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.