Dubai slips on weak Air Arabia and Alec earnings while Abu Dhabi edges up

Business Recorder reported that Dubai's main index closed lower on Friday, sliding 0.4% for a second consecutive session as the United States raised the prospect of an open-ended naval blockade of Iran. The move raised worries about possible trade interruptions across the Middle East, while Abu Dhabi's benchmark edged higher.

Air Arabia was the biggest drag, sliding 4.1% and recording its steepest intraday decline in over three months after second-quarter net profit shrank by 75%, to 87.9 million dirhams ($23.93 million). Emaar Properties, a blue-chip developer, eased 0.5%, while Alec Holding, the construction firm owned by the Investment Corporation of Dubai, slipped 4.4%. Alec swung into the red, booking 16.3 million dirhams ($4.44 million) of losses for the second quarter, against a gain of 122.9 million dirhams in the same quarter last year, leaving its shares at a four-month low.

Abu Dhabi's benchmark rose 0.02%, supported by 1.8% gains in Orascom Construction and Space42, an AI-driven space technology firm. Orascom Construction, the Cairo-based EPC contractor, lifted second-quarter profit 74% to $61.9 million. Adnoc Gas slipped 0.9% after its parent firm reported that a pair of its ships came under attack on Thursday evening while crossing the Strait of Hormuz. Over the week, Abu Dhabi's index dipped 0.5% following three weekly gains, while Dubai lost 1% after two weeks of gains, according to LSEG data.