Corrects paragraph 4 to say Conglomerate Alpha Dhabi Holding ALPHADHABI.AD fell 1.7% not 0.7%

By Md Manzer Hussain

May 15 (Reuters) - Stock markets in the United Arab Emirates fell on Friday, tracking weakness in global equities as a standoff in U.S.-Iran negotiations dented sentiment and rattled energy markets.

U.S. President Donald Trump said on the final day of his trip to China that his patience with Iran was running out. He said Chinese President Xi Jinping agreed that Tehran must not be allowed to develop nuclear weapons and should reopen the Strait of Hormuz.

Dubai's benchmark index .DFMGI extended losses for a sixth straight session, falling 0.5%, with most constituents trading lower. Blue-chip developer Emaar Properties EMAR.DU dropped 1%, while Air Arabia AIRA.DU tumbled 2% after the low-cost carrier reported a 22% decline in first-quarter net profit, mainly due to the impact of the ongoing conflict in the region.

In Abu Dhabi, the index .FTFADGI eased 0.3%, weighed by losses in technology and energy stocks. Conglomerate Alpha Dhabi Holding ALPHADHABI.AD fell 1.7%, while ADNOC Drilling ADNOCDRILL.AD declined 4.6%.

Meanwhile, the UAE will accelerate the construction of a new oil pipeline to double its export capacity through Fujairah by 2027, the Abu Dhabi Media Office said on Friday, a move that would significantly expand the country's ability to bypass the Strait.

"Stocks in the UAE continued to see some pressure amid the uncertain and cautious sentiment. Efforts to expand pipeline capacity could support the economy over the long term and secure a higher level of energy exports if tensions persist" said Joseph Dahrieh, managing director at Tickmill.

Oil prices climbed more than 3% on Friday as concerns over the stalled U.S.-Iran peace talks and the Strait's closure persisted. Brent crude was up 3.3% at $109.19 a barrel by 0925 GMT.