UAE Shares Begin New Week Lower as Geopolitical Tensions Remain in Focus
Markets in the United Arab Emirates closed the first day of the new trading week in the red as the intensified exchange of attacks between the US and Iran over the weekend weighed on investor sentiment.At the close of Monday trading, the FTSE ADX General Index and the DFM General Index were down 0.315% and 0.304%, respectively."Over the weekend, the conflict has intensified markedly, with a fresh wave of tit-for-tat attacks underscoring how quickly the situation is deteriorating. Three US service members were killed in separate incidents in Jordan and Iraq, while US strikes hit targets including Qeshm Island and multiple locations in southern Iran. At the same time, Iran broadened its retaliation beyond military sites, targeting critical infrastructure across the Gulf, including power and desalination facilities in Kuwait, as well as launching drone and missile attacks towards US bases and regional allies. And prospects for any diplomatic breakthrough remained dim, with Iran's Foreign Minister Araghchi suggesting that some nuclear issues may 'remain unresolvable,'" Deutsche Bank Research said in a note.Back home, Dubai logged 252 billion Emirati dirhams worth of real estate transactions in the first quarter, up 31% year-on-year. Abu Dhabi, on the other hand, recorded 66 billion dirhams of such deals, representing a 160.7% growth on an annual basis. The investments were made by investors from the UK, India, China, Russia, and other European countries.Over to corporates, Ooredoo (ADX:ORDS) teamed up with Samsung Electronics' Samsung Gulf Electronics to expand the distribution of the electronics giant's Galaxy devices in Qatar. The Abu Dhabi-listed telecommunications company shares were flat at the time of closing.Elsewhere, GFH Bank (ADX:GFH, DFM:GFH) closed the session 0.51% higher on the Abu Dhabi bourse and 0.50% in the green on the Dubai Financial Market. The investment company named Rajeev Gogia as its group chief financial officer.
