The United Arab Emirates has shut down its stock markets. The country will close both exchanges for the next two days. Officials want to stop a total financial meltdown.
The Abu Dhabi Securities Exchange and Dubai Financial Market will stay closed on March 2 and March 3. The UAE Capital Market Authority announced the decision on Sunday. They acted after Iran launched retaliation strikes against the US and Israel.
The Gulf nation got hit repeatedly during Iran’s response. Officials did not want trading to open during such extreme volatility. They fear investors would panic and crash the markets.
The authority issued a statement about the closure. They said they will monitor regional developments continuously. Further measures could follow depending on the situation.
This shutdown follows Donald Trump’s decision to strike Iran. Tehran has responded by attacking targets across the region. The UAE now finds itself caught in the crossfire of this escalating conflict.
Investors cannot buy or sell shares until Wednesday at the earliest. The move aims to prevent massive losses as tensions spike. Trading will resume only when officials deem conditions safe.
Follow on Google News
