% and Bahrain's dropped ‌1.8%.

Boursa Kuwait lost 0.4%.

Outside the Gulf, Egypt's blue-chip index slipped 1.6%, as most of its ⁠constituents were in the negative territory.

#Iran War: Gulf Economies Face Deepest Slump Since 1990s if Conflict Persists - Bloomberg

Iran War: Gulf Economies Face Deepest Slump Since 1990s if Conflict Persists - Bloomberg

The Iran war threatens to deal significant blows to the Gulf’s biggest economies, including Saudi Arabia, the United Arab Emirates and Qatar, if it doesn’t end soon.

Qatar and Kuwait could each see their gross domestic product contract by 14% this year should the conflict continue through April, resulting in a two-month halt of the Strait of Hormuz, according to Goldman Sachs Group Inc. economist Farouk Soussa.

That’d be the worst economic slump for those countries since the early 1990s, when Iraq’s invasion of Kuwait triggered the Gulf War and sparked turmoil in global oil markets.

Saudi Arabia and the UAE would fare better given their ability to re-route oil flows away from critical Hormuz waterway, but would still likely see GDP drop by about 3% and 5%, respectively, in the biggest economic hit since the pandemic in 2020.

“For many Gulf economies, the war could have a bigger near-term impact than Covid,” said Soussa, Goldman’s economist for the Middle East and North Africa. “When the dust settles they will rebuild and they will recover, but the scars this conflict leaves on confidence remain to be seen.”

The view underscores how the war in the Middle East has created a nightmare scenario for Arab Gulf states, who face a double-whammy of damages to both the oil and non-oil sectors.

The conflict showed little sign of easing in its third week, with Iran continuing to strike neighbors across the region in retaliation for US and Israeli bombings.

The US hit military sites on Iran’s crude export hub of Kharg Island over the weekend and warned it will target energy facilities if Tehran continues to disrupt traffic in Hormuz, the conduit through which about a fifth of the world’s oil exports flow.

Brent crude topped $103 a barrel on Friday amid the Hormuz halt and oil output shut-ins by countries including Saudi Arabia and the UAE.

Global gas markets have also been upended by a collapse in Qatar’s LNG exports, while Bahrain has started cutting output at the world’s top aluminum smelter in part due to the Hormuz halt.

Such disruptions, if prolonged, may inflict the most damage on the oil economies of Qatar, Kuwait and Bahrain, according to Soussa.

The picture is more nuanced for Saudi Arabia and the UAE, which can export crude via alternative routes and should be helped by oil’s price spike, said economists including EFG Hermes’ Mohamed Abu Basha and Justin Alexander at Khalij Economics.

When it comes to the non-oil sector, the pain may be more widespread for Gulf nations as everything from real estate to tourism and investment are affected.

Saudi Arabia may fare best through a protracted war, according to the half-dozen economists who spoke to Bloomberg. The kingdom continues to thwart most Iranian strikes, while airspace and businesses remain open with limited disruptions.

Should that continue, the country’s biggest near-term risk may be a deeper first-quarter fiscal deficit due to lower revenues, according to Abu Dhabi Commercial Bank’s Monica Malik and Azad Zangana at Oxford Economics.

For 2026, Saudi Arabia may actually outperform by posting a smaller shortfall than predicted before the war — if oil prices and exports stay elevated, most of the economists that spoke to Bloomberg said.

Tim Callen, a visiting scholar at the Arab Gulf States Institute in Washington, sees the annual budget deficit shrinking by 1% should Saudi Arabia’s oil output average about 7.5 million daily barrels and Brent stays in the $90 range.

The Saudi government has forecast a shortfall of 3.3% for 2026.

Elsewhere, the UAE is still expected to post a budget surplus for this year, while Qatar’s deficit could widen, according to Abu Basha at EFG Hermes.

Gulf economies may continue to turn to debt markets to alleviate fiscal pressure. Bond investors aren’t yet indicating concern about the ramifications of the war on regional finances, according to Fady Gendy, a portfolio manager at Arqaam Capital.

“It’d be a concern if the conflict simmers on for a prolonged period, which is not what is currently priced into the market.”

Gulf equities edge lower as #Iran war enters third week | Reuters

Gulf equities edge lower as Iran war enters third week | Reuters

Most Gulf equities ended lower on Sunday as the U.S.-Israeli war on Iran entered its third week ​with U.S. President Donald Trump threatening further strikes on the Kharg Island ‌oil export hub and Tehran vowing to intensify its response.

Iranian drone and missile strikes have hit airports, hotels, ports and military and oil installations across the region, exacting an economic ​and military toll on nearby Gulf states.

Saudi Arabia's benchmark index (.TASI), opens new tab ​eased 0.1%, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab ⁠retreating 1.3%.

However, oil major Saudi Aramco (2222.SE), opens new tab gained 0.7%.
Crude futures rose on Friday ​as the strait remained closed.

The Trump administration has rebuffed efforts by Middle Eastern ​allies to launch diplomatic negotiations aimed at ending the war with Iran, three sources familiar with the matter said.

The U.S. president also called on allies to deploy warships ​to help secure the Strait of Hormuz, a vital route for global ​energy supplies, as Tehran vowed to escalate its response.

In another sign of the economic ‌fallout ⁠from the conflict, Formula One's Bahrain and Saudi Arabian Grand Prix will not take place in April, the sport announced on Saturday.

The Qatari index (.QSI), opens new tab fell 0.2%, with the Gulf's biggest lender by assets Qatar National Bank (QNBK.QA), opens new tab retreating ​1.3%.

Bahrain's index (.BAX), opens new tab eased ​0.5%, while Kuwait's (.BKP), opens new tab ⁠was down 0.1%.

Elsewhere, Oman's index (.MSX30), opens new tab lost 0.4%.

The U.S. State Department said on Saturday that it had directed non-essential government ​personnel and the family members of government employees to ​leave ⁠Oman due to safety concerns amid the ongoing conflict.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.9%, dragged down by a 2.6% slide in Commercial International ⁠Bank (COMI.CA), opens new tab.

Mideast Stocks: #UAE stocks extend loss as Mid-east conflict lingers

Mideast Stocks: UAE stocks extend loss as Mid-east conflict lingers

Stock markets in the United Arab Emirates ended lower on Friday, as Iran's continued ​attacks on multiple targets ⁠across the Middle East heightened fears of a prolonged regional conflict and unsettled ‌investor sentiment. Investor caution intensified as the war in the Middle East approached the two-week mark, with heavy ​exchanges of drone and missile strikes across the region.

U.S. President Donald Trump sharply criticized Iran's leadership, while Iran's ​new Supreme ​Leader Mojtaba Khamenei, in his first public comments, said on Thursday Tehran would keep the Strait of Hormuz closed and urged neighbouring countries to shut U.S. bases ⁠on their territory or risk being targeted.

The escalation has raised concerns over disruption to regional trade and energy flows, particularly through the Strait of Hormuz, a vital shipping lane for global oil supplies.

Dubai's main share index slipped 1.7% with most of its constituents in negative ​territory, led ‌by losses in ⁠real estate and utilities ⁠stocks. Blue-chip developer Emaar Properties slid 3%, while top lender Emirates NBD dropped 4.9%. The index logged its ​second highest weekly percentage loss in six years.

In Dubai, debris ‌from what authorities said was a successful interception caused minor ⁠damage to the facade of a building in the city centre, the emirate's media office said early on Friday, adding that no injuries were reported.

The office did not specify the location, though a witness said the damage occurred near the Dubai International Financial Centre.

In Abu Dhabi, the stock index closed 1.6% lower for the day and posted a fourth consecutive weekly loss, dragged down by broad based declines. First Abu Dhabi Bank, the UAE's largest lender, fell 2.2%, while Aldar Properties lost 4.3%.

"Most sectors continued to ‌trade in negative territory, although some stocks have started to show ⁠signs of stabilization. This could help the market find a ​floor, but overall sentiment remains cautious", said George Pavel, general manager at Naga.com Middle East.

"Higher oil prices could provide some support for energy-related stocks. However, ongoing disruption risks to trade routes, energy infrastructure, and ​regional logistics could ‌continue to limit upside potential for the broader market", he added.

#Iran war casts shadow over HSBC and StanChart Middle East ambitions | Reuters

Iran war casts shadow over HSBC and StanChart Middle East ambitions | Reuters

Just days before the U.S. and Israel launched strikes on Iran, HSBC's (HSBA.L), opens new tab CEO Georges Elhedery said the Asia-Middle East corridor was becoming "a ​defining axis of global growth".

This week, HSBC closed its Qatar branches while Standard Chartered (STAN.L), opens new tab evacuated its Dubai office and told staff there ‌to work from home, in a sign of how the conflict has rattled their day-to-day activities and their ambitions.

The duo, which have both bet on the region's increasing trade with Asia and other markets to fuel their growth, are two of the global banks most exposed to the war with Iran, according to Reuters analysis of company data and sector analysts.

While ​the share of their assets in the region is around 2%-3% of their global lending, that belies the strategic importance of the growing financial ​hubs of Dubai, Riyadh and Abu Dhabi to the trade-focused British banks.

HSBC shares dropped more than 6% on Thursday, bringing ⁠the falls since the U.S. and Israel struck Iran on February 28 to 14%. StanChart shares are down about 11.4% against a 9.5% drop in the ​wider STOXX Europe banks index (.SX7P), opens new tab over that period.

"Our network has proven to be adaptable and resilient, allowing us to stay close to our clients, respond quickly ​to their needs and continue enabling trade, capital, wealth and investment flows across our markets," a spokesperson for StanChart said of its Middle East exposure.

HSBC referred to a statement from Elhedery this week, which said it remained confident in the region and its prospects.

Other international banks including JPMorgan (JPM.N), opens new tab and Citigroup (C.N), opens new tab have been expanding in the Gulf too.

JPMorgan's financial exposure in the ​UAE doubled to $5.7 billion between 2024 and 2025, regulatory filings show, although that ranks the UAE as eighteenth in a list of the top 20 country ​exposures for the bank outside of the United States.

Citigroup's UAE exposure is bigger, at $17.3 billion at the end of 2025, but has been growing more slowly. Citigroup said on ‌Thursday it would ⁠temporarily close most of its UAE branches and financial centres as a precautionary measure.

CHINA-MIDDLE EASTERN TRADE
StanChart, whose Middle East operations are based in Dubai, has seen its UAE business grow from 3.7% to 5.7% of overall group income in the last 5 years, an analysis of its statements shows, and its share of assets hold steady at around 2.4%.

JPMorgan analysts on Thursday forecast Middle Eastern exposure for StanChart's revenue and profit before tax to be about 8% and 12%, respectively, and for ​HSBC at about 4%. They said ​both banks were the most exposed ⁠among European lenders.
Business volumes between China and the Middle East rose 18% in the last year, Manus Costello, StanChart's global head of investor relations, told Reuters last month.

That means any risks to inter-regional trade as the conflict shuts down airspace, ​hurts business confidence and stokes geopolitical tensions, could have an outsized impact.
"We think the increased economic uncertainty could imply ​some additional risks ⁠related to the Groups' trade finance and credit costs," Kathy Chan, equity analyst at Morningstar said.

StanChart should be somewhat insulated from severe credit losses in the region because 73% of its UAE exposure is to government-related entities and banks, JPMorgan analysts added.

Neither bank discloses its direct exposure to the Middle East, but StanChart's UAE business and ⁠HSBC's Saudi Arabia-based ​regional entity HSBC Bank Middle East can be used as proxies, the analysts said.

The banks ​could also benefit from the disruption as it drives demand for services including foreign exchange and cash management, said Hargreaves Lansdown analyst Matt Britzman.

Mideast Stocks: Most Gulf equities in red as #Iran escalates regional attacks

Mideast Stocks: Most Gulf equities in red as Iran escalates regional attacks

Most stock markets in ⁠the Gulf ended lower on Thursday, with the Dubai index leading losses as Iran escalated attacks ‌on oil and transport infrastructure across the Middle East, fuelling concern over a potentially prolonged conflict.

Iran said the world should ​be ready for oil priced at $200 a barrel after its forces attacked merchant vessels on Wednesday. Meanwhile, the International Energy Agency ​called for large-scale ​release of strategic reserves to cushion what could become one of the worst oil shocks since the 1970s.

Dubai's main share index fell 3.6%, hit by declines of 4.9% in blue-chip ⁠developer Emaar Properties and 4.9% in top lender Emirates NBD.

A military spokesperson said on Wednesday Iran would target U.S. and Israel-linked economic and banking interests in the region after an attack on an Iranian bank.

A projectile struck a container ship 35 nautical miles north of Jebel Ali in the United Arab Emirates, causing ​a small fire, the ‌United Kingdom Maritime ⁠Trade Operations said ⁠on Thursday.

Dubai authorities, meanwhile, said a drone fell onto a building near Dubai Creek Harbour.

In Abu Dhabi, the index ​dropped 2.3%, with Aldar Properties losing 4% and Abu Dhabi Islamic Bank declining ‌5%.

Citigroup and Standard Chartered have told Dubai staff to work from ⁠home after beginning office evacuations, Reuters reported on Wednesday, citing sources.

UAE markets may continue to face volatility as investors respond to unfolding regional events. Even so, healthy domestic fundamentals could help pave the way for a rebound once tensions ease, said Milad Azar, market analyst at XTB MENA.

More broadly, investor focus is expected to remain on possible disruptions to oil supply and shipping flows, as well as on the prospects for a rapid de-escalation in the region, Azar added.

The Qatari index lost 0.9%, with the Gulf's biggest lender by assets Qatar National Bank falling 1.8%.

Saudi Arabia's benchmark index gave up early ‌gains to close 0.5% lower, hit by a 1.1% fall in oil ⁠behemoth Saudi Aramco.

Brent futures were up $4.90, or 5.33%, at $96.88 a barrel by 1107 ​GMT, having hit $100 per barrel in earlier trading.

Saudi Arabia's defence ministry said on Thursday it intercepted a drone heading toward the Shaybah oilfield, in the third such incident reported on the same day.

Bahrain's index eased 0.2% and ​Kuwait's was down 0.5%.

Bucking ‌the trend, Oman's index added 0.4%.

Outside the Gulf, Egypt's blue-chip index lost 0.9%, ⁠with Commercial International Bank losing 2.6%.

Mideast Stocks: #Dubai drags Gulf markets lower as #Iran war risks weigh

Mideast Stocks: Dubai drags Gulf markets lower as Iran war risks weigh

Most Gulf equities erased early advances to finish ​lower on Wednesday, led ⁠by a sharp decline in Dubai, as investors stayed cautious over inflation and growth risks stemming from the U.S.-Israeli ‌war against Iran.

The U.S. and Israel launched what the Pentagon and sources in Iran described as the most intense airstrikes of the war, even ​as global markets continued to bet that President Donald Trump would seek to bring the conflict to an end soon.

The war has effectively ​shut the ​Strait of Hormuz — a key route for roughly one-fifth of global oil and liquefied natural gas flows — forcing producers to halt output as storage fills and sending energy prices sharply higher.

Dubai's main index dropped 2.4%, hit ⁠by a 4.7% slide in blue-chip developer Emaar Properties and a 4.9% decline in top lender Emirates NBD.

However, Air Arabia ended 0.7% higher. The budget airline was set to snap a five-session decline, having lost more than 20% in the preceding five trading days.

Two drones fell near Dubai's main airport and Bahrain evacuated some aircraft on Wednesday, as attacks on Gulf infrastructure kept disrupting air ​traffic and hindered attempts to ‌restore flights on ⁠the 12th day of ⁠the war.

The fighting has disrupted global aviation, causing tens of thousands of cancellations, reroutings and schedule changes, while missile and drone threats ​shut much of Middle East airspace, including Qatar's.

In Abu Dhabi, the index fell 0.3%. Investors are ‌likely to stay highly sensitive to fresh headlines and regional developments, while swings ⁠in oil prices and logistical disruptions may continue to pose risks for some markets to varying degrees, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

Saudi Arabia's benchmark index was up 0.1%, helped by a 1% rise in oil major Saudi Aramco.

Oil prices rebounded on Wednesday reflecting doubts whether the International Energy Agency's reported plan for a record release of oil reserves could mitigate potential war-related supply shocks.

According to Ahmad Assiri, research strategist at Pepperstone, the Saudi market remains relatively stable, supported by oil prices above $87 per barrel and export flows through Yanbu on the Red Sea, which put the Saudi market in a better position than its neighbours.

Saudi miner Saleh Abdulaziz Al Rashed and Sons Co surged more than ‌14%, marking the Gulf region's first market debut since the start of the war.

The ⁠Qatari index dropped 0.9%, hit by a 2.1% decline in Qatar National Bank, ​the Gulf's biggest lender by assets.

Several companies that buy liquefied natural gas from QatarEnergy — either as portfolio players or offtakers — including Shell, TotalEnergies, and some Asian firms, have declared force majeure, Reuters reported on Wednesday.

Elsewhere, Oman's index fell 0.5%, though it remains up more than 31% ​for the year.

The ‌Muscat market saw selective buying, allowing the index to break resistance and stay above 7,700, ⁠Assiri said.

Bahrain's benchmark edged 0.1% higher and Kuwait's added ​0.5%.

Outside the Gulf, Egypt's blue-chip index fell 1.2%.

Mideast Stocks: Most Gulf equities gain after Trump predicts Mideast de-escalation

Mideast Stocks: Most Gulf equities gain after Trump predicts Mideast de-escalation

Most Gulf stock markets ⁠ended higher on Tuesday, mostly led by financial shares, after President Donald Trump said the U.S.-Israeli war on Iran could end ‌soon even as mutual threats persisted.

Dubai's main share index jumped 2%, led by an 8.3% surge in top lender Emirates NBD (ENBD) - its biggest intraday gain ​since December 2024. Among other gainers, Dubai Financial Market, which operates the emirate's stock exchange, jumped 8.2%. However, the gains were limited by a 4.1% slide ​in ​blue-chip developer Emaar Properties and a 3.2% decrease in budget airliner Air Arabia amid ongoing caution over the Middle East conflict.

In Abu Dhabi, the index gained 1.4%, helped by a 5.8% rise in Abu Dhabi Islamic Bank and an 8.7% surge in ⁠Abu Dhabi Commercial Bank . In steps aimed at stabilizing markets, the UAE Securities and Commodities Authority said last week that Abu Dhabi's ADX and Dubai's DFM exchanges suspended trading on March 2 and 3, while the two exchanges said they would temporarily set a 5% floor on securities declines.

The Qatari index advanced 2.5%, with the Gulf's biggest lender Qatar National Bank gaining 4.3% and petrochemical maker Industries Qatar ​up 4.6%. Expectations of a ‌near-term resolution could ⁠improve sentiment, which has recently ⁠turned risk-off. While regional markets may remain sensitive to ongoing frictions, firmer sentiment could help establish a floor and support a sustained rebound, said Joseph ​Dahrieh, Managing Director at Tickmill.

CDS SPREADS NARROWING

The cost of insuring against default on sovereign debt issued ‌by several countries in the region fell on Tuesday, with five-year CDS spreads ⁠tightening after rising sharply on Monday. Bahrain's five-year CDS tightened 21 basis points (bps) to 249 bps, Saudi Arabia's fell 6 bps to 82 bps, while Egypt's and Dubai's both narrowed 11 bps, to 357 bps and 61 bps respectively, S&P Global Market Intelligence data showed.

Saudi Arabia's benchmark index gained 0.9%, with Al Rajhi Bank rising 2%.

Investors have been adjusting their portfolios away from the UAE market as they reassess its relatively low risk premium, especially after the strong rally seen earlier this year before the conflict, said Chiro Ghosh, head of research at SICO bank.

At the same time, Saudi Arabia is viewed as less exposed than other Gulf markets to risks linked to the Strait of Hormuz, with investors also considering the possibility that parts of the ‌supply chain could be rerouted through the Red Sea to reduce disruption.

Saudi stocks also ⁠appear relatively attractive on valuation grounds. The index posted its weakest annual performance in ​a decade last year and has only made a modest start this year, prompting some investors to see room for recovery.

Oil major Saudi Aramco retreated 0.8% after reporting a 12% drop in annual profit mainly due to lower crude prices.

Oil prices fell on Tuesday after hitting a ​more than three-year high ‌in the previous session, following Trump's comment.

Kuwait's was up 1.4%, while Bahrain's slipped 0.4%.

Elsewhere, Oman's index eased ⁠0.2%.

Outside the Gulf, Egypt's blue-chip index climbed 2.9%.