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.
Hamas has handed over the bodies of Israeli hostage Shiri Bibas and her two young children, Ariel and Kfir, deepening national mourning in Israel. Their fate had remained uncertain for months after their abduction during the October 7, 2023 attack.
As Israel maintains control over key positions in southern Lebanon, the government in Beirut is calling for international pressure to ensure the full implementation of the November 27 ceasefire and increased support for Lebanese security institutions.
Israel prepared on Thursday to receive the bodies of Kfir Bibas, a nine-month-old baby, and his four-year-old brother, Ariel, who were taken hostage by Hamas on October 7, 2023. Their deaths have become a tragic symbol of the suffering caused by the attack.
Yemen’s Information Minister Moammar al-Eryani has called for the arrest of Houthi officials reportedly attending the funeral of Hezbollah chief Hassan Nasrallah in Beirut. He urged the Lebanese government to hand them over to Yemen’s internationally recognized government.
Arab countries are working on a proposal to rebuild Gaza without displacing its population, Jordan’s Foreign Minister Ayman Safadi said on Friday, rejecting U.S. President Donald Trump’s suggestion of relocating Palestinians to Jordan and Egypt.
A second meeting between representatives of Russia and the United States is planned for the next two weeks, the RIA state news agency reported on Saturday, citing Russian Deputy Foreign Minister Sergei Ryabkov.
San Francisco, CA, February 17, 2025 – OpenAI announced on Friday that its AI agent, Operator, is now available for ChatGPT Pro subscribers in a broader range of countries, including Australia, Brazil, Canada, India, Japan, Singapore, South Korea, and the United Kingdom, among others.
Washington, D.C., February 21, 2025 – U.S. negotiators have reportedly raised the possibility of cutting Ukraine’s access to SpaceX’s Starlink satellite internet service unless Kyiv reaches an agreement to grant the United States greater access to its critical minerals.
Washington, D.C., February 17, 2025 – Elon Musk’s Department of Government Efficiency, also known as DOGE, has reduced the staffing of a key team at the National Highway Traffic Safety Administration (NHTSA) responsible for regulating autonomous vehicles, according to The Washington Post.
Brussels, February 21, 2025 – Alphabet’s mapping app Waze has crossed the threshold for classification as a Very Large Online Platform (VLOP) under the European Union’s Digital Services Act (DSA), triggering tougher obligations to tackle illegal online content.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
Berlin, February 21, 2025 – German citizens will head to the polls on Sunday, February 23, for a snap general election after the coalition government collapsed late last year.
Washington, D.C., February 17, 2025 – Elon Musk’s Department of Government Efficiency, also known as DOGE, has reduced the staffing of a key team at the National Highway Traffic Safety Administration (NHTSA) responsible for regulating autonomous vehicles, according to The Washington Post.
Russia has resumed wheat exports to Kazakhstan after lifting a ban that was in place until December 31, 2024.
The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU's energy commissioner has said.
BEIJING, Feb 20, 2025 – China is “doing its best” to push for talks with the European Union over tariffs imposed on Chinese-made electric vehicles, a commerce ministry spokesperson said on Thursday.
Berlin, February 20, 2025 – Mercedes-Benz has launched a fresh cost-cutting initiative aimed at reviving sales and margins, as the German carmaker forecasts a significant drop in earnings in 2025.
A second meeting between representatives of Russia and the United States is planned for the next two weeks, the RIA state news agency reported on Saturday, citing Russian Deputy Foreign Minister Sergei Ryabkov.
San Francisco, CA, February 17, 2025 – OpenAI announced on Friday that its AI agent, Operator, is now available for ChatGPT Pro subscribers in a broader range of countries, including Australia, Brazil, Canada, India, Japan, Singapore, South Korea, and the United Kingdom, among others.
Washington, D.C., February 21, 2025 – U.S. negotiators have reportedly raised the possibility of cutting Ukraine’s access to SpaceX’s Starlink satellite internet service unless Kyiv reaches an agreement to grant the United States greater access to its critical minerals.
Washington, D.C., February 17, 2025 – Elon Musk’s Department of Government Efficiency, also known as DOGE, has reduced the staffing of a key team at the National Highway Traffic Safety Administration (NHTSA) responsible for regulating autonomous vehicles, according to The Washington Post.
Brussels, February 21, 2025 – Alphabet’s mapping app Waze has crossed the threshold for classification as a Very Large Online Platform (VLOP) under the European Union’s Digital Services Act (DSA), triggering tougher obligations to tackle illegal online content.
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