Dubai and Qatar stock indexes plunge in Iran war

The Dubai and Qatar stock indexes plunged to eight-month lows on Monday and other Middle East equity benchmarks also tumbled as the Israeli-US war on Iran intensified.

Dubai’s index fell 2.8 percent to 5,754 points, its lowest close since July 2025, to take its losses in the four trading sessions since the United States and Israel launched military attacks on Iran to 13 percent.

Declines probably would have been larger were it not for a temporary 5 percent downward price movement limit, imposed this month. About 25 stocks slid more than 4.5 percent.

Road toll operator Salik, the second most traded stock, fell 4.9 percent. Second-tier real estate and construction-related companies such as Drake & Scull, Union Properties and Deyaar endured heavy selling pressure also, each dropping nearly 5 percent.

Delivery company Talabat bucked the downward trend as investors bet the business would benefit from Dubai residents being more house bound due to the worsening conflict. It was the most traded stock, rising 4 percent.

On Saturday, debris from an Iranian rocket struck a residential tower in Dubai’s densely populated marina district.

Abu Dhabi’s benchmark ended 0.4 percent lower at 9,863 points. Fifteen minutes prior to the market close, the index was at 9,733 points – down 1.7 percent for the day – before a sudden, late rally reduced its Monday decline.

Qatar’s measure fell 2.6 percent to its lowest close since June 2025 as losers outnumbered gainers 48 to three. Barwa Real Estate plunged 8 percent and telecom operator slid 7.4 percent

Saudi Arabia’s index, which hit a two-week high on Sunday, was down 1.3 percent as of 11:21 GMT.