Live updates: Follow the latest on Israel-Iran conflict
Middle East markets dipped on Sunday as Israel and Iran continued attacks on defence and energy centres, with no signs of let-up from either side.
The Saudi Tadawul All Share Index (TASI) closed 1.01 per cent down after dipping more in early trade.
The Qatar Stock Exchange closed down 3.2 per cent while Kuwait's main market settled 3.37 per cent lower. Both slumped more than 4 per cent during early trading on Sunday.
The Muscat Stock Exchange rallied slightly to end the day down 0.87 per cent, while Bahrain's bourse settled 0.81 per cent lower.
Egypt's EGX 30 Index also closed 4.65 per cent lower after paring earlier losses.
"It is no surprise that with an open-ended Israel-Iran shooting war underway that regional markets have been pounded too, as far as Egypt, which has seen gas supplies from Israel cut off," Hasnain Malik, head of emerging and frontier market investment strategy at Tellimer, told The National.
"Eastern European markets, however, provide an example of how quickly regional markets can recover if there are indications that the conflict will not spill-over."
In the absence of a widening of the scope of the current conflict, the immediate risks to GCC countries should remain contained, Goldman Sachs said in a report.
But it highlighted the Gulf's geographic proximity to the conflict and “the potential for disruption to regional tourism, as well as oil production and supply routes”, if the conflict expands.
Stocks in Tel Aviv also opened lower on Sunday in the first trading session since the start of waves of air, drones and missile strikes between Israel and Iran on Friday.
However, markets reversed earlier losses, with the Tel Aviv 35 index up 0.82 per cent and the broader TA-125 index 0.75 per cent higher.
Both Israel and Iran expanded their attacks overnight with tension escalating as the conflict enters the third day. It started when Israel launched, what it called a “pre-emptive” strike early on Friday, hitting nuclear and military sites inside Iran.
In Iran, the Shahran fuel depot was hit during an Israeli attack that began on Saturday night, setting storage tanks on fire, Iran’s Oil Ministry said. In the city’s south, Shahr Rey, one of the country’s largest oil refineries, was also struck, according to Iranian state media.
Israel's emergency services said at least eight people, including children, were killed in the overnight strikes, and about 200 were wounded.
Stock markets around the world plunged on Friday because of rising tension.
The Dow Jones Industrial Averaged tumbled 1.79 per cent. The S&P 500 and tech-heavy Nasdaq Composite fell 1.13 and 1.3 per cent, respectively, at the market closed on Friday.
Japan's Nikkei 225 lost 0.89 per cent, South Korea's Kospi dropped 0.87 per cent and Hong Kong's Hang Seng index shed 0.59 per cent.
In London, the FTSE 100 was down 0.39 per cent, while Paris’s CAC 40 fell 1.04 per cent and Frankfurt's DAX shed 1.07 cent.
In the Middle East, Dubai’s DFM general index closed 1.85 per cent lower, while Abu Dhabi’s FTSE ADX general index was down 1.47 per cent. Both markets are closed for trading on Sunday.
Stock markets are already under pressure due to the tariff-driven disruption and the intensifying Israel-Iran conflict is adding another layer of volatility to an fragile state.
“Global markets are grappling with the dual challenge of energy supply risk and policy uncertainty,” Iridium said in a note to investors on Sunday.
“Oil prices have surged, raising inflation concerns and prompting some tanker operators to reroute shipments.”
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
More from Rashmee Roshan Lall
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
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Our rating: 4/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UAE currency: the story behind the money in your pockets
Origin
Dan Brown
Doubleday
