Dubai — The United Arab Emirates’ stock markets will resume trading on Wednesday after a two-day suspension as Iran launched missile and drone strikes on the Gulf state, the country’s capital markets regulator said on Tuesday.
The UAE Capital Markets Authority (CMA) said the Abu Dhabi Securities Exchange and Dubai Financial Market would both open for trading on Wednesday.
“The resumption follows continued co-ordination between the authority and the exchanges in line with the previously communicated timeframe,” CMA said in a statement, adding it would continue to monitor developments and take measures to ensure investor protection.
The two-day closure suspended trade in billions of dollars in listed assets as investors awaited clarity on the scale of damage from the weekend strikes, which hit airports, ports and residential areas across both emirates. Reuters
Greek minister warns of ‘alarming’ situation in Strait of Hormuz
Athens – Greece’s shipping minister on Tuesday called for the protection of global shipping and seafarers amid an “alarming” situation that has left dozens of ships stranded in the Strait of Hormuz and the wider area due to the widening Iran conflict.
Traffic through the Strait of Hormuz was closed for a fourth day on Tuesday, choking off a main artery accounting for about 20% of global oil and gas supply. An Iranian Revolutionary Guards senior official said on Monday Iran would fire on any ship trying to pass through, Iranian media reported.
Greece is a dominant force in global shipping, controlling one of the world’s largest merchant fleets.
“This is alarming and worrying, and I wish that global shipping was left out of war conflicts,” Vassilis Kikilias said when asked about the safety of seafarers and how they can be protected. Reuters
France and Greece plan to help defend Cyprus
Nicosia — France plans to send anti-missile and anti-drone systems to Cyprus after a British air base on the island was attacked by drones, Cypriot officials said on Tuesday, as Greece vowed to defend the small Mediterranean state.
The expressions of support for Cyprus, which has modest defence capabilities and no air force to speak of, followed Monday’s attack on RAF Akrotiri. Though the base is considered sovereign British territory, it is close to populated areas inhabited by Cypriots, prompting hundreds to evacuate their homes as the EU state unexpectedly got pulled into the turmoil after US and Israeli strikes on Iran and retaliatory attacks across the region by Tehran.
France would send anti-missile and anti-drone systems, as well as a frigate, Cyprus government spokesperson Konstantinos Letymbiotis said. French President Emmanuel Macron communicated the intention to Cypriot President Nikos Christodoulides early on Tuesday. Reuters
Reeves vows to guide UK economy through Iran conflict
London ― British Chancellor of the Exchequer Rachel Reeves said she would steer the country’s economy through the volatility unleashed by conflict in the Middle East, raising the prospect of closer ties with the EU and promising stability for businesses.
In a budget update speech on Tuesday, Reeves acknowledged the scale of the economic risks facing Britain, which is heavily exposed to the inflationary effect of an energy cost surge triggered by the US-Israeli war against Iran.
“This government has the right economic plan for our country, a plan that is even more important in a world that in the past few days has become yet more uncertain,” she told legislators in a speech that contained no big policy surprises.
Investors said Reeves, such as other finance ministers around the world, remained at the mercy of events beyond her control. Reuters
Lebanon to delay May elections
Beirut ― Lebanon’s leaders have agreed on a plan to postpone parliamentary elections scheduled for May and to extend parliament’s term by two years after the resumption of conflict between Israel and Iran-backed Hezbollah this week and growing war in the Middle East, two senior Lebanese officials said.
The sources said Lebanon’s president, prime minister and parliament speaker had agreed on the move on Tuesday. It would still require the approval of a majority of Lebanon’s 128-member legislature.
Lebanon, which last held parliamentary polls in 2022, has been pulled into the war in the Middle East, with Hezbollah on Tuesday launching missiles at Israel for a second consecutive day and Israel sending troops into the south and carrying out waves of airstrikes. Reuters
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