Major Gulf markets retreat as Saudi and UAE clash over Yemen
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Gulf equity markets declined on Tuesday amid rising tensions between Saudi Arabia and the UAE over Yemen. Dubai's main index fell 2%, Abu Dhabi's by 0.9%, and Saudi Arabia's by 0.6%. Saudi Arabia emphasized its national security concerns following military actions against UAE-backed forces. Key stocks like Emaar Properties and Emirates NBD saw significant drops. Oil prices remained stable despite geopolitical tensions. The Qatari index also fell by 0.4%, while Bahrain's index rose 0.4% due to new fiscal reforms.
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