"The United Arab Emirates' stock markets in Dubai and Abu Dhabi have lost around $120bn in value since the start of the US-Israel war on Iran, placing them among the hardest-hit financial markets worldwide."
"The Dubai Financial Market (DFM) General Index has lost about $45bn in market capitalisation, while the larger ADX General Index has shed about $75bn."
"Tens of thousands of flights have been cancelled due to the war, many of them on routes in and out of Dubai's international airport, the world's busiest for international passengers."
"Haytham Aoun stated that while the slide would be an unwelcome development for the UAE authorities seeking to boost the country's status as a financial hub, it should be viewed as a temporary shock rather than evidence of structural economic damage."
The UAE's financial markets, particularly in Dubai and Abu Dhabi, have suffered losses of approximately $120bn since the onset of the US-Israel war on Iran. The Dubai Financial Market General Index has decreased by about $45bn, while the ADX General Index has lost around $75bn. Despite the downturn, the UAE is less affected by the global energy shock compared to other Gulf nations. The conflict has disrupted tourism, with tens of thousands of flight cancellations impacting the economy, which relies heavily on travel and tourism.
Read at www.aljazeera.com
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