DUBAI (MNN); The United Arab Emirates has ordered the temporary closure of its stock markets on Monday and Tuesday following Iranâs retaliatory missile and drone strikes across parts of the Gulf, signaling mounting economic disruption in the region.
The strikes were launched after joint military action by Israel and the United States against Iran. Tehran targeted Gulf countries hosting US military bases and strategic assets, escalating tensions across the region.
In a statement, the UAE Capital Markets Authority announced that both the Abu Dhabi Securities Exchange and the Dubai Financial Market would remain closed on March 2 and March 3. The authority said the decision was taken in line with its supervisory and regulatory responsibilities over the nationâs capital markets.
The regulator added that it would continue to monitor regional developments closely and assess the situation on an ongoing basis, pledging to take further measures if required.
The UAEâs two main exchanges list some of the Middle Eastâs most valuable companies, and the suspension effectively places billions of dollars in assets on hold as investors await clarity regarding the scale of damage from weekend strikes. Airports, ports and residential areas in parts of the UAE and other Gulf states were reportedly affected.
Markets elsewhere in the Gulf that opened on Sunday experienced significant declines. Saudi Arabiaâs benchmark index dropped more than four percent at the start of trading, Omanâs market fell three percent, and Egyptâs main index lost 5.44 percent. Kuwait halted trading entirely amid volatility.
Authorities advised investors and market participants to follow official updates from the UAE Capital Markets Authority, the Abu Dhabi Securities Exchange and the Dubai Financial Market regarding the resumption of trading.
