The ongoing conflict between the US, Israel, and Iran has taken a devastating toll on the United Arab Emirates’ (UAE) stock markets, with a staggering loss of $120 billion since the start of the war on February 28. According to a report by the international media, the UAE’s stock markets have seen a significant decline, with Dubai and Abu Dhabi markets performing the worst. The report stated that the Dubai Index has seen a drop of approximately 16%, while the Abu Dhabi Index has dropped by around 9%.
Renowned American economist Jeffrey Sachs has warned the UAE of the potential risks of joining the war alliance, saying that if they do, Dubai and Abu Dhabi could be directly at risk. The report also stated that the Dubai Financial Market (DFM) General Index has seen a decline of around $45 billion in market capitalization, while the Abu Dhabi Securities Exchange (ADX) General Index has seen a decline of around $75 billion.
The report further stated that the entire Gulf region’s markets have become unstable, with Qatar’s currency declining by around 4% and Bahrain’s by around 7%. Meanwhile, Saudi Arabia and Oman have seen an increase in their markets. The report also stated that the Wall Street, S&P 500 Index has seen a decline of around 7% during the Iran conflict.
It is worth noting that the UAE has expanded its financial sector under the economic diversification strategy, and is considered one of the leading capital markets in the region. In 2024, the UAE’s total stock market value exceeded $1 trillion, ranking second in the Middle East after Saudi Arabia’s $2.5 trillion market. The UAE authorities have set a target to make Dubai one of the world’s top four global financial centers by 2033 under the 10-year economic plan.
In a statement, a spokesperson for Khateem Al Anbiya said that they would maintain full control over their country’s airspace. According to a news agency report, Hamideh Suleimani and her daughter were detained after their Green Card was revoked. The article writer noted that Pakistan has maintained ties with China, with US President Trump preferring Pakistan’s Field Marshal as a mediator, while Indian Prime Minister Narendra Modi faces diplomatic defeat. Iran was given 10 days to agree to a deal or open the Strait of Hormuz, with 48 hours remaining. US President Masoud Rezaei said in a social media statement that his claim that Iran’s air defense system was destroyed is always a lie.
