UAE shares extend losses on regional conflict fears

Stock markets in the United Arab Emirates experienced a decline on Friday, with Dubai leading the decrease as losses in financial and real estate shares rose. The Houthi strikes in Saudi Arabia heightened fears of a broader regional conflict. Saudi Aramco instructed employees to leave its Dhahran headquarters and work from home, following an attack that killed two people near an airport.

Dubai's main index fell 1.4% to its lowest point in over four months, hurt by a 3.5% drop in Emirates NBD Bank and a 2.1% decrease in developer Emaar Properties. Abu Dhabi's benchmark index also dropped 1.2%, suffering from declines in energy, real estate, and banking stocks. Aldar Properties, a real estate firm, saw its shares fall 3.7%, while energy shipping company Adnoc L&S dropped 3.9%.

Abu Dhabi Commercial Bank, the UAE's third-largest lender, experienced a 3.7% decline despite reporting a 15% increase in third-quarter net profit to 3.56 billion dirhams. Across the UAE, the Dubai and Abu Dhabi indexes both posted weekly losses of 2.3% and 2.2%, respectively, according to LSEG data. Oil prices, a major factor for Gulf financial markets, rose on Friday due to the Houthi attacks, which raised concerns about potential disruptions to Middle East energy supplies. Brent crude increased by 1.3% to $114.61 a barrel by 11:48 GMT.