UAE Shares Begin New Week in Green; US to Impose New Economic Sanctions on Iran
Stocks in the United Arab Emirates closed Monday in the green territory as investors brushed aside concerns about the US plans to impose new economic sanctions on Iran.At the close of trading, the FTSE ADX General Index gained 0.438%, while the DFM General Index was up 0.154%.US Treasury Secretary Scott Bessent said that the US will impose new sanctions on Iran, to be announced in a press conference on Monday. The news follows US President Donald Trump's threats last week to ramp up economic pressure on the Middle Eastern country and its trading partners."The measures have been described by the US Treasury Secretary Scott Bessent as an 'Economic D-Day', while Iran has warned that no oil will flow from the Gulf if the 'economic war' continues. Although direct military strikes have eased in recent weeks, the lack of meaningful negotiations means the prospects for any deal are slim in the short term," Danske Bank commented.On the economic calendar this week is the release of the personal consumption expenditures price index for July, the US Fed's preferred inflation gauge, on Wednesday.Closer to home, the UAE and Egypt agreed to hold specialized technical meetings to explore areas of collaboration for the latter's targeted onshore and offshore well-drilling program. The strategic partnership was discussed between Adnoc Drilling Co. (ADX:ADNOCDRILL) Chief Executive Officer Abdullah Ateya Al Messabi and Egyptian Minister of Petroleum and Mineral Resources Karim Badawi. Adnoc Drilling lost 0.16% at closing.On the corporate side, the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, launched a new offering for customers, enabling them to access Bitcoin and execute transactions with their current and savings accounts through the bank's Rakbank Islamic platform. Shares of the Emirati lender closed the session 0.43% higher.Al Ansari Financial Services (DFM:ALANSARI) unit Al Ansari Exchange partnered with Dubai's Roads and Transport Authority to launch nol travel cards for cashless payments across Dubai's public transport network. Al Ansari Financial Services shares were flat at closing.
