Mideast Stocks: Most Gulf markets in red as Israel-Iran conflict escalates
Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability.
Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes.
Saudi Arabia's benchmark index declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco eased 0.3%. Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill.
Dubai's main share index finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%. In Abu Dhabi, the index was down 0.4%. Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement. The Qatari index lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%.
Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment.
SAUDI ARABIA lost 1.2% to 10,591
Abu Dhabi down 0.4% to 9,496
Dubai dropped 1.2% to 5,306
QATAR fell 0.6% to 10,348
EGYPT rose 0.4% to 30,839
BAHRAIN declined 1.1% to 1,889
OMAN was flat at 4,520
KUWAIT retreated 1.6% to 8,544
(Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
33 minutes ago
- Khaleej Times
New Dubai rental scam: Expats frustrated after 'agents' collect deposits, then vanish
For many expats moving to Dubai, finding affordable housing is one of the top priorities as they try to balance city life with tight budgets. But in the rush to lock in a budget-friendly room or flat, some are paying a steep price — losing their hard-earned money to rental scams that seem to be on the rise. In the UAE's fast-paced real estate market, where listings come and go in a flash, the high demand for affordable housing have created opportunities for fraudsters to exploit unsuspecting tenants. One such victim is V.S., a dental assistant from India who recently moved to Dubai. Eager to find a room that wouldn't drain her limited savings, she came across an attractive offer on Facebook marketplace. The room, which was in the vicinity of BurJuman Mall, was within her budget and close to her workplace. It seemed perfect. Afraid she might lose the deal to someone else, V.S. quickly transferred Dh500 as a 'booking fee' to the supposed agent. "It all felt very urgent. I didn't want to miss out,' the 23-year-old said, explaining that these listings are usually first-come, first-serve. However, after sending the money, the agent disappeared. V.S. isn't alone. Noura, a 28-year-old Tunisian expat, shared a similar experience — except she got scammed twice. Drawn in by a listing on a Facebook group for an apartment in Barsha, she was first told that she needed to pay Dh500 to book the place. Negotiating the amount to Dh300, she sent the money — only to discover that the agent had blocked her immediately after. She had no way to to contact him or get her money back — let alone a house. The second time, she responded to another listing for a conveniently located apartment in Dubai Marina with easy access to the tram and metro. This time, she wired Dh1,000 to reserve the room. "It seemed like a great deal," she explained. "The photos and the videos I received seemed genuine, but the real estate agent stopped replying altogether." Filipino expat Liz Ramos (name changed on request) told Khaleej Times how she backed out of a conversation, when she sensed a trap. Back in April, while hunting for a place, she inquired about a listing that looked promising. The landlord noted that she was based in the UK, but looking to rent out one of the two bedrooms in her apartment. When the Dubai resident asked to view the place in person, however, the landlord tried to offer video tours instead. "She kept saying she was overseas and had the keys, but could send me videos instead. She also kept trying to redirect me to to complete the transaction there. If I could not view the apartment because the keys were with her in the UK, how would I have moved in at all?" Liz asked. The whole thing seemed shady and raised red flags for the expat, who said she's had one too many unpleasant experiences with unscrupulous real estate agents to engage further. Bait-and-switch tactics Some scams go even further, with tenants being deceived into moving into shared apartments under the illusion of legitimacy, only to discover they're living in an illegal or unsustainable setup. That's exactly what happened to Karthika, a 26-year-old digital marketing professional from India who moved to Dubai in July 2024. She came across a listing on Dubizzle for a two-bedroom sharing apartment near her office on Sheikh Zayed Road. After viewing the flat in what seemed like a secure, gated building, she felt reassured. 'It was a nice building,' she recalled. 'You needed an access card to enter the building, which the agent said would be given once I moved in.' Karthika says she expected she would rent out one room, while a roommate took the other. Instead, she discovered the apartment already had six women living there; two in each bedroom and three in a partitioned hall. 'The women in the bedrooms were paying Dh2,200 each. Two other women and myself were offered the partitioned hall for Dh1,800 each. We all had to pay Dh1,000 as deposit as well. However, problems started almost as soon as I moved in," she shared. "We had to sneak into our own apartment sometimes as guests of other houses," she added, noting: "At other times, we spent up to two hours in the lobby, waiting for someone to go into the building so we could slip in through the access gates along with them." Soon, the situation became even more troubling. Karthika learned from the other women that they had been dealing with the same issues "the entire time they were staying there". The agent discouraged them from going out unnecessarily, suggesting they order food and groceries in, likely to keep building security from noticing the over-occupancy. "I moved out immediately and tried to recover the Dh2,800 that I had paid him upfront. However, he stopped picking up my calls. A month later, I was told by the other tenants that they were asked to vacate the flat in the middle of the night," she said, noting that the other women had lost all their money as well, since the agent blocked them all on his phone. "I am sure he is repeating the scheme with other people. Along with the deposits, he had made a total of Dh21,200 in just the first month. Once people move out, he can earn the same with another group of unsuspecting people," she added. Hotbed for rental scams Social media platforms like Facebook and listing websites such as Dubizzle have become hotspots for such scams, offering fraudsters easy access to a steady stream of house-hunting expats. Recently, Dubai Police arrested a fake agent who was posting fraudulent rental ads on social media and websites, targeting residents looking for budget-friendly housing. The authorities have urged the public to stay vigilant and report suspicious activity. Due to the rise in such scams, licensed real estate agents like Joshua Barnes say the market is becoming more difficult to navigate. 'People are now overly cautious — understandably so — which, in turn, unfortunately means they lose out on renting a home for themselves due to time constraints and multiple other prospective tenants vying for the same properties,' he explained. 'Some even request to view ownership documents or Emirates IDs of landlords before any deal is signed, which complicates legitimate transactions and slows down the process," added the 28-year-old specialist property consultant at Nomad Homes. While caution is warranted, Barnes said it's also adding friction to legitimate transactions. How to protect yourself from such scams The DLD and industry experts offer the following recommendations to avoid falling victim to rental fraud: Work with Rera-certified agents and legal professionals: Certified advisors help ensure compliance with regulations and safeguard your investment. Conduct detailed due diligence: Always verify the credentials of developers and confirm the project's approval status. Stay informed about ownership zones: Recent reforms allow for broader foreign ownership. Know which areas are eligible and what conditions apply. Use official digital tools: The upgraded Dubai REST platform and DLD apps allow users to check property titles, track transactions, and access market data in real time.
Arabian Business
6 hours ago
- Arabian Business
Mastercard's $10bn cyber push: Adam Jones on AI, identity and the future of digital trust
As the Middle East and North Africa accelerate their shift toward digital economies, cybersecurity has emerged as a critical pillar underpinning this transformation. Mastercard, a leader in payment technology, is doubling down on this mission with a $10 billion investment aimed at strengthening digital trust and resilience. Adam Jones, Executive Vice President and Division President for West Arabia, shares insights into Mastercard's regional strategy, including the recent launch of its Cyber Resilience Center in Saudi Arabia and explains how cutting-edge AI and identity verification technologies are setting new standards for secure, seamless payments across MENA. Over the past seven years, Mastercard has invested $10 billion in developing advanced cybersecurity solutions. Can you elaborate on your strategy in this space and the outcomes of your investment? At Mastercard, we are committed to securing the digital economy through simple, seamless, and secure solutions. Our strategy focuses on assessing risks, protecting data, and building trust across every interaction, whether with consumers, businesses, or governments. We work closely with both the public and private sectors to establish more robust cybersecurity standards. As part of our long-term strategy, we've continuously invested in innovation and cutting-edge technologies to stay ahead of evolving cyber threats. This includes the acquisition of companies such as Brighterion, RiskRecon, and NuData, each bringing specialised capabilities in AI, risk assessment, and behavioral analytics to enhance our cybersecurity ecosystem. One of the key areas of opportunity is identity verification and management. By integrating these capabilities with our fraud prevention tools, we're developing more proactive, intelligent defenses. We use biometric authentication, behavioral insights, and AI-powered identity verification to ensure that every transaction is both secure and truly verified. A prime example of this innovation is Mastercard Payment Passkey, which we are rolling out across the region in collaboration with Network International. This solution eliminates the need for one-time passwords and instead uses device-based biometric authentication, like fingerprint, facial recognition, or iris scan—for a faster and more secure checkout experience. Importantly, no payment or biometric data is shared with third parties, helping to protect consumers from fraud and scams while simplifying their e-commerce journey. AI can be used for different things – even bad actors can use it to sow discord. How is Mastercard harnessing the power of AI to proactively identify cyber risks, strengthen threat responses and secure the digital ecosystem in the face of growing e-commerce? At Mastercard, we recognise both the potential and the risks that come with AI. That's why we've embedded artificial intelligence and machine learning across our cybersecurity solutions, to proactively detect threats, respond faster, and protect the integrity of the digital ecosystem. AI enables us to analyse vast volumes of data in real time to identify patterns, anomalies, and potential risks that might otherwise go undetected. This allows for faster, more precise intervention against increasingly sophisticated fraud and cyber threats. In 2023, we launched Decision Intelligence Pro, our next-generation fraud detection solution powered by generative AI. This breakthrough technology has the potential to enhance fraud detection by up to 300%, offering a powerful layer of protection for consumers and financial institutions alike. We're excited to extend these benefits to our customers across the region. As cybercrime and payment fraud continue to converge, our strategy has evolved to address broader and more complex threats. One of our most significant moves in this space is the acquisition of Recorded Future, the world's largest AI-driven threat intelligence company. This acquisition strengthens our ability to provide real-time, actionable intelligence by leveraging Recorded Future's Intelligence Graph®, a unique AI-powered platform that connects data across millions of sources to deliver the most comprehensive and unbiased threat insights globally. By integrating Recorded Future's capabilities with Mastercard's existing fraud and cybersecurity solutions, we're creating a global security ecosystem that provides unmatched protection and trust for our partners, across both public and private sectors. The ongoing digital transformation in the Middle East and North Africa (MENA) has created fertile ground for cybercrime. Governments and companies are putting up defenses, with revenue in the region's cybersecurity market projected to reach US$4.63 billion this year. Can you tell us more about Mastercard's contribution to cybersecurity efforts in the region? At Mastercard, we are committed to advancing cybersecurity and building trust in the digital economy across MENA. Our approach brings together identity verification, AI-driven analytics, threat intelligence, and real-time fraud monitoring, creating a robust, end-to-end security framework. In partnership with Network International, we introduced our Brighterion AI technology to 60,000 merchants across the Middle East and Africa. This solution, which is both scalable and easy to implement, continuously monitors transactions for compliance and fraud, adapting in real time to evolving threats. In Saudi Arabia, we are working closely with Saudi Awwal Bank (SAB) to deploy Mastercard Gateway's Transaction Risk Management (TRM) solution. This AI-powered technology proactively assesses each transaction, helping detect vulnerabilities and reduce financial risk, while ensuring safe and seamless digital payments for customers. We also empower banks and businesses with the tools and knowledge they need to stay ahead of threats. The Mastercard Trust Center offers resources, insights, and practical toolkits to help institutions strengthen their cybersecurity posture. Meanwhile, Mastercard Cyber Secure provides acquirers with a real-time, URL-based snapshot of their merchants' cyber risk, enabling faster, smarter decision-making. By collaborating with regional players and leveraging advanced technologies, we're helping shape a more secure digital future for MENA. Mastercard has a strong presence in the MENA region. What led you to choose Saudi Arabia as the location for your new Cyber Resilience Center? Saudi Arabia is undergoing a remarkable transformation under Vision 2030, which positions innovation, digitalisation, and economic diversification as key drivers of national progress. As part of this vision, the Kingdom has set a goal for 70% of all payment transactions to be digital by the end of the decade, creating immense opportunities for fintech growth and the need for robust cybersecurity. The government's commitment to realising this vision has made Saudi Arabia a fertile ground for technological innovation and investment. Its advanced digital infrastructure, progressive regulatory environment, and a young, tech-savvy population create ideal conditions for launching future-focused initiatives like our Cyber Resilience Center. The center in Saudi Arabia also complements Mastercard's global network of cybersecurity operations, allowing us to bring international best practices while adapting to the region's specific needs. It's a critical step in our mission to secure digital commerce worldwide and serve as a trusted partner to governments and businesses across the region. What benefits will the Cyber Resilience Center bring to the Saudi payments landscape? The launch of the Cyber Resilience Center marks a significant milestone in strengthening Saudi Arabia's cybersecurity capabilities and protecting the integrity of its fast-growing digital economy. As the Kingdom accelerates toward a cashless society under Vision 2030, the center will help ensure the financial sector remains secure, trusted, and prepared for future growth. Designed as a regional hub, the center will empower organisations with the tools, intelligence, and expertise needed to detect, prevent, and respond to cyber threats in real time. It will also foster deeper collaboration between public and private stakeholders, helping to elevate cybersecurity standards across the wider MENA region. In addition to its technical capabilities, the center will support the development of local talent through cybersecurity training, certifications in Arabic, and ongoing knowledge-sharing sessions. By strengthening cyber readiness and establishing shared benchmarks, it aims to build a more resilient and innovative digital payments landscape. We're also proud to bring on Riyad Bank as our first partner, working with us to advance cybersecurity best practices in Saudi Arabia and beyond.
Arabian Business
6 hours ago
- Arabian Business
Middle East business travel surges to $18.1bn in 2024 with 6.1% growth forecast for 2025
The business travel sector in the Middle East is expanding at a faster pace than the global average, with the market reaching $18.1bn in 2024 and projected to grow by 6.1 per cent year-on-year into 2025, according to new research by Tumodo. Compared to late 2024, the volume of business travel bookings across the region rose by 40 per cent, underscoring renewed demand for corporate mobility and technologically advanced travel services. Tumodo attributes the rise to digital innovation, improved travel infrastructure, and post-Ramadan business momentum—April and May were the busiest months in H1 2025. Middle East business travel The broader MENA corporate travel market is expected to grow significantly, reaching $270.8bn by 2030, driven by economic diversification efforts, infrastructure investments, and cross-border business activity. Saudi Arabia emerged as the most travelled-to destination in the MENA region, accounting for 20 per cent of all trips. Other key destinations included: United Kingdom: 15 per cent France and India: 10 per cent each Oman: 5 per cent These trends reflect deepening trade and investment ties between the Middle East and major European and Asian markets. Regional carriers dominated the skies, with Emirates, Turkish Airlines, and Qatar Airways ranked as the top airlines among business travellers. India remained the most affordable route, while the United Kingdom topped the list for premium travel—both in airfare and accommodation costs. Dubai continues to serve as a vital travel hub with frequent routes to global business centres such as Riyadh, London, and Guangzhou. Demand for additional corporate travel services is also rising: Visa support increased by 15 per cent Ground transfers grew by 11 per cent Corporate event bookings rose by 7.25 per cent The average trip duration remained short—just two days—but more travellers are now blending work with leisure, fuelling the rise of 'bleisure' travel. Premium stays remain popular, with 75 per cent of bookings in four- and five-star hotels. Thanks to AI-powered features, Tumodo clients experienced a 12 per cent drop in average airfare costs in H1 2025. Meanwhile, overall booking values rose by just 2 per cent, compared to a 10 per cent industry average. Tools such as customisable travel policies, approval workflows, real-time analytics, and CO₂ emissions tracking enabled clients to optimise travel while supporting UAE's Environment Vision 2030. Stan Klyuy, CCO of Tumodo, said: 'The impressive 50 per cent year-on-year growth we've seen this year signals a shift from recovery to reinvention. With average airfares down by 12 per cent and hotel bookings up only by 2 per cent, we're helping businesses travel more efficiently by lowering emissions, saving time, and optimising cost using our AI tools and deep data. 'We're focused on growing throughout the GCC and Europe in the future, as well as improving the platform with more intricate integrations and predictive capabilities'. As global corporate travel rebounds, industry analysts project worldwide spending to exceed $1tn in 2025. The Middle East is expected to lead growth, with a regional expansion rate of 6.19 per cent—among the highest globally.
