Mideast Stocks: Major Gulf Stocks Subdued Ahead of Potential US-Iran UN Talks

Major Gulf stock indices traded subdued on Tuesday as cautious investors awaited potential US-Iran developments at the United Nations General Assembly.

Market sentiment remained fragile following renewed threats exchanged between Washington and Tehran, prolonging a months-long stalemate that continues to pressure global energy dynamics and heighten regional tensions.

Compounding these geopolitical risks, Yemen's Iran-backed Houthis advanced near the strategic Red Sea coast amid persistent cross-border friction with Saudi Arabia.

Saudi Arabia's benchmark index eased 0.1%, weighed down by a 1.9% drop in Al Rajhi Bank.

Saudi civil defence lifted a security alert in the Najran region on Tuesday, confirming the threat had cleared amid ongoing hostilities with Yemen's Iran-backed Houthis.

According to TankerTrackers.com, oil behemoth Saudi Aramco loaded approximately 14 million barrels of crude onto seven supertankers on Sunday, ramping up Gulf terminal exports after an attack disrupted its east-west pipeline to the Red Sea.

Aramco shares were down 0.3%.

The Qatari benchmark declined 0.8%, following a 1.2% fall in Qatar Islamic Bank.

Dubai's main gauge slipped 0.1% due to losses in blue-chip developer Emaar Properties , whereas the Abu Dhabi index bucked the regional trend to edge 0.2% higher.

Meanwhile, Emaar's Dubai hotels are currently averaging around 60% occupancy, and the developer expects a return to levels before the end of February, when the Iran war started, within the next 12 months, its founder and chairman told Reuters on Monday.