UAE shuts stock markets for two days after Iranian strikes

The UAE has ordered the closure of its stock markets on Monday and Tuesday as the country grapples with the fallout from Iran’s retaliatory missile and drone strikes, signalling widening economic disruption across the Gulf. 

The UAE Capital Markets Authority said the Abu Dhabi Securities Exchange and the Dubai Financial Market would remain shut on March 2 and March 3 in view of its supervisory and regulatory responsibilities over the country’s capital markets.

The Authority will continue to monitor developments in the region and assess the situation on an ongoing basis, taking any further measures as necessary,” the statement read.

As per reports, the UAE’s two exchanges host several of the region’s most valuable listed companies. The suspension effectively places billions of dollars’ worth of listed assets on hold as investors await clarity on the extent of damage caused by the weekend strikes, which reportedly hit airports, ports and residential areas across the UAE and parts of the wider Gulf region.

Regional markets that opened on Sunday reportedly recorded sharp declines. Saudi Arabia’s benchmark index fell more than 4% at the open, Oman’s market dropped 3%, and Egypt’s main index shed 5.44%, while Kuwait suspended trading altogether.

Investors and market participants were advised to follow official updates from the UAE Capital Markets Authority, ADX and DFM regarding the resumption of trading.