The new COVID-19 variant, Omicron, has prompted global economic concerns, as fears of its spread begin to affect stock markets and oil prices.
Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points.
The Dubai Financial Market was down 8.49 percent in early trading, with developer Emaar Properties losing 7.9 percent, while budget airline Air Arabia plunged 7.1 percent.
In Abu Dhabi, the index dropped 2.3 percent, led by a 3.1 percent fall for First Abu Dhabi Bank, the UAE’s biggest lender, and a 3 percent drop for telecommunications firm Etisalat. —AN
