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The United Arab Emirates will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the world’s largest oil producers, particularly those in the Middle East, CNBC.com reported. The shock announcement Tuesday comes after the UAE was the target of missile and drone attacks for weeks by fellow OPEC member Iran. Tehran’s attacks on shipping in the Strait of Hormuz has also severely constrained the UAE’s ability to export oil, threatening the foundation of its economy. The UAE has played an influential role in OPEC’s decisions over nearly six decades.
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President Trump said on Tuesday that the U.S. was considering offering financial support to the United Arab Emirates, an oil-rich ally that has been contending with economic fallout from the war in Iran, the New York Times reported. The war has damaged oil and gas infrastructure throughout the Middle East, dealing a blow to economies that rely on the Strait of Hormuz to transport crude around the world. The U.A.E. is an unlikely recipient of economic support, and the fact that it has inquired about assistance demonstrates the cascading effects of the conflict.
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Two Dubai property developers have seen their Islamic bonds, or sukuk, fall into distressed territory, with investor concern mounting over credit quality and refinancing risks as the war in the Middle East rolls on for a fourth week, Bloomberg reported. Six dollar-denominated sukuk issued by property firms are indicated at distressed levels or trading with a yield spread of over 1,000 basis points above the risk-free rate, according to data compiled by Bloomberg. In total, they represent about 15% of dollar real estate bonds in the Middle East.
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Dubai's property market is beginning to show early signs of weakening nearly three weeks into the U.S.-Israeli war on Iran, with data from analysts showing tanking transaction volumes and some real estate agents pointing to price reductions, Reuters reported. The war, and Tehran's strikes against Israel, U.S. bases and Gulf states including the United Arab Emirates, have pierced Dubai's image as a safe haven for the world's wealthy.
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Battered by Iranian strikes and the disruption of the Strait of Hormuz, the United Arab Emirates and some fellow Persian Gulf states have come to view Iran’s theocracy as an existential enemy. They now want the regime they once courted to be neutered, if not dismantled, when the conflict ends—so the ordeal is never repeated, the Wall Street Journal reported. The U.A.E. has borne the brunt of Iranian attacks: More than 2,000 drones and missiles have been fired at the country since the U.S. and Israel launched the war on Feb. 28.
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