Dubai, Abu Dhabi markets drop $120bn

Stock markets in Dubai and Abu Dhabi have lost around $120 billion in value since the start of the US-Israel military escalation involving Iran, placing the Gulf financial hubs among the hardest-hit markets globally.

Benchmark indices in both cities have seen sharp declines since February 28, when the United States and Israel launched strikes on Iran, triggering wider regional tensions, News.Az reports, citing Al Jazeera.

The Dubai Financial Market (DFM) General Index has fallen by about 16%, wiping roughly $45 billion off market capitalisation, according to the report.

Meanwhile, Abu Dhabi’s ADX General Index has dropped around 9%, with losses estimated at approximately $75 billion.

News.Az 

By Aysel Mammadzada