UAE says 7 missiles, 27 drones target country Friday

The United Arab Emirates reported intercepting 10 ballistic missiles and 26 drones on Thursday, March 12, as Iran escalated attacks on Gulf states in response to U.S.-Israel strikes. The UAE's air defenses have engaged a total of 278 ballistic missiles, 15 cruise missiles, and 1,540 drones since the conflict began. The attacks caused six fatalities and 131 injuries among nationals and expatriates, prompting heightened security measures and evacuations in key areas.

Financial institutions have responded to the crisis by relocating staff or suspending operations in the region. U.S. banking giant Citigroup, consulting firms Deloitte and PwC, and Bloomberg advised employees in Dubai's financial district to work remotely or temporarily leave the Gulf. European banks HSBC and Standard Chartered, with significant exposure to the Middle East, face potential earnings pressure due to the conflict.

The UAE's stock markets fell in early trade on March 13 as investor sentiment weakened amid prolonged regional tensions. Oil prices also surged, with Brent crude exceeding $100 per barrel, driven by Iran's control of the Strait of Hormuz and fears of supply disruptions.

The conflict has broader economic implications, including disruptions to global shipping, energy markets, and regional tourism. The Louvre Abu Dhabi has raised concerns about the safety of its French-leased artifacts, while the UNHCR reported 3.2 million Iranians displaced internally.

As hostilities persist, financial markets remain volatile, with central banks and investors closely monitoring geopolitical developments and their impact on trade, energy prices, and regional stability.