Stock markets in the UAE closed lower on Friday, impacted by falling oil prices. The drop comes as concerns over the effects of Hurricane Rafael of US oil production ease. Abu Dhabi's index dropped 0.2%, while Dubai’s main index fell 0.1%.
Stock markets in the United Arab Emirates closed lower on Friday, driven by a drop in oil prices which were promtped by subsiding risks of the impact of Hurricane Rafael on U.S. oil and gas output.
Hurricane Rafael, which has caused 391,214 barrels per day of U.S. crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from U.S. fields while forecast to weaken from Friday and through the weekend, the U.S. National Hurricane Center said.
Oil prices — an engine of growth for Gulf economies — was down 1.61% at $74.41 a barrel as of 1100 GMT.
Abu Dhabi's benchmark index (.FTFADGI) slipped 0.2%, after three sessions of gains, dragged down by a 0.6% decrease in International Holding Company (IHC.AD) and a 1.4% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
Other losers included Sharjah-based energy firm Dana Gas (DANA.AD). It fell 1.3% after the firm recorded a 7% decline in its third-quarter net profit to $40 million.
However, State oil giant Abu Dhabi National Oil Company's gas unit, ADNOC Gas (ADNOCGAS.AD), jumped 1.5% ahead of releasing third-quarter earnings later in the day.
Dubai's main index (.DFMGI) ended three sessions of gains, with the index settling 0.1% down.
Among the losers, Dubai lenders Mashreqbank (MASB.DU) and Commercial Bank of Dubai (CBD.DU) dropped 2% and 4%, respectively.
Meanwhile, the UAE central bank cut its base rate applied to the overnight deposit facility by 25 basis points on Thursday, from 4.90% to 4.65%, effective Nov. 8.
The Abu Dhabi index recorded 1.1% of weekly growth, while the Dubai index extended gains into a fifth week, with a 0.4% rise, according to LSEG data.
Russian President Vladimir Putin will meet with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani in Moscow on Thursday, with discussions expected to center on the ongoing situation in Ukraine and broader Middle Eastern regional affairs, the Kremlin announced on Wednesday.
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The Pentagon has ordered the deployment of more military assets to the Middle East, responding to escalating tensions with Iran. US Defense Secretary Pete Hegseth confirmed on Tuesday that the move aims to bolster regional stability and enhance defense capabilities.
U.S. Defense Secretary Pete Hegseth has ordered the deployment of additional warplanes to reinforce American naval assets in the Middle East, the Pentagon confirmed on Tuesday. The move follows a renewed bombing campaign in Yemen and rising friction with Iran.
The European Union views the Palestinian Authority as "best placed to govern Gaza," according to EU foreign policy chief Kaja Kallas, following her meeting with Palestinian Prime Minister Mohammad Mustafa in Ramallah.
U.S. President Donald Trump announced on Friday his plan to reclassify approximately 50,000 federal workers under a new category, "Schedule Policy/Career," which would make it easier to fire civil servants who do not align with his administration's policy agenda.
The U.S. Supreme Court issued an order early Saturday blocking the deportation of alleged Venezuelan gang members from Texas under the Alien Enemies Act, a wartime law from 1798.
Despite U.S. President Donald Trump’s reluctance to support military action, Israel has not ruled out launching a limited strike on Iran's nuclear facilities in the coming months, according to Israeli and other sources familiar with the matter.
Mount Etna, one of the world's most active volcanoes, erupted once more early on Saturday, with ash and lava spewing from the southeastern crater. The eruption, which began late Friday night, continued through midday, local sources reported.
At least 17 people were killed when suspected cattle herders launched attacks on communities in central Nigeria's Benue State on Thursday, police confirmed. The assault is part of a worrying resurgence in violent clashes between farmers and herders, which have long plagued the region.
The Russian ruble has emerged as the top-performing currency globally in 2025, registering an impressive 38% appreciation against the US dollar since the beginning of the year, according to a report by Bloomberg.
A small plane crashed near Kopake, New York, on April 13, killing at 6 people. The Mitsubishi MU-2B aircraft, carrying six people, went down under unclear circumstances. This marks the second aviation accident in New York in a week, raising safety concerns.
Several regions in Ukraine faced heightened alert on Palm Sunday, as reports of explosions and missile threats drew public attention and official responses.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Severe rainfall on April 17 led to flooding and landslides in the Piedmont region, prompting a large-scale emergency response from over 400 firefighters.
The Russian rouble surged past 81 to the U.S. dollar on Thursday, marking a 40% increase since the beginning of 2025.
In response to President Donald Trump's sweeping new tariffs, a number of global companies are eyeing expansion into the United States to minimize the economic fallout from the trade measures.
Google plans to appeal parts of a recent U.S. court ruling that found it had unlawfully maintained monopoly power in parts of the online ad market, specifically in publisher ad servers and ad exchanges, while the court dismissed other antitrust claims.
The European Central Bank cut its main interest rate by a quarter point on Thursday, citing rising trade tensions following U.S. President Donald Trump’s sweeping tariff campaign. The decision brings the rate down to 2.25 percent, marking the ECB’s seventh cut in the past year.
Nvidia will take a $5.5 billion charge after the U.S. restricted exports of its H20 AI chip to China, citing security concerns. The move targets China's access to advanced tech, impacting Nvidia's key market amid growing global AI competition.
U.S. President Donald Trump announced on Friday his plan to reclassify approximately 50,000 federal workers under a new category, "Schedule Policy/Career," which would make it easier to fire civil servants who do not align with his administration's policy agenda.
The U.S. Supreme Court issued an order early Saturday blocking the deportation of alleged Venezuelan gang members from Texas under the Alien Enemies Act, a wartime law from 1798.
Despite U.S. President Donald Trump’s reluctance to support military action, Israel has not ruled out launching a limited strike on Iran's nuclear facilities in the coming months, according to Israeli and other sources familiar with the matter.
Mount Etna, one of the world's most active volcanoes, erupted once more early on Saturday, with ash and lava spewing from the southeastern crater. The eruption, which began late Friday night, continued through midday, local sources reported.
At least 17 people were killed when suspected cattle herders launched attacks on communities in central Nigeria's Benue State on Thursday, police confirmed. The assault is part of a worrying resurgence in violent clashes between farmers and herders, which have long plagued the region.
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