UAE stock markets decline due to the crisis between America and Iran
Tadawul All Shares Index TASI.SA | 0.00 |
February 27 (Reuters) - UAE stock markets fell on Friday as investors took a cautious stance after talks between the United States and Iran in Geneva ended with little progress, potentially deterring possible US attacks amid a massive military buildup.
Omani Foreign Minister Badr al-Busaidi said in a post on X that the two sides intend to resume negotiations after consultations in their respective capitals, with technical-level discussions to be held next week in Vienna.
Dubai's index fell 1.8 percent, marking its second consecutive weekly decline, weighed down by a 4.1 percent drop in shares of Emaar Properties, its biggest daily fall in nearly 10 months.
Shares of Emirates NBD and Dubai Islamic Bank fell 5.2 percent and 2.4 percent respectively.
On the other hand, Dubai Aerospace Enterprise said on Thursday that it will buy Macquarie Airfinance, an aircraft leasing company, for a total value of nearly seven billion dollars, which will lead to the creation of a combined fleet of 1,029 aircraft and form one of the largest aircraft leasing companies in the world.
The Abu Dhabi index lost 1.3 percent, driven by a 2.4 percent drop in First Abu Dhabi Bank, the UAE's largest bank, while shares of Americana Restaurants, which operates US fast-food brands in the Middle East, fell 5.6 percent.
The IFR fixed-income news service reported that Abu Dhabi raised $3 billion on Thursday from a two-tranche dollar bond issuance, its first this year.
However, oil prices, a key driver of Gulf economies, jumped on Friday as uncertainty surrounding negotiations between the United States and Iran pushed prices higher.
Brent crude rose 1.96 percent to $72.14 a barrel by 11:34 GMT.
