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Wednesday, 15 April 2026

Mideast Stocks: Gulf bourses close higher on hopes for US-Iran peace talks

Mideast Stocks: Gulf bourses close higher on hopes for US-Iran peace talks


Gulf stock markets ended higher on Wednesday, extending gains from the previous session, as hopes for ​renewed U.S.-Iran peace talks ⁠lifted investor sentiment.

The optimism came even as Washington said on Wednesday that its military ‌had fully halted sea trade to and from Iran, with investors remaining focused on signs that diplomatic engagement in ​the Middle East could continue. President Donald Trump said talks with Tehran to end the war could soon resume and ​potentially yield ​a deal, telling ABC News to watch for an "amazing two days."

Adding to signs of continued diplomatic engagementwas a statement by Iran's foreign ministry saying that a Pakistani delegation was ⁠highly likely to arrive in Tehran on Wednesday to relay U.S. messages as part of ongoing communication between Tehran and Washington.

Dubai's main share index advanced 2.6%, buoyed by a 3.2% rise in blue-chip developer Emaar Properties and a 2.5% increase in top lender Emirates NBD. Budget airliner Air Arabia jumped ​6.5%.

In Abu Dhabi, ‌the index concluded ⁠0.5% higher, with Aldar ⁠Properties adding 0.6%. GCC equity markets extended gains as hopes for diplomatic progress and easing regional tensions improved sentiment, ​said Joseph Dahrieh, Managing Director at Tickmill.

He added that solid domestic fundamentals ‌and stronger confidence continued to support the rally, although markets remain ⁠vulnerable to any setback in the diplomatic outlook that could trigger fresh short-term volatility.

Saudi Arabia's benchmark index climbed 0.9%, with Al Rajhi Bank rising 1%. Elsewhere, oil major Saudi Aramco closed 0.7% higher. Brent crude futures were up 71 cents, or 0.8%, to $95.50 a barrel after slumping nearly 5% overnight to below $100. "From a medium-term perspective, elevated oil prices could remain a supportive factor, particularly if shipping disruptions ease," said Dahrieh.

Separately, the International Monetary Fund said on Tuesday that growth in the Middle East and North Africa will slow sharply this year as oil exporters face fallout from ‌the Iran war.

The Qatari index rose 0.4%, led by a ⁠1.4% rise in the Gulf's biggest lender Qatar National Bank. The Gulf ​state denied any talks with Iran over payments to halt attacks, saying its demands were instead being conveyed through Pakistan and the United States, spokesperson Majed Al-Ansari said.

Outside the Gulf, Egypt's blue-chip index rose 1.5%, with ​Commercial International Bank finishing 2.6% ‌higher.

Bain Capital Opens #AbuDhabi Office, Indicating Gulf’s Allure - Bloomberg #UAE

Bain Capital Opens Abu Dhabi Office, Indicating Gulf’s Allure - Bloomberg

Bain Capital is opening an office in Abu Dhabi, one of the first new regional outposts announced by a major financial firm since the war began.

The firm will initially start with five to ten people in Abu Dhabi’s ADGM, though this number could rise over time, Managing Partner David Gross told Bloomberg News. Bain Capital anticipates opening additional offices in the region, he said.

“While the unfolding war is obviously tragic in many ways, it doesn’t change Bain Capital’s long-term outlook or impact plans to deepen our investment in the region,” Gross said in an interview. “We view staying the course as a way to reinforce our long-term commitment to the region.”


Iran’s attacks on major cities across the Gulf have raised questions about the pace of Wall Street’s expansion, firms have been in unanimous in voicing support for the Middle East. Names ranging from from Brookfield Corp. to Goldman Sachs Group Inc. have vied to establish themselves as loyal partners.

The oil-rich region, long a lucrative source of funding, has grown assertive in recent years. Foreign companies are increasingly expected to invest in local economies, and external observers have cautioned that walking away now could impact firms’ ability to partner with state-backed entities.

Bain Capital plans to deploy capital through its global flagship funds and portfolio companies, with talks underway on deals including a new platform for aircraft leasing and maintenance services. It will also look at sectors including healthcare, digital infrastructure, and financial technology, Gross said.

“The situation heightens the spotlight on the economic importance of the region,” he added. “It may actually lead to further investment, to support redundancy or to fund defense-related and government-level initiatives that may trickle down into the private sector,” he said.

Even amid the war, regional investors have continued to deploy billions in transactions spanning alternative asset managers, private credit and technology platforms. Meanwhile, Blackstone Inc. has announced two inbound deals since Iran started attacking Middle Eastern hubs on Feb. 28.

The UAE, a global economic hub and magnet for capital and talent, has contended with being a prominent target of Iran’s projectiles. In the war’s early days, some professionals relocated, unnerved by shelter-in-place warnings and frequent interceptions of missiles and drones.

Despite potential disruption to business — as well as to the flow of wealthy individuals and businesses to the UAE — some investors have said the country’s infrastructure and governance will help it recover. Registrations at Abu Dhabi’s ADGM rose 5% year-on-year in March to 284, and a spokesperson has previously said the hub has more than 100 applications in the pipeline.

Bain Capital’s new office there will be led by Nacho Font, who joined the firm this year as a managing director on its investor relations team. Font was previously at Brookfield, where he oversaw client relationships and capital raising in the Middle East.

The firm, founded by former US Senator Mitt Romney, has existing ties to Abu Dhabi, including through a partnership with a state-backed entity announced last year.

Tuesday, 14 April 2026

Mideast Stocks: Most Gulf markets gain as traders gauge prospects for US-Iran deal

Mideast Stocks: Most Gulf markets gain as traders gauge prospects for US-Iran deal


Most Gulf stock markets rose on Tuesday after Washington said ​it was still ⁠engaging with Tehran to try to end their war, even as ‌the U.S. blocked shipping traffic to and from Iran's ports following the collapse of ​peace talks at the weekend.

Sources told Reuters that both sides had maintained an openness to ​dialogue, while ​a U.S. official said there had been progress towards an agreement. Negotiating teams could return to Islamabad this week, four sources said on ⁠Tuesday.

Dubai's main share index advanced 0.9%, underpinned by a 2.6% rise in blue-chip developer Emaar Properties and a 3.3% increase in toll operator Salik.

In Abu Dhabi, the index gained 0.6%, with Aldar Properties up 3.7%. Gulf stocks were ​buoyed by ‌hopes of a ⁠diplomatic breakthrough, although investors ⁠remained alert to the continued closure of the Strait of Hormuz, said Daniel ​Takieddine, co-founder and CEO of Sky Links Capital Group.

Oil ‌prices eased slightly but stayed elevated as ⁠disruption to traffic through the key shipping lane persisted, Takieddine noted.

Saudi Arabia's benchmark index added 0.5%, supported by a 0.6% rise in Al Rajhi Bank. However, oil major Saudi Aramco fell 0.9%. Brent crude futures were down $1.52, or 1.5%, to $98.25 a barrel at 1235 GMT.

Takieddine said investors were looking to upcoming earnings for signs of corporate resilience that could lend fresh support to the recovery.

The Qatari index was up 0.6%, buoyed by ‌a 0.9% gain in the Gulf's biggest lender Qatar National ⁠Bank.

Outside the Gulf, Egypt's blue-chip index - which traded after ​a two-session break - jumped 1.8%, with Commercial International Bank gaining 3.5%.

Monday, 13 April 2026

Mideast Stocks: Gulf markets mixed as US-Iran peace talks fail

Mideast Stocks: Gulf markets mixed as US-Iran peace talks fail


Stock markets in the Gulf ended mixed on Monday after Washington announced a maritime blockade on traffic to ​and from Iranian ports, ⁠following weekend talks with Tehran to end the war that failed to reach a deal.

The ‌U.S. move, aimed at pressuring Iran, leaves a fragile ceasefire hanging in the balance. The U.S. Central Command said its forces ​would begin blocking all maritime traffic entering and exiting Iranian ports from 10 a.m. ET (1400 GMT) on Monday.

Dubai's main share ​index reversed ​earlier losses to close 0.8% higher. The index was dragged down by a 2.5% fall in top lender Emirates NBD and a 1.7% decline in blue-chip developer Emaar Properties.

Budget carriet Air Arabia ⁠also fell 3.5%. In Abu Dhabi, the index closed down 0.5%, with ADNOC Gas falling 1.2%. GCC equities were mixed as renewed geopolitical tensions weighed on sentiment following the breakdown in diplomatic talks between the U.S. and Iran and Washington's naval blockade of the Strait of Hormuz, while oil prices rose on supply concerns, said Milad Azar ​Market analyst at ‌XTB MENA.

UAE equities ⁠came under modest ⁠pressure amid the evolving backdrop. Although geopolitical risks continue to weigh on sentiment, the recent easing in tensions may support ​near-term consolidation, added Azar.

The Qatari index concluded 0.1% lower in choppy trade, hit by ‌a 0.8% fall in Qatar Islamic Bank. Maritime transport company Qatar ⁠Gas Transport was down 0.6%.

The benchmark index in Saudi Arabia - which has been shielded from much of the regional disruption due to its ability to reroute oil exports - advanced 1%, led by a 2.7% rise in the country's biggest lender Saudi National Bank. Elsewhere, oil behemoth Saudi Aramco climbed 1.6%.

Saudi equities maintained a constructive tone. While geopolitical risks remained in focus, relatively softer tensions supported investor confidence, and higher crude prices continued to underpin the market's ability to absorb near-term volatility, said Azar.

Brent crude futures were up 7.2% at $102 a barrel, having gained more than 40% since the war began, disrupting supplies through the vital Strait ‌of Hormuz. Saudi Arabia said on Sunday it had restored the East-West pipeline to ⁠its full pumping capacity of about 7 million barrels per day, ​days after assessing damage to energy infrastructure from attacks.

A Reuters analysis showed the kingdom also benefited from firmer oil prices, with estimated March oil revenue rising year on year.

Egyptian bourse was closed for a public holiday.

Sunday, 12 April 2026

Equities subdued as US-Iran talks falter, ceasefire concerns renewed | Reuters

Equities subdued as US-Iran talks falter, ceasefire concerns renewed | Reuters


Gulf equities ended subdued on Sunday after marathon talks in Islamabad failed to deliver ​a U.S.-Iran breakthrough, clouding hopes for a lasting settlement and putting ‌the fragile two-week ceasefire under renewed strain.

The 21-hour negotiations ended in mutual recriminations. The conflict, which began more than six weeks ago, has unsettled the global economy and sent oil ​prices sharply higher.

U.S. Vice President JD Vance said American officials were leaving ​Pakistan without a deal, while Foreign Minister Ishaq Dar stressed the ⁠need to preserve the ceasefire.

In Qatar, the index (.QSI), opens new tab eased 0.1%, hit by ​a 1.5% slide in petrochemical maker Industries Qatar (IQCD.QA), opens new tab and a 2% decrease in ​Qatar Gas Transport (QGTS.QA), opens new tab.

The benchmark index (.TASI), opens new tab in Saudi Arabia - which has been shielded from much of the regional disruption by its ability to reroute oil exports - dropped 0.3%, with ACWA ​Power (2082.SE), opens new tab losing 1.9%.

The kingdom said on Sunday it had restored the East-West pipeline ​to its full pumping capacity of about seven million barrels per day, just days after ‌assessing ⁠damage to its energy infrastructure from attacks during the Iran conflict.

A Reuters analysis showed that Saudi Arabia benefited from firmer oil prices, with estimated March oil revenue rising year on year.

Even as diplomacy faltered, early signs of normalisation ​appeared in energy shipping, ​with three fully ⁠laden supertankers passing through the Strait of Hormuz on Saturday — the first such transit since the ceasefire.

Tehran's blockade of ​the Strait — a conduit for roughly 20% of global ​oil and ⁠LNG trade — has disrupted supplies and driven oil prices sharply higher.

Bahrain's stock index (.BAX), opens new tab was down 0.1%, while Boursa Kuwait (.BKP), opens new tab edged 0.1% higher.

Egypt's market will be closed ⁠for ​two days starting Sunday to observe the Easter ​holiday.

Saturday, 11 April 2026

#Dubai, eternal city

Dubai, eternal city


The people I speak to do not sleep well these days. Usually their waking is voluntary. Now there are alarms, incessant and immutable, that jolt them to life. On the worst nights they rouse themselves for a second or third time, and look out above the glimmering city for supersonic and subsonic streaks, for lights that rise to meet them, for that moment of interception. They draw the curtains shut and head to a bathroom away from the building’s periphery, just as the government has advised them to. There, they wait while explosions rattle the windows, the jet engines turn faint once more and the sense of emergency recedes. There will be another message to everyone with a phone: everything is fine. They return to bed. There is nothing further until the next alert. For now the problem has been handled, and the unusual thing has passed. With the payload neutralised, they fall into an approximation of sleep. The authorities may confirm debris “from routine air defence operations” and urge people to avoid said debris, if they aren’t already beneath it. The government is taking care of everything, a person I know tells me. (There will be no names taken here; despite a tentative ceasefire it is wartime, and although Dubai has been one of the centres of the conflict, the most famous emirate still hopes to present itself as on the periphery. For that reason, everybody is a potential snitch in the authorities’ eyes.) He says they have made life normal. There is no danger, there is nothing to worry about. He says that his office is full of people, the area is thrumming, and business is all right. He will not entertain any suggestion of returning to India, even briefly. His tone is of heightened enthusiasm, so unyielding to the possibility of danger that I join him in his appreciation for Dubai’s governance over the open telephone line. They are amazing, they really take care of residents, it is the best place to be. His wife is not as cheery. She begins to describe her own surreal existence, a story quite removed from her husband’s. I remind her that the line is not private in this autocratic state, and we agree to speak another time. Mid-1980s. Onlookers stand at the edge of a crumbling road to gape at a flash flood in the desert. The author was forbidden from getting too close © Rahul Bhatia Dubai, the most populous of the United Arab Emirates, is the destination of choice for south Asians and westerners hungry for opportunity and Russian money hungry for a sanction-free home. The city has space for appetites of almost every kind. It attracts people seeking relief from taxes, from war, from disorganisation and dysfunction. Fortified by an unseen undercity of labourers, Dubai allows the very rich to live their best lives. Meanwhile, hundreds of thousands of south Asians, Iranians and Arabs work in the banks and government enterprises or run companies of their own — keeping the city’s lifeblood of capital flowing. These are the people I grew up with, and attended school with, and who I speak to over the course of a few weeks as this new conflict in the Middle East deepens. Recommended United Arab Emirates UAE projects normal life as missiles shake haven reputation Weeks have passed since Iran carried out its threat to hit places of financial and economic significance across the Gulf in response to the attacks by Israel and America. This adds another dimension to the threat confronted by the UAE, which comes under attack from Iran as soon as the conflict begins, when it responds to some 346 drones and missiles. On March 13, the Dubai Financial Centre is hit by the debris of an intercepted drone, which causes “a minor incident on the facade of a building”, in the words of the Dubai Government Media Office. These fragments are presented as evidence that the country’s air defence can turn powerful ammunition into “minor incidents”. But the intercepted debris strikes buildings and gas plants across the UAE, sometimes leading to casualties. In between, some drones and missiles slip through to strike fuel tanks and one of the world’s largest aluminium plants — damage so extensive that it will take a year to recover fully. The people who work at the financial centre now turn up remotely, while someone else worries about the compliance and other regulatory transgressions this causes. But in the wealth management division of a European bank, management decides that remote work is now over. Normalcy has not returned, but the frequency of drones and missiles has dropped enough to move the needle just past the fine line between the headache of liability and the headache of compliance. Still, an employee wonders, is it too soon? The previous night was a rough one: alert, projectile, boom, alert, projectile, boom and so on. Morning life is normal again, as if nothing happened. The duality is jarring. It disorients her, this quiet war that intensifies for hours before subsiding, and then intensifies once more. During the quiet hours, she looks around and sees others fulfilling their functions. It is the most banal act and the most necessary one: to step outside and travel some distance; to turn up at work. Late 1980s. Watching a powerboat race. The author was forbidden from toppling into the Arabian Gulf © Rahul Bhatia She shops, meets people and goes about her day. But she thinks constantly about departure. She has dispatched her parents to safety, a move they resisted for its whiff of betrayal to Dubai. She told them to imagine it was a brief vacation — that was what it took to convince them. Now they are in Mumbai, getting massages. With her other relatives she has been less successful. She made the case that disaster rises like a flood and they were unmoved. They said they would leave only if they saw Iranian troops land on the city’s beaches. The inaction recalls the first days of the pandemic, when people were paralysed by the internal weights that measured loyalty with preservation and probability with mistrust — scales that were all wrong. They will only acknowledge the war’s danger if they feel it on their own skin. The shops are open, the prices are kept affordable because someone up the chain is swallowing rising costs, and the authorities arrive within three minutes of an interception to manage the damage. Just the other day, she says, she was at a hotel for a little staycation. When a successful interception happened, people at the pool clapped enthusiastically. Although her relationship with the city is strained by ballistic missiles, she tells herself this is the country to be in. There is an unshakeable belief in Dubai, among some communities that have moved there, which verges on delusion; every other place on the planet pales in comparison: Paris is dirty, New York smells like toilets, Mumbai is madness. Growing up in the city for over two decades, I heard it referred to as a golden bird, a lucky place, a city where your fortunes changed. It was a manicured garden, where the problems of the outside world were kept out of sight, beyond the trimmed hedges. Immunity from the pressures and restraints of other cultures and geographies was guaranteed. Here, Indians and Pakistanis arrived in such numbers that the alienation that often accompanies migration was softened, and suspicions were overcome so quickly that they fantasised about a team with Sachin batting and Wasim bowling. Making a financial killing was possible with hustle and a little luck. It began with the airport, where a traveller passing through Dubai Duty Free could attain an affordable raffle ticket for an unattainable car. Crazy things happened, but in Dubai, the feeling went, crazy things happened a little more often. The city turned normal people into actuaries of their own fortune. I remembered this while interviewing a former resident who had lived there for three decades. Dubai was behind him, but it had not let go of him. We talked about the questions over Dubai’s future, and about the western press’s conclusion that the dream was irrevocably broken, with money-grubbing non-doms forced to flee home. “There aren’t many places on earth that offer you high-quality living, safety, are very well connected, with developed infrastructure that’s better than western countries, and are multicultural,” he told me. There was something for everybody in Dubai, he said, from labourers to billionaires, precisely because it offers a quality of life proportionate to their purchasing power. “No income tax, a little corporate tax. People respect the law, and are aware of the consequences if they don’t. The royal family is innovative, very supportive, and gives you an environment where business can grow. It’s easier to go there with the golden visa. Can you go to Singapore that easily? No.” Inside Dubai, some of this fervent optimism has to do with the carefully curated morning newspapers, which arrive with mitigatory language. Despite the fact that the UAE is under attack, that its refineries, fuel depots, data centres and banks are vulnerable, that traffic to its main port is falling because of the strangled Hormuz strait, the main story one morning is about Israel bombing Lebanon. Other stories are calming. The economic stimulus announced will create confidence; business leaders hail the resilience of Dubai’s economic model. The only evidence of the conflict comes as downed missiles and drones, which cannot be denied. The war itself is referred to as “regional tension”, or a “geopolitical development” that creates “temporary disruptions” or “airspace closures”. A columnist explains that the strict control of information is necessary because, in the UAE, “perception directly affects economic resilience”. Some of it also has to do with the quiet ways in which a government reassures a city’s residents. By decree, children across the country now attend school online; textbooks are delivered home. Fares are cut for the elderly, parking fares and tolls lifted, visa restrictions relaxed. Traders who raise prices too high too quickly are fined over $50,000 by government inspection teams. There are plans to open neighbourhood parks everywhere, triple the number of trees and construct dozens of affordable schools. This dissipates the sense of siege. 1980s. A boat race © Rahul Bhatia But where people meet and talk, there is the unavoidable discussion of mortgage payments and cutbacks, of parents airlifted to safety or parents too old to be transferred elsewhere. The nine-to-five continues, and the usual vacation restrictions are in place. Discussions about property transactions and bargain sales are even more common. Someone tells me how well they are being paid in Dubai, and the difficulties they would face in beginning anew elsewhere. Another says simply that this place and its streets are what he knows. These are the voices of loyal longtime residents, the ones who stayed through the imminent threat of the first Gulf war, the wars after 9/11, and then the collapse of the real estate market during the global financial crisis in 2008. They remember these moments as points of inflection, pauses between stretches of the city turning itself from one thing to another through expansion, but also erasure. They understand the mores of the city, they know where to find things and have developed a sense of direction. Of course, if an Emirati passport was available, they would take it in an instant. But in its absence, they carry themselves as though they were citizens all the same. It is part of the compact of life here. The illusion of belonging grows stronger over time, even though their status is as tenuous as ever. In return, they will not disturb the idea of the city. They will internalise the understanding that “perception directly affects economic resilience”. Basically, the immigrants will go along with it. One of the perils of returning to Dubai infrequently is hearing how much the place has changed. Constant renovation is the local pastime. But, over the years, I’ve learnt that Dubai’s residents tend to prefer their relationship with the city to be uncomplicated by civic participation. That is why, when the war began and questions about Dubai’s future made global headlines, as if a long-held illusion of stability had suddenly vanished, I thought the city had been misunderstood. Not so long ago, when there were fewer skyscrapers and much more sand, Dubai was a place where police clomped around on horses to enforce bedtimes and shoplifters were threatened with their parents, not the police. Morality and threats to the family name were the chief instruments of control. Between the unsaid rules that defined an immigrant’s place and the licence to make money, a life could find expression. If we trace the trajectory of my idea of the city backwards, we land in the year 1979, at the coordinates of an affordable housing colony for migrants from south Asia, the Philippines and other parts of the Middle East. At one of its edges sits a very seedy cinema hall that plays Mallu porn. The colony consists of long, low white buildings set on a rectangular grid. The city has not yet colonised the desert. There are no seven-star hotels, no underwater restaurants, no giant palm tree housing developments constructed in the sea. It feels like a town, and its residents keep village timings. Except for the shopping, of which there is plenty. The place existed, in my parents’ account, courtesy of The Sheikh, a mysterious benefactor who had subsidised housing built to ease a family’s passage into the country. The rent was unbeatable, adding to The Sheikh’s reputation as a top-notch guy. But Rashid bin Saeed al-Maktoum was also a kind man, like a gentler version of the man they called the “Leader Necessity” across the water in Iraq. The Sheikh was behind the colony, the roads, the traffic signal timings, the height of the pavements. His will moved water through the pipes and carried away our sewage to who knew where. He terraformed the desert, and his planes caused the clouds to rain. I was given to understand, very clearly, that we were all there because he uttered the words, “Build it and they will come.”  1980. At Jumeirah zoo. The author was forbidden from touching the lion © Rahul Bhatia At the time, The Sheikh was a framed picture on the wall. My true interest was in how we used his infrastructure, primarily by turning the giant parking lot into football pitches some days, and cricket grounds on others. Dozens of children congregated on the tarmac and made the neighbourhood unbearable in the evenings. In such a crowd, invisibility was assured. On one side in the chaos one day, a small group gathered around a boy promising to show his audience an unforgettable sight. “Have you ever seen a naked woman?” he whispered, waiting for a reply, then brought out a card with a picture of an extremely naked American woman with big hair all over. It was foolhardy, and I worried that it could have ended in jail — lashes and deportation for all of us. My understanding was that even looking was potentially a crime. The sensation of guilt by association was amplified another day when two Emirati boys picked me out of a football game and ordered me to meet them behind a nearby car. They looked as if they could cause trouble, and so I obeyed. One pressed me against the car door and put a hand over my mouth. The other whispered in my ear that he wanted to measure something. On the car’s other side, the game went on. I was certain, upon returning home, that something wrong had happened. But to talk about it would have upset some carefully managed balance, inviting a degree of uncertainty into our life. I had been made to understand that a local’s word weighed differently. The healthiest thing to do, under the circumstances, was to pretend that nothing happened and not speak a word of it. This was not the Dubai that would come some day, with its facilities for the rich and tax arrangements for the obscene. But there was oil in the UAE, and money flowed easily, and that was all anyone could ask for. So I took on board the family’s usual advice: keep your head down and do your work. When survival demands pretence, it becomes a habit. In late March, by the war’s third week, to quell rising panic, police have arrested 109 people suspected of filming “incidents related to Iran’s attacks” and posting “inaccurate information on social media”. They’re accused of sharing unverified content from unofficial sources, of affecting internal security, of glorifying a hostile state, and “adding commentary and sound effects aimed at inciting public anxiety and panic.” Besides them, 35 others who filmed interceptions are quickly put on trial. If we trace the trajectory of my idea of the city back, we land in the year 1979, at an affordable housing colony for migrants At least some of these people are responsible for the offence of sharing what they had witnessed. It’s easy to imagine why they did so, despite the restrictions on documentation. An incoming attack is a singular event, in contrast to the cool reporting through official news channels, with its spirit of collective resilience: “Cancelled flights, unexpected gains: UAE residents find silver linings close to home”; “The world predicts chaos — Dubai proves resilience”; “Ten shows confirmed for April in the UAE”. But the singular experiences launched from Iran short-circuit all pretence, and experiencers look for ways to diffuse the current. When residents anonymously report explosions and debris from across the city on social media, they are reaching out for emotional solidarity in the aftermath of a shock. All they are really doing is counting the bangs. Four. Five. Now in this district. Then in that district. Condemnations of Iran, of Trump, of Israel. The messages were accompanied by warnings that locating the explosions could give them away. On Reddit, responses to online queries by nervous residents (“What tf is going on”; “another debris”) come within minutes (“We have interceptors for missiles, but nothing for debris”), and are one of a few high-frequency indicators the people I speak with rely on to check the temperature of the conflict. Undergirding it all lies the desire for a fuller picture. “A colleague returning from England last week said the flight to Dubai was 80 per cent full. And look, there are property transactions happening online. Not like before, maybe 60 per cent, but they’re happening,” an old Dubai hand tells me. Do you know why people go to Dubai? It gives you a life without constraints. As long as you don’t do politics, you’re fine I ask if the government accounts of the conflict and its explanations are enough for him. He gives me a list of local, Indian, Qatari, Iranian and American media sources he refers to. He has noticed the tone of forced normalcy in the papers, but life outside has not changed for him. Yes, there are concerns, he says, and the nights are less crowded, but the country is well-prepared. “They are doing an amazing job.” There’s an understanding that systems are under enormous stress, and that actions have been taken to limit the transmission of higher prices and shortages. The food supply is strong and the authorities have reminded shoppers there is no shortage of necessities. Signals like these calm him, and allow him to justify staying in Dubai, despite being in the flight path of 75 drones and missiles on an average day, and of the intercepted shrapnel that was racking up casualties. Working from home, the explosions have become background noise. He’s aware that Iran’s missiles sometimes evade Israel’s defence systems, but the cumulative effect of the assurances he receives leads him to have faith in similar systems around him. He has made his peace with the local ministry of defence’s daily statistics, which listed air defence engagements, but not what might have slipped through. Yet he is not immune to doubt. He asks, with some hesitation, if I will let him know if I feel the danger rise. I had begun to feel something about Dubai and the UAE under siege that may have not been entirely true, but fitted with my internalised understanding of the country. That the rules that applied to us migrants seemed to apply to the country as a whole: keep your head down, keep out of other people’s business, and be conservative. Purposeful non-involvement. As a child, I was told that Dubai did not get involved with the world’s problems, and so the world did not interfere with Dubai. But then I remembered that Blackwater, the mercenary security contractor that had killed Iraqi civilians in 2007, had been hired by the UAE in 2011, as the effects of the Arab Spring reverberated around the Middle East. Some years later, the UAE was part of a Saudi-led coalition fighting Houthi rebels in Yemen. In the 2020s, it allegedly provided drones to the Ethiopian government in a war that killed over 600,000 people. And more recently, it has been accused of arming the Rapid Support Forces, a Sudanese paramilitary group, in an ongoing and brutal conflict. As the UAE took on a more active role in the world, it seemed inevitable that the world would reciprocate. Late 1980s. The family car, an immaculate red Mazda 929, in which the author was forbidden from eating © Rahul Bhatia The old Dubai hand I spoke with believed that this involvement in foreign affairs was a mistake. But he believed the emirates were capable of defending themselves. He leaned back and casually swept an arm through the air in the manner of a technocrat describing an obvious engineering solution to a centuries-old social problem. “Going forward, the UAE government will invest more in their defence. They will protect petroleum and desalination plants. They will reduce their reliance on the Strait of Hormuz. They might create underground pipelines, or build an oil grid with neighbouring countries. And once the war was over, normalcy would return, he said. They would improve their external security to match the quality of their internal security, which was “already very strong”. So good that “you can see a person’s journey from their front door to his place of work. The day the war stops, the flights to Dubai will be full.” He was unimpressed by westerners and their newspapers, whose judgment he found suspect. “These westerners… they worry about the war and so they’re the first to jump ship like rats, you know? Look, countries face external threats from time to time. Now it’s the UAE’s turn. But once it’s done, what will happen? I think this is a passing phase. Dubai is resilient. Do you know why people go there? It gives you a life without constraints that have held you back. As long as you don’t do politics, you’re fine.” Recommended The Big Read In the centre of the storm: what does the Iran war mean for Dubai? He did not mention that the UAE may be pressing America to finish the job in Iran, and what this would mean for its long-term security. Air defence may become a line item in Dubai’s cost of living over time, but the loss of container traffic to Jebel Ali — the UAE’s and Middle East’s largest port, which accounts for over one-third of Dubai’s GDP and 75 per cent of its FDI in manufacturing, trade and transport — will be harder to overcome. Iran had been levying tolls on ships that passed through the strait. For now, some traffic has been routed through ports on the Red Sea, at whose southern tip the Houthis lie in wait, ready to potentially fight beside Iran and Hizbollah. These are hard questions, and will require a degree of “doing politics”. But with supply chains operating well so far and no shortage of groceries, such questions are kept at bay. In early April I reach out to the banker who thinks about departure often. Almost a month has passed since we last spoke, and she is no closer to a decision. There are parents and employees and pets to look after, a sudden feeling of financial frailty, as if the city’s construct was about to collapse. She turns up to work to show she is a team player. But she has the number of a private jet operator, and driving south across the border to Oman is a fallback. She can’t say when they would leave. The announcement of a ceasefire has brought temporary respite. But if there is a return to war, she will be at her window again, looking up to the stars, watching the streaks in the sky, waiting for a sign. Rahul Bhatia is the author of “The New India”.

#AbuDhabi Royal’s Firm to Buy Stake in Caring Hospitality Empire - Bloomberg

Abu Dhabi Royal’s Firm to Buy Stake in Caring Hospitality Empire - Bloomberg


A unit of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s investment conglomerate is acquiring a majority stake in Richard Caring’s hospitality empire, which includes some of the UK’s most iconic brands such as the Ivy restaurants chain and private members’ club Annabel’s.

As part of the deal, DIAFA — an affiliate of International Holding Co, the investment firm chaired by Sheikh Tahnoon, the brother of the United Arab Emirates’ ruler — will acquire a stake in the business that also runs the luxury restaurant portfolio of Caprice Holdings, which owns Sexy Fish, Scott’s and Noema, according to a statement on Saturday.

The “ten-figure” deal also includes Caring’s other private members’ clubs in London like George, Harry’s Bar and Mark’s Club, the company said.

The investment from the IHC affiliate is worth more than £1 billion ($1.3 billion), according to a person familiar with the matter.

Caring will remain executive chairman and will together with DIAFA lead the business’s next phase of expansion globally, the company said.

A British businessman, Caring built his fortune in fashion before pivoting into high-end property and hospitality, assembling one of London’s most valuable leisure portfolios. His strategy has centered on acquiring legacy brands and scaling them, most notably expanding The Ivy from a single celebrity haunt into a nationwide chain of more than 40 sites.

The transaction will add to DIAFA’s existing F&B portfolio, which includes brands such as the Azumi Group’s Zuma and Roka, and the h.wood Group that includes Delilah, The Nice Guy and Bird Streets Club. It is the latest for the investment conglomerate IHC, which has emerged in recent years as the largest listed company in the UAE with a market value of about $232 billion, helping drive Abu Dhabi’s global dealmaking push.

For Caring, nicknamed the “King of Mayfair” for his iconic assets in the city, the transaction provides an exit route as well as further capital to expand the business footprint globally.

Earlier this year, IHC said it was creating a new financial-services holding company, Judan Financial, that will oversee about 870 billion dirhams ($237 billion) in assets. That followed a move by the conglomerate to merge three units to create an investing behemoth with $33 billion in assets spanning finance, consumer and energy spread across 85 countries.

In addition to his role at the conglomerate, Sheikh Tahnoon oversees a vast empire spanning a wealth fund, the region’s most important private investment firm, the country’s largest lender and its main main artificial intelligence investor, MGX.

More broadly, the region is showcasing a continued appetite for dealmaking despite the ongoing war. Investors including Qatar Investment Authority and Mubadala Investment Co. joined Whoop’s latest funding round, while Savvy Games Group, a unit of the Saudi Public Investment Fund, agreed to buy Moonton from ByteDance. The Abu Dhabi Investment Authority has also been active, while the QIA and a Bahraini aluminum producer announced large transactions in the first week of the conflict.

Officials have sought to underline that momentum will hold. The UAE’s ambassador to the US said the country’s $1.4 trillion investment framework with America remains on track, while executives at Saudi Arabia’s sovereign wealth fund have reiterated plans to continue deploying capital globally despite rising economic risks tied to the war.

Friday, 10 April 2026

Mideast Stocks: #UAE equities gain ahead of US-Iran negotiations

Mideast Stocks: UAE equities gain ahead of US-Iran negotiations

Equity markets in the United Arab Emirates gained on Friday, as U.S. ​and Iran start ⁠talks in Pakistan and Israel seeks talks with Lebanon, ‌raised hopes for easing Middle East tensions and reducing risks of disruption ​in the Strait of Hormuz.

Delegations from Tehran and Washington are set to ​hold talks in ​Pakistan on Saturday.

Israeli Prime Minister Benjamin Netanyahu said on Thursday he is seeking direct talks with Beirut, ⁠a day after the worst bombardment of the war killed more than 300 people in Lebanon and placed Donald Trump's U.S.-Iran ceasefire in jeopardy.

Dubai's main market reversed early losses and closed ​0.4% higher, ‌helped by ⁠a gains in ⁠industrial and financial stocks.

Low-cost carrier Air Arabia jumped 4.8%, while top lender Emirates ​NBD Bank climbed 3.4%.

Abu Dhabi's benchmark ‌index edged 0.02% up, supported by a ⁠4.1% rise in hyper market operator Lulu Retail Holding and a 3.9% surge in Dana Gas.

Gains in the index were limited by a 3.1% decline in real estate giant Aldar Properties and 0.5% drop in UAE's richest firm International Holding Company.

Dubai has restricted foreign airlines to just one daily flight to its airports until May 31 due ‌to the Iran crisis, igniting revenue loss fears among ⁠Indian carriers that had planned more flights ​than airlines from any other country, letters show.

Dubai index rose 4.2% for its biggest weekly gain in more than 10 months, ​while Abu ‌Dhabi posted a weekly gain of 2.5%, according ⁠to LSEG data.

Thursday, 9 April 2026

Mideast Stocks: Most Gulf equities slip as fragile truce jitters investors

Mideast Stocks: Most Gulf equities slip as fragile truce jitters investors


Most Gulf stock markets fell on Thursday as a fragile regional truce appeared to be ​under strain, spooking ⁠investors and reviving concerns over prolonged geopolitical and inflationary risks.

The ceasefire's durability was ‌cast into doubt on Wednesday as Israel continued strikes on Lebanon, with Iran saying it would be "unreasonable" to ​pursue talks on a lasting peace deal.

Israel and the United States both said the two-week ceasefire did ​not cover ​Lebanon, and Israeli Prime Minister Benjamin Netanyahu said the strikes would continue.

Iran also targeted oil infrastructure in neighbouring Gulf states, including a Saudi pipeline used as an ⁠alternative route to the blockaded Strait of Hormuz, an oil industry source said. Kuwait, Bahrain and the UAE likewise reported missile and drone strikes.

Dubai's main share index dropped 1.5%, a day after gaining more than 6%, weighed down by a 3.9% slide in blue-chip developer Emaar ​Properties and a 3.3% ‌fall in top ⁠lender Emirates NBD. Budget ⁠airliner Air Arabia advanced 1.8%. In Abu Dhabi, the index fell 0.3%, with Aldar Properties down 3.2%. Although initial optimism has ​softened, upside potential remains intact provided geopolitical conditions stabilise further and ‌the outlook becomes clearer, said Daniel Takieddine, co-founder and ⁠CEO, Sky Links Capital Group.

The UAE will seek clarity on the terms of the two-week U.S.-Iran ceasefire to ensure Tehran fully commits to halting regional attacks and unconditionally reopening the Strait of Hormuz, a Foreign Ministry spokesperson said on X. The Qatari index pared losses to close just 0.2% lower, with the Gulf's biggest lender Qatar National Bank falling 0.3%.

Saudi Arabia's benchmark index was unchanged. Saudi Aramco gained 0.8%. The kingdom has an edge over regional neighbours as it can reroute its oil exports. A Reuters analysis showed Saudi Arabia benefited ‌from higher oil prices with estimated March oil revenue rising from ⁠a year earlier, while countries without alternative routes lost billions.

Brent ​crude futures were up $3.41, or 3.6%, at $98.16 a barrel at 1244 GMT.

Outside the Gulf, Egypt's blue-chip index advanced 1%, led by a 1.3% rise in Commercial International Bank.

Wednesday, 8 April 2026

Mideast Stocks: Gulf equities rally on US-Iran ceasefire agreement

Mideast Stocks: Gulf equities rally on US-Iran ceasefire agreement


Gulf stock ⁠markets ended higher on Wednesday after the U.S. and Iran agreed to a fragile two-week ceasefiredeal, which includes the immediate and secure reopening of ‌the Strait of Hormuz.

Markets have remained on edge since the U.S.-Israel war against Iran broke out in late February, with Tehran's effective closure of the strait - a vital artery for 20% ​of global oil and gas supplies - fuelling inflation concerns.

U.S. President Donald Trump on Tuesday said the last-minute deal was subject to Iran agreeing to pause its blockade of the strait. Iranian ​Foreign ​Minister Abbas Araqchi said Tehran would cease counter-attacks and provide safe passage through the waterway if attacks against it stopped. Brent crude futures were down $17.47, or 16%, at $91.80 a barrel by 1205 GMT. U.S. presidential policies remain difficult to predict, however, and investors are expected to stay cautious.

The announcement has been ⁠well received and UAE equity market fundamentals remain strong, said Tariq Qaqish, deputy CEO at FH Capital. But higher risk levels are increasing the discount rate used to value capital markets, which may put pressure on valuations, he added.

Dubai's main market surged 6.9% in its biggest intraday gain since March 2020, buoyed by a 13% jump in blue-chip developer Emaar Properties and an 11% jump in top lender Emirates NBD Bank. Among other gainers, budget airline Air Arabia soared 10.8%. Dubai's main index has ​been the worst performer among its ‌regional peers recently, ⁠dropping more than 16% in March ⁠as the conflict continued.

Late last month, Dubai approved 1 billion dirhams ($272.34 million) in economic facilitation measures to support businesses for a period of three to six months starting April, ​the Dubai Crown Prince said on X on Monday.

Abu Dhabi's benchmark index climbed 2.9%, with its largest lender First Abu ‌Dhabi Bank rising 5% and real estate giant Aldar Properties soaring 10.1%. Energy firm Adnoc Gas gained 3.5%, ⁠while Abu Dhabi Ports Company advanced 11.1%. Qaqish said he expected the UAE government to keep supporting the economy through aid for banks, small and medium enterprises and new measures to restore confidence.

In Qatar, the index rose 3.7% as all its constituents advanced, with the Gulf's biggest lender, Qatar National Bank, climbing 4.2%. Petrochemicals maker Industries Qatar rose 5.8%, while Qatar Gas Transport was the top gainer, climbing 8.1%.

The prospect of a reopened Strait of Hormuz has removed part of the extreme tail risk markets had been pricing in, prompting a rebound in regional equities, said Ahmad Assiri Research Strategist at Pepperstone. But this looks more like tactical repositioning than fresh inflows, he said, adding that while sentiment has improved, conviction remains limited and the durability of the rally will depend less on valuations and more on whether the conflict continues to de-escalate.

Saudi Arabia's benchmark index ended 2.3% higher, led by a 2.8% rise in Al Rajhi Bank. Budget airline flynas closed 8.9% ‌higher. Unlike its regional peers, the Saudi stock market was the least affected during the war.

The ⁠rise in global oil prices generated substantial financial gains for Iran, Oman and Saudi Arabia, while costing states ​without alternative export routes billions of dollars, a Reuters analysis found.

Saudi energy stocks, meanwhile, gave back part of their recent gains, with oil major Saudi Aramco falling 2.8% on Wednesday after rising more than 10% since the conflict began. The Saudi energy index dropped 1.9%. Yanbu National Petrochemical Co after surging more than 41% last month. Boursa Kuwait added 1.7%, while ​Bahrain's index rose 0.6%.

Outside ‌the Gulf, Egypt's blue-chip index climbed 4.1%, with most of its constituents in positive territory, including Commercial International Bank.

Tuesday, 7 April 2026

Mideast Stocks: Gulf stocks in red as Trump's Iran deadline looms

Mideast Stocks: Gulf stocks in red as Trump's Iran deadline looms


Gulf stock markets ended lower on Tuesday, as caution prevailed ahead of a deadline set by U.S. President ​Donald Trump for ⁠Iran to reopen the Strait of Hormuz to all shipping.

Markets have been on edge since ‌the U.S.-Israel war on Iran erupted in late February, with Tehran effectively closing the Strait of Hormuz, a critical chokepoint for global ​oil supplies, and stoking fears of higher inflation.

Investors had hoped diplomatic efforts would help bring the conflict to an ​end, but ​talks have so far made no progress. Iran appeared unmoved by Trump's ultimatum to reopen the Strait of Hormuz by the end of Tuesday or face strikes on civilian infrastructure, in what ⁠could become the war's most dangerous escalation yet.

Trump has set a deadline of 8 p.m. Eastern Time on Tuesday (0000 GMT Wednesday) for a deal to be reached.

Saudi Arabia's benchmark index dropped 1.6%, with a 2.1% fall in Al Rajhi Bank and a 2.6% slide in petrochemical firm Saudi Basic Industries Corp.

The kingdom ​said on Tuesday ‌it intercepted and ⁠destroyed seven ballistic missiles launched ⁠towards its Eastern Region, with debris falling near energy facilities, according to the defence ministry.

The closure of the Strait ​of Hormuz and the ensuing rise in global oil prices have delivered financial ‌windfalls to Iran, Oman and Saudi Arabia, while costing other ⁠states without alternative export routes billions of dollars, a Reuters analysis found.

The market may be ripe for a correction after testing resistance in recent sessions, with investors likely to lock in gains despite earlier resilience to regional tensions, said George Pavel, general manager at Naga.com Middle East.

Dubai's main share index lost 0.8%, with blue-chip developer Emaar Properties declining 3.9%. In Abu Dhabi, the index eased 0.3%. According to Pavel, rising tensions could weigh on markets, but solid domestic fundamentals may limit losses and lure investors back at attractive valuations.

The Qatari index gave up early gains to finish 0.6% lower, hit by a 1.6% decline in ‌Qatar National Bank.

Outside the Gulf, Egypt's blue-chip index dropped 2%, dragged down ⁠by a 4.5% plunge in Commercial International Bank , as the lender ​traded ex-dividend.

Egypt's annual inflation is expected to have accelerated to 14.7% in March from 13.4% in February, driven by higher fuel prices and currency weakness linked to the war on Iran, a Reuters poll showed.

Monday, 6 April 2026

Mideast Stocks: Gulf equities mixed as investors await clarity on US-Iran talks

Mideast Stocks: Gulf equities mixed as investors await clarity on US-Iran talks


Gulf stock markets closed mixed on Monday as investors awaited clarity on reports of U.S.-Iran ceasefire talks that ​came after U.S. President ⁠Donald Trump warned Tehran of "hell" unless the Strait of Hormuz was reopened.

Trump warned in an ‌expletive-laden Easter Sunday social media post that he would order strikes on Iran's power plants and bridges on Tuesday if the ​strategic waterway was not reopened.

The United States and Iran have received the framework of a plan to end hostilities, but ​Tehran rejected ​an immediate reopening of the Strait of Hormuz after President Donald Trump threatened to rain "hell" on Iran if it failed to reach a deal by the end of Tuesday.

Brent crude futures inched ⁠36 cents lower, or 0.33%, to $108.67 a barrel at 1222 GMT. Saudi Arabia's benchmark index eased 0.1%, hit by a 0.7% fall in the country's biggest lender by assets Saudi National Bank.

Elsewhere, oil major Saudi Aramco fell 0.2%.

GCC markets posted mixed performances as geopolitical uncertainty kept investors on the sidelines. In the near term, trading is ​likely to remain ‌cautious and highly responsive ⁠to headlines surrounding regional ⁠tensions, said Joseph Dahrieh, Managing Director at Tickmill.

Dubai's main share index dropped 0.7%, weighed down by a 3% slide ​in Emaar Properties.

In Abu Dhabi, the index gained 0.3%. According to Dahrieh, emerging hopes ‌of a potential de-escalation could underpin sentiment and provide a stabilizing effect.

UAE ⁠official Anwar Gargash said any settlement of the U.S.-Iran war must guarantee passage through the Strait of Hormuz. Gargash warned that any deal that does not restrain Iran's nuclear programme and its missile and drone arsenal would pave the way for "a more dangerous, more volatile Middle East."

The UAE was hit harder than any other Gulf state, according to regional officials, following Tehran's retaliation for U.S.-Israeli strikes with missiles and drones that targeted Israeli and U.S. bases and key Gulf infrastructure in the region.

The Qatari benchmark advanced 1.8%, buoyed by a 1.6% rise in the Gulf's biggest lender Qatar National Bank . Meanwhile, two vessels carrying liquefied ‌natural gas (LNG) from Ras Laffan, Qatar, turned back after moving east toward ⁠the Strait of Hormuz, ship-tracking data showed on Monday. Qatar, the world's second-largest exporter ​of LNG, directs most of its shipments to Asia.

Iranian attacks, however, knocked out 17% of export capacity, with 12.8 million tonnes per year expected to remain offline for three to five years. Outside the Gulf, Egypt's blue-chip index ​gained 0.8%.

Sunday, 5 April 2026

Most Gulf stocks subdued amid escalating conflict | Reuters

Most Gulf stocks subdued amid escalating conflict | Reuters


Most Gulf equities were subdued on Sunday as investors weighed escalating regional tensions following Iranian strikes on petrochemical facilities in the UAE, Kuwait and Bahrain.

Geopolitical risks ​remained elevated after Washington announced the rescue of a second airman shot ‌down over Iran, with U.S. President Donald Trump hardening his rhetoric.

Iran's Revolutionary Guards said on Sunday they had attacked petrochemical plants in the UAE, Kuwait and Bahrain, warning that strikes on U.S. economic ​interests would intensify if civilian targets in Iran were hit again.

In Qatar, ​the index (.QSI), opens new tab dropped 0.7%, with the country's biggest lender Qatar National ⁠Bank (QNBK.QA), opens new tab losing 0.6%, while Doha Bank (DOBK.QA), opens new tab plunged 6.9% as the lender traded ex-dividend.

Saudi Arabia's ​benchmark index (.TASI), opens new tab, which has outperformed its regional peers as the kingdom worked around the ​Strait of Hormuz disruption, closed flat after choppy trading.

The kingdom's non-oil private sector shrank in March for the first time since August 2020 as conflict in the Middle East disrupted supply chains, a ​business survey showed on Sunday.

Brent climbed nearly 8% on Thursday, the last trading day before ​the Easter holiday weekend, on fears of prolonged oil supply disruptions after Trump said the United ‌States ⁠would continue attacks on Iran.

Meanwhile, OPEC+ has provisionally agreed to raise its May oil output quotas by 206,000 barrels per day, according to three sources familiar with the talks, though the increase is likely to be mostly symbolic as key members remain unable ​to lift production amid ​the U.S.-Israeli war ⁠with Iran.

Boursa Kuwait (.BKP), opens new tab lost 0.4% and the Bahraini index (.BAX), opens new tab fell 0.5%.

Iranian drone attacks on Kuwait on Sunday caused fires and "severe material ​damage" at some operating units, Kuwait Petroleum Corp said.

Outside the Gulf, Egypt's ​blue-chip index (.EGX30), opens new tab ⁠advanced 1.9%.

Egypt kept its key interest rates unchanged on Thursday, pausing the easing cycle that began a year ago amid rising inflation risks driven by regional instability linked to the ⁠U.S.-Israeli ​war on Iran and higher energy costs.

Saturday, 4 April 2026

EGA Says May Take a Year to Restore #AbuDhabi, #UAE Aluminum Output - Bloomberg

EGA Says May Take a Year to Restore Abu Dhabi Aluminum Output - Bloomberg

The Middle East’s biggest aluminum producer said it may take as long as a year to restore full output at its Abu Dhabi plant, following an Iranian attack a week ago.

Emirates Global Aluminium said the Al Taweelah smelter went into emergency shutdown, after suffering significant damage from missiles and drones. The company has completed an initial damage assessment of the facilities in the United Arab Emirates and is in contact with customers whose shipments may be impacted, it said in a statement Friday.

The Middle East accounts for about 9% of global aluminum production, but the impact of the war is being amplified because constraints on output elsewhere have eroded inventories, leaving the market with little buffer to cushion any shocks. Even before the attacks on EGA’s facilities, the industry was bracing for more production cuts as Strait of Hormuz disruptions affected the flow of raw materials for the region’s plants.

“To resume operations at the smelter, EGA must repair infrastructure damage and progressively restore each of the reduction cells,” the company said in the statement. “Early indications are that a complete restoration of primary aluminum production could take up to 12 months.”

Aluminum prices have climbed more than 10% on the London Metal Exchange since the start of the Iran war.

Al Taweelah is one of the world’s biggest smelters, producing 1.6 million tons of cast metal in 2025. Other facilities at the site in Abu Dhabi, including an alumina refinery and a metals recycling plant, could resume some production earlier, pending a final damage assessment, EGA said.

“We are working directly with customers whose deliveries might be impacted by the situation at Al Taweelah,” EGA Chief Executive Officer Abdulnasser Bin Kalban said in the statement.

Iran also hit Aluminium Bahrain’s smelter in the Persian Gulf on March 28. The company known as Alba said it’s assessing damages.

Friday, 3 April 2026

Jefferies Says #UAE Injected $8 Billion Liquidity to Help Lenders - Bloomberg

Jefferies Says UAE Injected $8 Billion Liquidity to Help Lenders - Bloomberg

Analysts at Jefferies Financial Group Inc. estimate the United Arab Emirates’ central bank injected more than 30 billion dirhams ($8.2 billion) into the banking system to help protect against the impact of the Iran war.

Data from the Central Bank of UAE shows commercial lenders used a tool known as a Contingent Liquidity Insurance Facility, Naresh Bilandani, Jefferies’ head of equity research for Central and Eastern Europe, Middle East and Africa, wrote in a note to clients on Thursday. The CLIF was introduced in 2022.

The central bank rolled out a support package earlier in March that aimed to boost liquidity and lending capacity in the UAE’s financial system.

The UAE’s central bank didn’t respond to requests for comment.

The central bank “may, on a contingent basis and at its own discretion, activate the CLIF in response to actual or prospective stress of an exceptional nature, which could be market-wide or idiosyncratic,” Bilandani said. “CLIF allows banks to draw on CBUAE reserves against different sets of collateral and is designed to be flexible to respond to evolving market conditions for borrowing for a period of one month and above.”

UAE banking liquidity remains comfortable, Bilandani said.

Qatar’s central bank has also taken action, offering borrowers payment deferrals, cutting reserve requirements and providing unlimited repo liquidity.

Gulf countries such as the UAE, Qatar and Saudi Arabia are bolstered by their large stockpiles of foreign reserves and their sovereign wealth funds, which are among the world’s biggest.

In a sign of the UAE’s resilience, several hedge funds giants have recently issued statements declaring their confidence in the country as a financial hub.

#UAE non-oil private sector growth dips to four-year low in March amid war: PMI

UAE non-oil private sector growth dips to four-year low in March amid war: PMI

Non-oil private sector businesses in the UAE reported a marked slowdown in output growth in March, as the Middle East conflict weighed on customer demand, disrupted supply chains and intensified price pressures, a business survey revealed.

While sales growth eased, it remained positive, but expectations for future activity fell to their lowest level in more than five years.

The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI), fell to 52.9 in March from 55.0 in February. While remaining above the 50.0 threshold that signals expansion, the reading was the joint lowest since June 2021, matching July 2025.

"The UAE non-oil private sector was knocked back by the impacts of the war in the Middle East in March. That said, for many firms, orders books were resilient and output expanded. Anecdotal comments suggested that sectors such as tourism, retail and logistics were the most affected, whereas segments such as technology and construction signalled a softer, but still notable impact,” said David Owen, Senior Economist at S&P Global Market Intelligence,

The survey members indicated the closure of the Strait of Hormuz led to longer wait times on inputs and contributed to larger increase in backlogs and cost pressures. Overall purchase prices rose at the fastest pace since July 2024. Businesses increasingly passed on higher input costs to customers to protect margins, pushing average selling prices up by the sharpest margin in nearly 11 and a half years.

Even as long term expansion strategies and government spending buoyed sentiment, some firms expressed concern about how deep and lasting the war’s economic fallout could be.

Dubai PMI

The Dubai PMI fell to 53.2 in March, from 54.6 in February, signalling the weakest upturn in non-oil private sector conditions for nine months as output rates and new business growth softened.

Supply chains came under pressure, with non-oil firms reporting the longest delivery delays since July 2022. Cost pressures also intensified, while difficulties in securing materials led to a record fall in input inventories.

Looking ahead, Dubai firms expressed only marginal optimism about output growth over the next 12 months, with business confidence at its weakest level since end-2020.

Mideast Stocks: #UAE equities close mixed on fears of escalation in Middle East conflict

Mideast Stocks: UAE equities close mixed on fears of escalation in Middle East conflict

Stock markets in the United Arab Emirates closed mixed on ​Friday, as ⁠fears of further escalation in Iran war weighed ‌on risk appetite after U.S. President Donald Trump renewed his ​threat to strike Iran's power and transportation infrastructure.

The U.S. military "hasn't ​even started destroying ​what's left in Iran. Bridges next, then Electric Power Plants", Trump wrote on social media.

Kuwait ⁠said an Iranian attack hit a power and water desalination plant on Friday, causing material damage to parts of the facility.

Dubai's main share index dropped 0.5%, ​dragged ‌down by a ⁠4.9% decline ⁠in each of blue-chip developer Emaar Properties and its construction arm ​Emaar Development .

India's central bank has ‌approved Emirates NBD Bank's proposal to ⁠acquire a majority stake in RBL Bank , the Mumbai-based lender said on Thursday, giving a key regulatory clearance for one of the largest cross-border deals in India's financial sector.

Emirates NBD Bank shares closed 0.4% down.

However, Abu Dhabi's benchmark index edged 0.2%, supported by a 1% rise in ‌Abu Dhabi Islamic Bank and 0.4% hike in ⁠petrochemical maker Borouge.

Oil prices, a key ​component of Gulf's economies, settled 8% higher on Thursday, as traders worried about prolonged disruptions to oil ​supply. Brent ‌crude was up 8% at $109.24 a ⁠barrel.

Thursday, 2 April 2026

Mideast Stocks: Most Gulf equities retreat on fears of prolonged conflict

Mideast Stocks: Most Gulf equities retreat on fears of prolonged conflict


Major Gulf equities ended lower on Thursday after ​U.S. President ⁠Donald Trump dimmed hopes for a swift end to the ‌Middle East war. In a prime-time address late on Wednesday, Trump said the U.S. ​would continue to strike Iran over the next two to three weeks and ​was close ​to achieving its main strategic objectives in the conflict.

Dubai's main share index dropped 0.6%, dragged down by a 2.5% slide in ⁠toll operator Salik. 

In Abu Dhabi, the index lost 0.7%, hit by a 4.2% decline in First Abu Dhabi Bank.

Gulf stock markets remain volatile as investor sentiment shifts with changing geopolitical signals, said ​George Pavel, general ‌manager at Naga.com ⁠Middle East. ⁠Mixed messages from Trump added uncertainty, driving risk aversion and short-term market swings, he ​continued.

The Qatari index fell 0.4%, with Qatar ‌Gas Transport declining 1.9%. Threats to maritime traffic have ⁠increased as the conflict has intensified. On Wednesday, an oil tanker leased by QatarEnergy was struck by an Iranian cruise missile in Qatar's waters, the country's defence ministry said.

Saudi Arabia's benchmark index gave up early gains to finish 0.1% lower, with ACWA Power Co losing 1.6%. However, oil major Saudi Aramco added 0.2%. Continued oil exports and elevated prices could offer some support, though existing constraints ‌may limit the upside, Pavel said.

Oil prices climbed nearly ⁠7% on Thursday, as fears of prolonged supply ​disruptions intensified.

Outside the Gulf, Egypt's blue-chip index retreated 0.7%.

Wednesday, 1 April 2026

Top Gulf Aluminum Producer EGA Halted Output After Iran Strike - Bloomberg #AbuDhabi #UAE

Top Gulf Aluminum Producer EGA Halted Output After Iran Strike - Bloomberg


Emirates Global Aluminium, the Middle East’s top producer of the metal, halted operations at its Al Taweelah smelter after the site was struck by Iranian missiles and drones over the weekend, according to a person familiar with the matter.

The smelter on the outskirts of Abu Dhabi lost power due to the strikes and smelting facilities known as potlines were forced into an uncontrolled shutdown, said the person, who asked not to be identified as the information isn’t public. Metal has solidified inside the smelting circuits, causing significant damage to the operations, the person said.

Aluminum prices rose as much as 2% on the London Metal Exchange after Bloomberg reported on the halt, while shares of rival producers including Alcoa Corp. and Century Aluminum Co. rallied more than 5%.

LME futures of the lightweight metal have surged since the strikes, with Aluminium Bahrain, another major producer in the region, also confirming its operations were attacked by Iran over the weekend. The two plants are among the world’s largest, each producing 1.6 million tons of aluminum in 2025.

A halt at EGA’s smelter, along with Alba’s reduced operations and earlier curtailments at Qatar’s Qatalum smelter would take around 3 million tons of annual capacity offline — close to half of Middle East aluminum production, said Ewa Manthey, commodity strategist at ING Groep NV. That marks a “sharp escalation” from earlier disruptions and would imply “deeper aluminum deficits” across all scenarios.

The Middle East as a whole produces about 9% of global supply, with EGA and others playing a key role in supplying manufacturers across Europe, Asia and the US. Even before the industry was directly targeted, the effective closure of the Strait of Hormuz had already left the region’s major producers short of critical inputs, with the sector anticipating a cascading wave of production cuts unless the strait reopens soon.

“The Strait of Hormuz is effectively a chokepoint for the global aluminum market,” Wood Mackenzie principal analyst Charvi Trivedi said in an April 1 note, which estimated that disruptions could remove 3 million to 3.5 million tons of output this year. “Disruptions here could cut off up to 60% of alumina supply to Middle Eastern smelters, rapidly deepening the market deficit.”

Aluminum is the most ubiquitous industrial metal after steel, but in recent years the industry has faced several disruptions in a complex global supply chain that involves mining raw bauxite ores, refining them into alumina and then smelting that into finished metal. While EGA can produce some alumina itself, it’s typically a large buyer of the material, bringing in additional cargoes through the strait to feed Al Taweelah and a second smelter in Dubai.

EGA has moved to sell large volumes of alumina in the wake of the strikes, Bloomberg reported earlier Wednesday.

With the exception of aluminum, base metals faced heavy downward pressure in March as hostilities in the Middle East disrupted commodity supplies and threatened an inflationary shock for the world economy. US President Donald Trump said Wednesday he’ll only consider a halt to attacks on Iran when the Strait of Hormuz is reopened, sowing further confusion about how long he’s prepared to continue the war.

Copper on the LME traded 0.9% higher at $12,448.50 a ton as of 5:08 pm in London. Aluminum was 1.4% higher at $3,515.40 a ton. Other key industrial metals also rose.

Iran War: The #Dubai Is Fine Narrative Is Looking a Little Stretched - Bloomberg #UAE

Iran War: The Dubai Is Fine Narrative Is Looking a Little Stretched - Bloomberg

History has not been kind to the aspiring cultural and finance hubs of the Middle East over the past 50 years, from Beirut’s descent into civil war to Kuwait’s invasion by neighboring Iraq. Hence why Gulf economies such as Dubai and Abu Dhabi are determined to show they can overcome their biggest test yet, a US-Israeli war with Iran that’s killed thousands across the region, displaced many and massively disrupted oil supplies. The omens haven’t been great.

Officially, things are fine in the United Arab Emirates despite the missile strikes and economic worries. They’ll be even better if President Donald Trump is right about the US exiting the war within two to three weeks, and that leads to a broader cessation of the fighting and a reopening of the Strait of Hormuz, a crucial waterway for oil out of the Gulf.

From government pronouncements to social-media posts, the state position is that life goes on and the UAE will even benefit from coming through this period. “Our institutions are operating efficiently, our defense forces with professionalism, and our private sector with responsibility,” Dubai’s ruler, Mohammed bin Rashid al Maktoum, said at the weekend, adding that the emirates “will emerge stronger.”

Yet as the war has grinded into a fifth week, the positive narrative has been starting to look a little stretched. Efforts to curb bad news haven’t stopped occasional outbursts from people saying what they really think, from Emirati billionaire Khalaf Al Habtoor’s angry post (subsequently deleted) lambasting Trump to corporate bosses saying the region’s growth outlook is uncertain.

This isn’t existential yet for Dubai’s position as a business hub. Abu Dhabi’s oil riches have helped out its fellow emirate in the past. But the prospect of a longer war has been weighing on the Gulf economy, as has the fading likelihood of a substantially weakened Islamic Republic. Arab nations could lose between $120 billion and $194 billion from gross domestic product as a result of war disruptions, according to an analysis by the UN Development Program, released on Tuesday.

Before Trump’s latest comments on Tuesday about ending the war, Dubai’s stock market had fallen by more than 18% since just before the conflict started, with the listed real-estate sector down about 30%. Some hotels have cut prices heavily, according to their websites. Dubai Airport has reopened with limited capacity and airlines rerouting to Asia. Property developers have been allaying investor concerns over a potential liquidity crunch. The UAE’s central bank rolled out a resilience package to support the banking sector.

For a global finance hub dubbed by some as the Switzerland of the Middle East, the economic scars could run deep. Talk of an exodus from Dubai and Abu Dhabi was always overdone — there are plenty of long-term expats living there who have no immediate alternatives and who are umbilically attached to a quality of life that includes zero income tax and great childcare. Many Emirates-based people would much rather talk about resilience than recession.

Yet it’s becoming more common to hear from those who relocated to the region, or brought over relatives, saying something along the lines of: I didn’t sign up for this. A senior investment banker tells me that while there’s been a low take-up for relocations from the UAE, there are doubts about a return to the status quo ante — when a flood of arrivals had people talking of Dubai as an alternative to London.

The UAE has, of course, done an impressive job intercepting more than 2,000 missiles since the conflict began. And it has rebounded strongly from previous crises such as a real-estate bubble in 2008. It thrived during the pandemic.

But its exposed position on the geopolitical map is now evident. The Strait of Hormuz, the Gulf’s waterway into open ocean, is something countries and companies are trying to avoid. Dubai’s port of Jebel Ali, known as the “engine,” is much quieter than normal. The UAE does have an Hormuz-dodging route via Fujairah for oil exports but that’s still vulnerable to attacks.

Moreover, the country’s fortunes and future prospects depend on its non-oil economy — as does Saudi Arabia’s Vision 2030. And this is where international investors might look differently at the region’s vulnerability to Iran’s asymmetric warfare from now on. The Gulf has been betting on local commercial projects driven by artificial intelligence and data centers; a repricing of the risk of such ventures is likely at a time when critical infrastructure from gas terminals to aluminum producers has been struck.

This could be the moment when the UAE’s massive sovereign wealth funds — with international stakes in everything from soccer teams to hotels and tech companies — are tapped for local use. The UAE is so far standing by a $1.4 trillion pledge to invest in Trump’s America, though a prolonged conflict will doubtless require some reprioritization toward security at home.

One big US question is whether the Gulf states remain under its security umbrella. There’s increasing noise in the region about retaliating against Iran, with some voices in the UAE calling for a doubling down on the US partnership. At the same time, the Americans are proving to be a wayward ally.

Dubai’s supporters make the point that global capital has few other places to go, especially as London increases taxes and gets more squeamish about where the money comes from. The UAE-or-bust lobby is mistaken, however.

International capital could find a home in the old-world hubs of Geneva and Milan, even if Europe has its own wartime challenges. Hong Kong’s appeal is returning despite China’s national-security law. “People say that these places are boring, but boring is the new sexy,” one financier told Bloomberg News recently. In this new era of insecurity, it’s hard to disagree.

London’s Family Offices Drew Mideast Money as Non-Doms Fled - Bloomberg #UAE #SaudiArabia

London’s Family Offices Drew Mideast Money as Non-Doms Fled - Bloomberg

London’s unsettled family office economy has drawn rising investment from wealthy Middle Eastern families in the past 18 months, providing a boost as other rich investors pull back.

Firms managing multi-billion-dollar fortunes from the United Arab Emirates to Saudi Arabia have hired executives, opened new premises and boosted UK holdings since early 2025, according to an analysis of registry filings and online posts by Bloomberg.

The cohort includes the Al Rostamani family, whose Dubai-based conglomerate has more than $2 billion in annual revenues and 4,000 employees, as well as the influential Bin Mahfouz and Alsubeaei merchant dynasties. In January, a family office for part of the Bin Mahfouz dynasty, who rose to prominence as bankers to Saudi royals, switched to London’s prestigious St. James’s area from the UK capital’s outskirts, according to filings.

“Middle Eastern families are increasingly operating multi-hub family office models, where London plays a central role,” said Martin Roll, a global family business strategist and senior adviser at McKinsey & Co. The UK capital “offers a level of international diversification — legally, financially, and culturally — that few other cities can match.”

Representatives for the Al Rostamani, Bin Mahfouz and Alsubeaei dynasties — whose family-owned conglomerates oversee some of the Middle East’s largest industrial, healthcare and retail businesses — didn’t respond to requests for comment.

The filings date from before the current conflict in the Middle East and it’s unclear what wealth changes they or other families in the region might be making. Still, the moves offer the latest signs of how a wave of major family offices are increasingly operating in more than one territory as private investment firms for the ultra-wealthy increase in size and sophistication.

At the same time, billionaires such as John Fredriksen, Nassef Sawiris and Guillaume Pousaz have recently curbed their ties to the UK as Keir Starmer’s Labour government hiked taxes last year for many well-heeled residents. The family offices for some departing individuals have scaled back UK operations, moved staff abroad and opened new branches in other territories, disrupting Britain’s traditionally booming sector for attracting private investment firms for the world’s ultra-wealthy.

Tax and geopolitics are among the most cited-reasons for family offices moving from one territory to another, according to a survey published last year of 585 family office professionals from KPMG and Agreus Group, with almost half of their employers now operating in more than one location.

The Middle East elite — whose territories have been a magnet for attracting family offices in recent years — are typically less affected by the UK’s tax reforms as they often aren’t fully resident, instead opting to spend chunks of the summer months in Europe because of scorching temperatures back home.

“Middle Eastern families take a long-term, stewardship-driven view - despite the UK’s evolving tax and regulatory landscape,” Roll added. “They are less reactive to short-term policy shifts and more focused on stability, rule of law, and the ability to deploy capital across generations.”

Family offices more generally have boomed over the past two decades amid surging riches in areas such as tech and finance. Alongside New York and Singapore, the UK has traditionally ranked as a leading destination. At least 20 individuals tracked by the Bloomberg Billionaires Index of the world’s 500 biggest fortunes had UK family office entities at the start of this year, helping oversee riches totaling more than $450 billion.

The Al Rostamani, Alsubeaei and Bin Mahfouz dynasties set up firms as recently as late 2024 to oversee their wealth, joining Qatar’s former emir and Saudi Arabia’s Juffali clan in tapping the UK’s deep pool of finance professionals, according to Bloomberg’s analysis.

The Al Rostamanis hired Aron Balas to lead investments for their family office, Athenaeum Partners UK, after the 42 year-old had helped run part of the Rothschild banking dynasty’s fortune, according to LinkedIn data. An Athenaeum entity acquired UK automotive dealership Johnsons Cars Limited in September, building on the Al Rostamani family’s existing operations as distributors for Nissan and Renault vehicles in the UAE.

Meantime, Sane Capital, a family office for part of the Bin Mahfouz dynasty, recruited Matthew Ridley as chief investment officer last year. The 53 year-old also held a similar role as a money manager for the Rothschilds, registry filings show.

The Alsubeaeis recently included a London address on the website of their family office, Lote Global, adding to a premises in England’s East Midlands region. The Saudi dynasty, who trace their origins back to a trading house founded almost a century ago, already hold UK real estate investments spanning luxury apartments in Manchester and Newcastle.

Lote also recruited a London-based chief of staff last year as well as Andre Keijsers, a veteran of the UK capital’s finance sector who became Lote’s deputy CEO in late 2025, LinkedIn data shows.