Saudi Arabia’s stock market suffered its steepest single-day decline in five years on Sunday, wiping out over $133bn in value amid rising geopolitical tensions and falling oil prices.

The benchmark Tadawul All Share Index (TASI) tumbled over 6 per cent — more than 700 points — to below 11,200. It marked the largest daily fall since May 2020, triggered by a sell-off following a fresh trade war sparked by new US tariffs.

Read more: Full list: Trump’s tariffs on every country, including the UAE, Saudi

US President Donald Trump announced a 10 per cent blanket tariff on Gulf imports effective April 5, describing it as a move to correct “unfair trade practices.” China, Europe, and other major economies responded with retaliatory duties. The global tit-for-tat sent oil prices tumbling to four-year lows, dragging markets across the Gulf and beyond.

Saudi Aramco bore the brunt of the rout, shedding $90bn in market capitalisation as its shares dropped 6.2 per cent. Other heavyweight stocks including Al Rajhi Bank, ACWA Power, and Saudi National Bank also declined between 5–6 per cent. Trading volumes hit SR2.2bn within the first 30 minutes of trading, focused largely on Aramco, Al Rajhi, and STC shares.

Across the Kingdom, 34 companies listed on TASI and the parallel Nomu index hit all-time lows. These included names like Herfy Foods, Takween, Entaj, and First Mills. The Nomu index itself slumped 5 per cent, snapping a five-day winning streak, with 13 companies hitting record lows.

The shock extended across the region. The Kuwait Stock Exchange plunged 6.6 per cent, while Qatar’s index fell 5.5 per cent, with both experiencing their worst sessions since the early pandemic era. Muscat dropped 2.1 per cent and Bahrain declined by around 2.5 per cent. UAE markets were closed for the weekend and are expected to react when trading resumes this morning.

Further afield, Egypt’s EGX 30 slid 3.6 per cent, triggering automatic halts on 11 stocks. Jordan’s market fell 2 per cent.

Globally, the S&P 500 lost nearly $2tn in market value on Friday, sliding around 5 per cent in its worst day since the COVID-19 panic.

Trump’s move to raise US tariffs to historic highs has ignited fears of wider disruption to global trade and supply chains, with analysts warning that the economic fallout could be deep and protracted.

The Dubai Land Department (DLD) and the Dubai Virtual Assets Regulatory Authority (VARA) have signed a landmark collaboration agreement aimed at linking property registries with property tokenisation, enhancing market liquidity and efficiency in real estate management.

The agreement, the first of its kind globally, will incorporate a governance system that ties Dubai’s property registry with property tokenisation.

This will not only streamline real estate transactions but also provide a framework for regulatory clarity and safeguard investor rights in the evolving digital landscape.

DLD-VARA collab to strengthen Dubai’s global real estate position

The collaboration follows the successful launch of the pilot phase of the ‘Real Estate Tokenisation Project’ by DLD, part of the broader ‘REES Real Estate Innovation Initiative’.

The agreement aims to bolster the legal framework and regulations in real estate transactions, ensuring investor protection while fostering a more inclusive investment environment.

Marwan bin Ghalita, director general of the Dubai Land Department, said: “This partnership is a strategic step toward empowering the real estate sector by leveraging technological advancements. It aligns with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda (D33), aiming to enhance Dubai’s global leadership in real estate innovation.”

The integration of virtual assets into real estate transactions is expected to improve liquidity and offer new investment opportunities, particularly for smaller investors, while contributing to the sector’s sustainability.

Support for Dubai’s strategic vision

The collaboration is set to play a pivotal role in achieving the objectives of Dubai’s D33 economic agenda, which aims to double the city’s GDP by 2033.

The agreement aligns with D33’s goal of reaching Dhs1tn in real estate transactions, with the sector growing by 70 per cent in value.

Helal Al Marri, director general of the Dubai Department of Economy and Tourism (DET) and Dubai World Trade Centre Authority (DWTCA), remarked: “This partnership embodies Dubai’s future-focused innovation. By linking real estate and virtual assets, DLD and VARA will help shape the next generation of economic growth, ensuring that Dubai remains a global leader in both sectors.”

The initiative will also serve as a framework for pilot projects, assessing and managing risks while fostering the integration of virtual assets into the real estate sector to maximise economic benefits.

It aims to create new opportunities for fractionalised ownership and enhance investor participation.

Advancing digital infrastructure

The agreement places a strong emphasis on enhancing Dubai’s digital infrastructure, addressing investor needs, and aligning with global best practices for consumer protection and investment security.

It also encourages collaboration with technology companies looking to contribute to the sector’s advancement.

“This collaboration reinforces Dubai’s commitment to fostering a diverse and advanced investment ecosystem,” Al Marri added. “It sets the stage for the future economy, where real estate and virtual assets coexist, driving sustainable growth and making Dubai a knowledge-driven, technology-based leader.”

The DLD and VARA’s partnership is poised to establish a regulatory model for integrating virtual assets with real-world assets, opening new doors for innovation in the real estate market.

The Roads and Transport Authority (RTA) has awarded a contract worth Dhs786m for the construction of a new bridge, aimed at improving connectivity to the Dubai Islands from Bur Dubai.

This project is part of the broader efforts to upgrade the emirate’s road network and mobility system, under a strategic agreement with Dubai Holding.

The bridge, which will span 1,425 metres, will feature four lanes in each direction and is designed to accommodate 16,000 vehicles per hour. It will rise 18.5 metres above Dubai Creek, with a 75-metre-wide navigational channel allowing for unhindered maritime traffic.

Additionally, a dedicated cycling and pedestrian path, complete with elevators, will provide enhanced accessibility for residents and visitors.

Mattar Al Tayer, director general and chairman of the Board of Executive Directors at RTA, emphasised that this bridge is crucial to supporting the growth and development of the Dubai Islands.

The infrastructure project will also include 2,000 metres of surface roads linking the bridge to existing road networks in the Bur Dubai and Dubai Islands areas.

New bridge to improve traffic flow

“The bridge is a vital step in improving traffic flow and facilitating easier access to key developments on the Dubai Islands,” Al Tayer said. “It is part of the larger Al Shindagha Corridor Development Project, which aims to transform mobility in the region.”

The bridge project is the latest phase in the RTA’s collaboration with Dubai Holding on infrastructure development, following a 2020 initiative that constructed three bridges to enhance traffic flow to and from the Dubai Islands.

The new bridge will connect directly to Dubai Creek, enhancing both local and cross-emirate mobility.

Al Tayer further explained that the Dubai Islands access project is part of a broader initiative to redevelop the Al Shindagha Corridor, which will ultimately reduce travel times significantly.

The development will cover 15 intersections over 13 kilometres, benefiting around one million people and reducing travel time from 104 minutes to just 16 minutes, with an estimated savings of Dhs45bn over the next 20 years.

RTA-Dubai Holding collaboration to boost infrastructure

Amit Kaushal, group CEO of Dubai Holding, highlighted the importance of the partnership in advancing Dubai’s infrastructure and supporting the emirate’s long-term growth. “Our collaboration with RTA underscores our commitment to enhancing connectivity and creating integrated, future-ready communities in line with Dubai’s vision for sustainable growth and innovation,” Kaushal said.

The project is part of a larger Dhs6bn agreement between the RTA and Dubai Holding aimed at upgrading the city’s infrastructure.

The agreement also covers significant upgrades to transport networks in key development areas such as Jumeirah Village Triangle, Palm Jumeirah, and Dubai International City (Phase 3), all designed to improve access, reduce travel times, and streamline traffic flow.

These enhancements will include the construction of additional entry and exit points, flyovers, and pedestrian bridges, with a specific focus on improving access to business hubs like Business Bay and Dubai Production City.

Improvements to the Palm Jumeirah and Dubai International City areas will further reduce travel times and ensure smoother traffic flow.

The Ministry of Finance has issued Cabinet Decision No 35 of 2025, establishing guidelines for determining a non-resident person’s nexus in the UAE for the purposes of the country’s corporate tax law.

The new decision, which replaces Cabinet Decision No 56 of 2023, clarifies when a non-resident juridical investor in a qualifying investment fund (QIF) or real estate investment trust (REIT) is deemed to have a nexus in the UAE, thus becoming subject to taxation under Federal Decree-Law No 47 of 2022 on the Taxation of Corporations and Businesses.

This follows the earlier issuance of Cabinet Decision No 34 of 2025, which focused on Qualifying Investment Funds and Qualifying Limited Partnerships.

Clarity for non-resident juridical investors involving corporate tax

Under the new decision, a nexus for a non-resident juridical investor in a QIF will arise under two circumstances. If the QIF distributes 80 per cent or more of its income within nine months from its financial year-end, the nexus is established on the date of the dividend distribution.

Alternatively, the nexus arises on the date the ownership interest is acquired if the QIF fails to distribute at least 80 per cent of its income within the same period.

Additionally, a nexus will also be created if the QIF fails to meet the diversity of ownership conditions during the tax period in which the failure occurs.

For REITs, a similar rule applies: a nexus is established either on the date of the dividend distribution, if 80 per cent or more of income is distributed within nine months from the financial year-end, or on the date of ownership acquisition if the REIT does not distribute at least 80 per cent of its income within the specified timeframe.

The decision provides clarity on when non-resident juridical investors in QIFs or REITs will be considered to have a taxable presence in the UAE, reducing compliance burdens for foreign investors.

Other than the above cases, non-resident juridical investors exclusively investing in QIFs and/or REITs will not be deemed to have a taxable presence in the country.

The issuance of this decision underscores the UAE government’s ongoing commitment to maintaining an attractive and competitive investment environment, while ensuring compliance with its tax regulations.

Global stock markets extended their recent rout on Friday, with S&P 500 companies wiping out $5tn in stock market value since US President Donald Trump unveiled sweeping tariffs on Wednesday, while investors fled to the safety of government bonds.

The Nasdaq confirmed it was in a bear market, ending more than 20 per cent below its record high close, while oil prices and other commodities plunged.

Read more: Full list: Trump’s tariffs on every country, including the UAE, Saudi

That $5-trillion loss marked a record two-day decline for the S&P 500 benchmark, exceeding a two-day loss of $3.3 trillion in March 2020 when the pandemic ripped across global markets, according to LSEG data compiled by Reuters.

Responding to Trump’s tariffs, China on Friday said it would impose additional levies of 34 per cent on American goods, confirming investor fears that a full-blown global trade war is under way and that the global economy may be at risk of a recession.

Trump slapped a 10 per cent tariff on most US imports and much higher levies on dozens of countries, erecting the steepest trade barriers in more than 100 years.

“It’s sort of the worst fears of where the tariff programme was headed,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“For those investors who were sure it was just a negotiation – while that still may be true at some point – it’s getting awfully deeper into the detail and more dangerous for companies.”

The tech-heavy Nasdaq has fallen 22.7 per cent from its December 16 record close as investors fled riskier assets on the tariff worries.

Meanwhile, the Dow Jones Industrial Average and pan-European STOXX 600 index each confirmed they were in a correction.

All three of the major US stock indexes suffered their biggest weekly percentage losses since March 2020, and the Cboe Volatility Index .VIX jumped to 45.31, its highest closing level since April 2020.

Companies with exposure to China fell across the board, with Apple dropping 7.3 per cent. The chipmakers index sank 7.6 per cent. Bank and energy shares dropped amid the recession fears.

The Dow Jones Industrial Average fell 2,231.07 points, or 5.50 per cent, to 38,314.86. The index confirmed a correction, finishing more than 10 per cent below its record closing high from December 4.

The S&P 500 fell 322.44 points, or 5.97 per cent, to 5,074.08 and the Nasdaq Composite fell 962.82 points, or 5.82 per cent, to 15,587.79.

The pan-European STOXX index closed 5.1 per cent lower, its biggest daily loss since the COVID-19-fuelled selloff in 2020. The index fell nearly 12 per cent from its March 3 all-time closing high, confirming it was in correction territory.

MSCI’s gauge of stocks across the globe fell 43.35 points, or 5.37 per cent, to 764.29, and was set for its biggest weekly percentage drop since 2020.

Oil prices plunged about 7 per cent to settle at their lowest in over three years, after the tariff response from China, the world’s top oil importer.

Brent crude futures fell 6.5 per cent to settle at $65.58. US crude futures lost 7.4 per cent to settle at $61.99.

Data showing the US economy added far more jobs than expected in March did little to brighten the mood.

Federal Reserve Chair Jerome Powell said in remarks at a business journalists’ conference in Arlington, Virginia, that Trump’s new tariffs are “larger than expected” and the economic fallout, including higher inflation and slower growth, likely will be as well.

He also said the US central bank does not have a prediction of a downturn in its outlook but he recognised private-sector forecasters are shifting on that front.

Earlier, investment bank JP Morgan said it was forecasting a 60 per cent chance of the global economy entering a recession by year-end, up from 40 per cent previously.

“I think (Powell’s) comments will be disappointing for those who believe that the Fed is going to step in anytime soon,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

The US dollar recovered against the euro and yen, with Powell signalling a cautious tone on future easing. The dollar index was last up 0.7 per cent on Friday after its biggest fall since November 2022 on Thursday.

The euro was last down 0.69 per cent at $1.10976, after jumping 1.8 per cent – its biggest daily rise since November 2022 – on Thursday. Against the Japanese yen, the dollar strengthened 0.58 per cent to 146.9.

After years of huge flows into US stocks and a booming American economy, investors are grappling with where to put their cash.

That helped drive a powerful rush towards government bond markets. The yield on the benchmark US 10-year Treasury note fell 12.2 basis points to 3.933 per cent after falling to a six-month low of 3.86 per cent. Yields move inversely to prices.

The German 10-year bond yield, the benchmark for the euro zone bloc, fell as much as 17 bps during the day.

Money market futures were pricing in cumulative rate cuts of 110 basis points from the Fed by the end of this year, compared with about 75 bps a week earlier.

Traders increased their bets on Bank of England and European Central Bank reductions too.

“A lot of investors I’ve talked to have just said in this kind of environment, let’s go to cash and just wait it out,” Meckler said.