Gulf bourses retreat as Saudi-Houthi tensions surge
Most Gulf stock markets ended lower on Wednesday as fighting between Yemen’s Houthis and Saudi-backed government forces intensified on several fronts. Yemeni government forces are pushing a major offensive to retake ground lost to weeks of Houthi advances, backed by stepped-up Saudi air strikes. The Houthis struck Aden International Airport on Wednesday with ballistic missiles and explosive…
Stock markets across the Gulf dipped on Wednesday as tensions between Saudi-backed forces and Houthi rebels in Yemen escalated. The conflict intensified with Yemen's government forces launching a major offensive to reclaim territory lost to Houthi advances, supported by increased Saudi air strikes. The Houthis struck Aden International Airport, marking a significant escalation in hostilities.
Saudi Arabia's aviation authority reported two attacks on Monday targeting airports in Jazan and Najran, resulting in injuries and minor damage. The Saudi benchmark index fell 0.5%, with Al Rajhi Bank leading the decline. The Saudi-led coalition claimed it intercepted and destroyed a Houthi missile headed towards Khamis Mushait.
Dubai's main share index fell 0.2%, while Emirates NBD dropped 1.3%. Market sentiment remains largely tied to geopolitical developments and diplomatic signals, with the absence of progress in US-Iran talks continuing to dampen risk appetite.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.