(March 3): The United Arab Emirates (UAE) said two key markets will reopen for trading on March 4, after two days of closure due to the US-Israeli war on Iran and conflict across the Middle East.
The Dubai Financial Market and Abu Dhabi Securities Exchange will reopen on Wednesday, the UAE Capital Market Authority said in a statement. Dubai’s stock exchange said it is implementing a “temporary adjustment limit down threshold” of 5%.
“The Authority will continue to monitor developments and take any measures deemed appropriate in line with its mandate, in order to ensure investor protection,” the regulator said in a statement.
The UAE has sought to repel dozens of projectiles fired by Iran, a response to US and Israeli strikes that began last Saturday. The conflict threatens to upend the emirates’ carefully cultivated image as havens of calm in an often volatile region, with risks to both tourist arrivals and foreign investment.
US President Donald Trump said the bombing campaign against Iran could last for weeks, while calling on the nation’s leaders to capitulate. The Islamic Republic’s security chief has ruled out negotiations.
While Gulf markets should be able to cope with a short-lived war in Iran, a prolonged conflict could have a profound impact, Citigroup Inc analysts wrote in a note on Monday.
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The UAE and Qatar are privately lobbying allies to help them persuade Trump to reach for an off-ramp that would keep US military operations against Iran short, according to people familiar with the matter.
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