Catenaa, Tuesday, February 18, 2025 – The majority of Middle East (Mideast) stock markets fell in early trade on Tuesday, due to ongoing global uncertainty surrounding U.S. President Donald Trump’s plans for tariffs on imports which has kept investors on edge.
Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium and is considering reciprocal tariffs on countries that tax U.S. imports.
Accordingly, Dubai’s main share index fell 0.5%, with toll operator Salik Company declining 2.6%, following four sessions of gains. Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier.
In Abu Dhabi, the index inched down 0.1% while Saudi Arabia’s benchmark index gained 0.3%, helped by a 3.1% rise in Saudi National Bank.
Mobile Telecommunications Company also gained by 7%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
Also, the Qatari index slipped 0.5%, with the Gulf’s biggest lender Qatar National Bank losing 0.4% and petrochemical maker Industries Qatar retreating 0.8%.
Moreover, a Bloomberg report said that OPEC+ is considering pushing back a series of monthly supply increases due to begin in April despite calls from Trump to lower prices.
Quoting delegates the report said that global oil markets remain too fragile to revive production now, and no decision has been made yet and the group is split on how to proceed while a decision may be finalized in the coming weeks.
