Most Gulf bourses dip amid regional friction, diplomatic hopes lag
Most Gulf stock markets retreated in early trade on Monday as escalating regional conflict outpaced cautious optimism over diplomatic progress at UN meetings this week. Energy markets remained on edge after fresh rhetorical threats exchanged between Washington and Tehran were compounded by weekend drone and missile attacks by Yemen's Houthis targeting Riyadh and Saudi Aramco's Yanbu energy hub. Abu Dhabi's index fell 1.8%, dragged down by a 4.5% slide in conglomerate International Holding Co. Dubai's main share index eased 0.1%. Saudi Arabia's benchmark index eased 0.1%, hit by a 0.8% drop in
Sept 21 (Reuters) — Most Gulf stock markets retreated in early trade on Monday as escalating regional conflict outpaced cautious optimism over diplomatic progress at UN meetings this week. Energy markets remained on edge after fresh rhetorical threats exchanged between Washington and Tehran were compounded by weekend drone and missile attacks by Yemen's Houthis targeting Riyadh and Saudi Aramco's Yanbu energy hub. Iran has formally conveyed its conditions to international mediators to resume negotiations aimed at ending the conflict with the United States, Iranian Security Chief Mohsen Rezaei stated in an interview with Al Jazeera on Saturday.
5% slide in conglomerate International Holding Co. IHC has confirmed a corporate restructuring placing Fount Trust as the ultimate parent of Royal Group for long-term stewardship. The global conglomerate is chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. 1%.
8% drop in oil major Saudi Aramco. 7%. Qatar's sovereign wealth fund (QIA) is launching a domestic investment division to offset financial strain, shifting focus inward as regional conflict and the closure of the Strait of Hormuz disrupt its vital LNG exports. Meanwhile, China stepped in, urging Tehran to restrain Houthi attacks following a direct appeal from Riyadh.
The move comes as diplomatic channels expand ahead of this week's UN meetings to contain broader Middle East hostilities and protect critical energy infrastructure. com; +918061822788)