The armed conflict between Iran and Israel led to a partial cooling of business activity in the United Arab Emirates (UAE), reports Bloomberg, citing its own expert assessments.
„In June, non-oil sectors of the UAE economy recorded a slight decline due to the conflict between Iran and Israel“, the agency quoted David Owen, chief economist at S&P Global. He added that the escalation of tensions in the region also caused a decline in consumer demand in the UAE.
From June 13 to 24, Israel carried out daily strikes against Iran. The goal of its operation was to destroy the Islamic Republic's missile and nuclear programs. Tehran responded by firing missiles and drones into Israeli territory.
The United States entered the conflict on the night of June 22, attacking three nuclear facilities in Iran. On the evening of June 23, Tehran launched a missile attack on the largest US air base in the Middle East, Al Udeid Air Base in Qatar. According to US officials, there were no casualties and no significant damage was caused. US President Donald Trump later said that Israel and Iran had agreed to a complete ceasefire. The ceasefire took effect on June 24.