Mideast Stocks: Most Gulf markets in red amid escalating Israel-Iran conflict

Most stocks markets in the Gulf fell in early trade on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability.
Thousands of people were fleeing Tehran and other major cities, Iranian media reported, as Iran and Israel launched new missile strikes at each other despite U.S. President Donald Trump calling for Tehran's unconditional surrender.
Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 0.6% fall in Al Rajhi Bank and 1% decrease in the country's biggest lender Saudi National Bank.
Among other losers, Prince Waleed bin Talal-backed airline Flynas Company plunged about 13% in debut trade.
The Saudi Exchange allows 30% fluctuation limits during the first three days of trade.
Elsewhere, oil behemoth Saudi Aramco was down 0.6%.
Oil prices - a catalyst for the Gulf's financial markets - eased in Asian trade, after a gain of 4% from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve interest rate decision that could weigh on oil demand.
Dubai's main share index lost 0.6%, with toll operator Salik declining 2.1% and sharia-compliant lender Dubai Islamic Bank retreating 1.6%.
The Qatari index fell 0.1%, hit by a 1.6% fall in Commercial Bank.
In Abu Dhabi, the index edged 0.1% higher.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Arabian Business

2 hours ago

• Arabian Business

Saudi Arabia announces new credit card rules

The Saudi Central Bank (SAMA) has announced updated credit card rules. The updated regulations will be for credit card issuance and operation, targeting cost reduction for customers whilst increasing disclosure and transparency levels, and will take effect within 30 to 90 days. Under the updated framework, credit card issuers must notify customers of fee changes via SMS, with customers permitted to terminate their agreements within 14 days of receiving such notices. E-wallet top-ups via credit cards will no longer incur charges. Saudi Central Bank announces new credit card rules to lower customer fees The regulations establish new fee structures for cash withdrawals. For amounts below SR2,500, fees are capped at 3 per cent of the transaction value. For withdrawals of SAR2,500 or more, fees are limited to a maximum of SAR75. This represents a change from previous rules where cash withdrawals carried fees of SAR75 for transactions up to SAR5,000 and 3 per cent of the transaction amount for sums over SAR5,000, with a maximum fee of SAR300. International purchases will carry a 2 per cent fee of the transaction value under the new system. Customers may now deposit amounts above their credit limit and withdraw them without charges. SAMA worked with global payment companies to assess and reduce transaction costs, forming part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide payment options for customers and visitors. The transparency measures require issuers to notify customers immediately of financial transactions and send account statements via SMS. Issuers must provide tools enabling customers to estimate rewards and international charges before purchases. Regarding repayment terms, customers may pay their full outstanding balance without late fees, with a mandatory grace period of at least 25 days guaranteed. The regulations unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting clarity for consumers. Additional charges under the new system include SAR25 for invalid transaction disputes and account statement requests.

Emirates Woman

2 hours ago

• Emirates Woman

How to declutter your home with this Dubai-based professional organiser

Salam Shaban, professional Dubai-based organizer and founder of Tidymess, discusses how you can reset your space for a successful 2023. What inspired you to enter the organisational space? I always loved organising, so it was something I was eager to learn more about. After seeing the amazing work of Marie Kondo I felt inspired to pursue it more seriously. Once I created a system that worked so well for myself and my family, I felt it was important to share it with others. You launched Tidymess a few years back. What was the initial response to the concept? At the time, it was a very new concept. I found myself having to explain it to most people I knew. Once people started to see my work they thought it was a great idea and encouraged me to pursue it. How have things evolved since you launched? I've been so lucky to have received such a phenomenal response from my clients and social media. This has really helped me grow my business. Every day people hire me and my team to help organize their spaces. We immerse ourselves in their homes and move through their spaces tailoring a highly-functional system. In the beginning, it was difficult to take on large projects, but as my team grew, we are now capable of really helping our clients organise as many spaces in their homes as they need. For those who are having a refresh for a new year, what are your top tips to start organising your space and life? Before buying anything new, take a minute or two to think about where it is going to live in your home and life. Think about how long you will need this item and what will happen to it in the future when you no longer do it. If it is something that you feel will add no real value to your space, then you most probably don't need it. View this post on Instagram A post shared by Tidymess (@tidymess_dxb) A particular place where clutter can build is your wardrobe. What is the best way to approach decluttering this space? Ask yourselves questions such as: When was the last time you wore it?; Is it in good condition?; Does it have sentimental value?; Have you worn it in the past year?; Does it fit you properly? Your answers will help you decide whether you want to keep, donate or store away your item. Over the years, what have been the hurdles you've experienced when building the Tidymess concept? Starting any business from scratch is a challenge. In my case, I was starting a business from scratch about a new concept that few people had heard of. I would say bringing my vision to life was a great challenge because it took a while for people to realize the necessity of adopting a new lifestyle for their homes as opposed to seeing my work as simply 'cleaning up' the house. What have been the key milestones? I would say my first milestone was when I was able to bring in a team to help me serve my clients better. Building a team gave me a sense of accomplishment that something I had started on my own was now growing into something more. My second milestone was after having my third child and realizing that I did not need to stop working. It took a lot of mental and emotional energy to see that it was okay for me to keep doing what I loved. Once I started taking on new projects again, I was so proud of myself and happy that I had not just let it go because of my new responsibilities and busy life. What does the future hold for Tidymess? Continue to grow and reach more people. Everyone can be a part of this concept. Whether they want to hire our services, buy our favourite products online or simply gain a few ideas from our social media page. I hope my team and I can help more people organize their spaces and love their homes. What will you be doing to reset your mindset and body for 2023? Keep finding that balance. As a mum of three and founder of a female-owned business, I find myself wearing many hats at once and that can quickly become overwhelming. I just need to keep finding that balance between my home life, work life and also those moments that are just for me. January's – The Reset Issue – Download Now – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram Images: Supplied & Feature Image: Unsplash @hutomo-abrianto

The National

3 hours ago

• The National

Global stocks mixed as Israeli and Iranian air strikes go on

Global stocks were mixed on Friday amid the Iran-Israel air strikes and as the US weighed options to become more involved in the conflict that has been raging for more than a week, damaging investor sentiment. Both the S&P 500 and the Nasdaq composite finished lower, while the Dow Jones Industrial Average closed slightly higher. S&P 500 fell by 0.2 per cent and Nasdaq Composite by 0.5 per cent when markets closed on Friday. Dow Jones Industrial Average was up by 0.08 per cent. 'The worsening global geopolitical weather keeps investors in a cautious mode, and will likely prevent them from taking too much risk,' said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. The news that 'the US is giving itself two weeks to decide whether to intervene in Iran – which is slightly better than earlier reports suggesting they would go in this weekend – has somehow eased tensions,' she said. US President Donald Trump said he will decide 'in the next two weeks' whether his country will join Israel in attacking Iran, White House press secretary Karoline Leavitt said on Thursday. The move eased concerns about an imminent attack on Iran by the US. However, if the Washington becomes involved in the conflict, it is expected to exacerbate the situation and hit investor sentiment. Israel and Iran conflict, which began on June 13 following air strikes by Israel on Tehran has rattled investors, with global stocks plunging and oil prices rising on the first day of the war. Gold prices also rose as investors rushed to safe-haven assets amid uncertainties in the market. Analysts expect markets to remain volatile in the coming days. 'While the immediate prospect of a US intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week,' AFP reported, quoting Dan Coatsworth, an investment analyst at AJ Bell. In Europe, London's FTSE 100 closed 0.2 per cent lower, while Paris' CAC 40 gained 0.5 per cent. Frankfurt's DAX was up 1.3 per cent. In Asia, Hong Kong's Hang Seng index edged 1.3 per cent higher and Shanghai's composite was down 0.07 per cent, with Japan's Nikkei down 0.2 per cent. Investors are also keeping a close eye on the US Federal Reserve. On Wednesday, the Fed kept interest rates unchanged and also forecast a slower pace of cuts as it expects higher inflation because of tariffs. This week's decision was the fourth consecutive time the Fed has held rates steady after lowering them by 100 basis points to about 4.33 per cent last year. However, a senior official at the Fed has suggested that the US central bank should consider cutting interest rates as soon as next month. 'We could do this as early as July,' Fed Governor Christopher Waller said on CNBC. 'That would be my view, whether the committee would go along with it or not.'