Stock markets in the United Arab Emirates ended lower on Friday as investors factored in a rising likelihood of a global economic downturn sparked by U.S. President Donald Trump’s trade policies.
Countries around the world threatened to wage a trade war with the United States as Trump’s sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market.
China announced additional tariffs of 34% on U.S. goods on Friday, the most serious escalation in a trade war with Trump that has fed fears of a recession and triggered a global stock market rout.
Dubai’s main share index dropped 1.5%, weighed down by a 2.5% slide in blue-chip developer Emaar Properties.
Gulf bourses in red on Trump’s sweeping tariffs
Among other losers, Emaar Development plunged 8.8% – its biggest intraday fall since March 2020, and Parkin Company – which oversees public parking operations in the emirates – slid 3.7%, as the duo traded ex-dividend.
In Abu Dhabi, the index fell 0.8%.
Oil prices – a catalyst for the Gulf’s financial markets – were heading towards their lowest close since the midst of the coronavirus pandemic in 2021, hit by Trump’s barrage of new tariffs and output increases announced by the OPEC+ producer group.
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Abu Dhabi fell 0.8 to 9,187
Dubai lost 1.5% to 4,951
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American Dollar Exchange Rate