Adedokun Waliyu 
Stock markets in the United Arab Emirates declined on Friday, as investors took a cautious stance after talks between the U.S. and Iran ended in Geneva with no breakthroughs that could avert potential U.S. strikes amid a massive military buildup.
The two sides plan to resume negotiations after consultations in their countries’ capitals, with technical-level discussions scheduled to take place next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X.
Dubai’s main market (.DFMGI), opens new tab plunged 1.8%, its second week of decline, dragged down by a 4.1% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab, its steepest intraday fall in nearly 10 months.
Top lenders Emirates NBD Bank (ENBD.DU), opens new tab and Dubai Islamic Bank (DISB.DU), opens new tab dropped 5.2% and 2.4% respectively in an index-wide decline.
Separately, Dubai Aerospace Enterprise said on Thursday it will buy aircraft leasing firm Macquarie AirFinance for an enterprise value of about $7 billion, creating a combined fleet of 1,029 planes and one of the world’s biggest lessors.
Abu Dhabi’s benchmark index (.FTFADGI), opens new tab tumbled 1.3%, led by a 2.4% dip in UAE’s largest lender First Abu Dhabi Bank (FAB.AD), opens new tab, while Americana Restaurants International, which operates U.S. fast food brands in the Middle East, slid 5.6%.
Meanwhile, Abu Dhabi on Thursday raised a total of $3 billion from a two-tranche U.S. dollar-denominated bond sale, fixed income news service IFR reported, in its first issuance this year.
However, oil prices – a key contributor to Gulf’s economies – jumped on Friday as uncertainty surrounding U.S. and Iran negotiations pushed prices higher.
