The UAE stock market fell on Friday as investors weighed growing geopolitical tensions in the wake of the US economic crisis. He said Iran would suffer if it did not reach a deal on its nuclear activities within the next few days.
US President Donald Trump said on Thursday that “really bad things” will happen if Iran does not reach a deal to reduce its nuclear program. President Trump has set a deadline of 10 to 15 days.
Abu Dhabi’s benchmark index fell 0.3%, weighed down by a 2.6% decline in real estate giant Aldar Properties and a 1.4% decline in Agility Global. Alder Properties announced that it has issued $1 billion in subordinated hybrid debt to Apollo Global Management through a private placement.
However, agri-food investment company Invictus jumped 1.6% after the company reported a 34% rise in full-year profit to 225.9 million dirhams ($61.51 million). Dubai’s main market ended 0.3% lower. Dubai Islamic Bank fell 2.2%, while top financial institution Emirates NBD Bank fell 0.7%.
Crude oil prices, a key catalyst for Gulf financial markets, fell 0.4% to $71.38 per barrel after rising twice.
Abu Dhabi decreased by 0.3% to 10,581 points Dubai decreased by 0.3% to 6,590 points
($1 = 3.6726 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Sahal Muhammed)
