Ajman became the latest emirate to confirm Eid Al-Fitr holidays, announcing that government employees will observe a four-day break from Thursday, March 19, to Sunday, March 22, with work resuming on Monday, March 23, a WAM report said.

The move follows an announcement made on March 12 by the Dubai Government Human Resources Department, which confirmed the same holiday period for all government entities, with exceptions for shift-based roles.

Sharjah had issued its decision even earlier, on February 23, when the Sharjah Department of Human Resources confirmed identical Eid Al-Fitr holiday dates for government departments and institutions.

Unified celebrations across the UAE

Across Ajman, Dubai and Sharjah, authorities extended congratulations to the UAE leadership, citizens and residents, as well as to Arab and Islamic nations worldwide.

Officials expressed hopes that the occasion would return with “goodness, prosperity and blessings for all,” reflecting the spirit of unity that defines Eid celebrations in the country.

With all three emirates aligning their holiday schedules, UAE residents can look forward to a synchronised long weekend marking the end of Ramadan and the beginning of Eid festivities.

Iran’s security chief Ali Larijani was killed by Israel, the Iranian government confirmed on Tuesday, the most senior figure targeted since the US-Israeli war’s first day.

Larijani was widely viewed as one of Iran’s most powerful figures and a confidant of slain Supreme Leader Ayatollah Ali Khamenei and his son and successor, Mojtaba.

His death was confirmed by Iran’s Supreme National Security Council, which Larijani led as secretary. Larijani‘s son and his deputy, Alireza Bayat, were also killed in Israel’s attack on Monday night, the council said.

The targeted killings came more than three weeks into the US-Israeli war on Iran, which has quickly become a regional conflict that shows no signs of de-escalation.

Israel also killed another top official, Gholamreza Soleimani, who led the volunteer Basij militia, which plays a major role in domestic security.

Mastercard said on Tuesday it would buy stablecoin payments infrastructure firm BVNK for up to $1.8bn, as the card giant deepens its push into blockchain-based transfers.

Increasing regulatory clarity and broader usage of stablecoins have created opportunities for card networks to expand beyond traditional cards into faster, lower-cost digital payment systems. Mastercard and rival Visa are competing to establish an early lead in the fast-evolving segment.

Mastercard said the deal would enable its users to carry out cross-border remittances, business payments and payouts with stablecoin, which offers advantages in speed, cost and availability.

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“BVNK has spent the last seven years building not just the technology, but also obtaining licenses in multiple geographies,” said Mastercard’s chief product officer, Jorn Lambert, on a conference call.

Lambert added that building similar capability internally “would require quite a bit of time,” while an acquisition would allow Mastercard to “get to market much faster.”

The deal includes $300m in contingent payments and is expected to close before the end of 2026.

Analysts at William Blair said that BVNK’s stablecoin infrastructure “complements its (Mastercard’s) existing card solutions, in our view, offering greater payment and money movement choice across fiat and blockchain rails.”

BVNK, founded in 2021, specialises in infrastructure to bridge between fiat and stablecoins. The platform enables sending and receiving payments on all major blockchain networks across more than 130 countries.

“BVNK represents a major buy opportunity for MA given the former’s impressive existing geographic reach, difficult-to-acquire payments licenses, and strong relationships with key ecosystem participants,” said Citi analyst Bryan Keane.

The deal builds on Mastercard’s broader push into digital assets, including its Crypto Partner Programme, as it seeks to integrate blockchain-based payments into its global network and expand its addressable market.

Mastercard believes that stablecoin adoption is likely to broaden across the financial industry.

Boeing expects its commercial airplane division to turn a profit in 2027, not this year as previously expected due to higher-than-expected costs of its purchase of parts supplier Spirit AeroSystems, its chief financial officer said on Tuesday, in a new setback for the US plane maker.

Boeing’s commercial airplane division will likely post an operating margin loss of 7.5 per cent to 8 per cent in the first quarter, he said. The division lost $632m in 2025 and $2.1bn in 2024.

The company expects to increase production of its popular 737 MAX jet from roughly 42 aircraft a month to 47 a month by year’s end and to deliver about 500 of the jets this year, Chief Financial Officer Jay Malave said at the Bank of America Global Industrials Conference in London.

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The single-aisle jet is critical to Boeing’s financial recovery. Planemakers receive the majority of cash from customers when they deliver new aircraft.

Deliveries in the first quarter were slightly hampered by damage to wiring on about 25 737s, but fixing the problem only required a few more days of work and will not hurt annual deliveries, Malave said.

Shares continue slide

Boeing shares were down 1.8 per cent around midday, continuing a 13 per cent slide in the past month.

Malave said Boeing does not plan to introduce another new jetliner anytime soon, saying neither airlines, new technology, nor Boeing itself is ready for a new airplane model.

The commercial airplane division is focused on stabilizing and increasing jetliner production, and certifying and delivering the 737-7 and -10 models and the 777-9, the first model of its new 777X jet.

Adopting a new airplane model requires high one-time costs for airlines, and there is no new technology that justifies those costs, said Robert Mann, aviation analyst and principal at RW Mann and Company.

The latest generation of engines has, in general, proven more problematic and inefficient than expected, he said.

They have required maintenance sooner than anticipated, and for some engines, particularly Pratt & Whitney’s geared turbofan, major maintenance is taking longer than planned, Mann said.

That has put pressure on the engine supply chain to keep up with demand for aftermarket spare parts and new engines.

Regarding plans to increase jetliner output, Malave said Boeing is monitoring the engine supply chain, particularly the tension between demand for aftermarket parts and original equipment.

Boeing’s first-quarter 787 Dreamliner deliveries will be down slightly from a projected 20 aircraft to about 15 of the popular widebody jet, mostly due to delays certifying premium-class seat designs, he said.

“Premium seating has been challenging,” he said. “Those are very strict, rigorous types of certifications.”

The plane maker wants to increase 787 production from its current rate of eight Dreamliners per month to 10 by the end of 2026. The company is expanding its 787 assembly plant in North Charleston, South Carolina.

Dubai’s residential real estate market is facing a significant stress test, as the ongoing regional crisis introduces a level of caution not seen since the pandemic.

That is the central finding of a new credit analysis published this week by S&P Global Ratings, which stops short of sounding a full alarm but makes clear that the window of resilience is not unlimited.

S&P reports that official sources are recording lower transaction volumes since the conflict began. The ratings agency had already expected a moderation in Dubai’s property market, after years of rapid price appreciation, and some cooling was built into its base case. But the crisis has shifted the outlook. S&P now expects both volumes and residential prices to decline, with the severity of any correction directly tied to how long the situation persists.

The luxury and ultra-luxury segment is likely to see sentiment weaken first. S&P notes that ultra-wealthy and high-net-worth individuals who relocated to the UAE for tax or lifestyle reasons may reconsider their positions.

More broadly, the agency expects apartment prices to decline more than villa prices, citing the substantial supply pipeline already in place for apartments.

S&P also expects a shift in market activity. Presales for new developments are forecast to decline, while secondary-market supply is expected to increase as investors look to offload properties. Foreign investors holding units close to completion are specifically identified as likely sellers, a dynamic that could further suppress market values.

S&P also flags a structural feature of Dubai’s off-plan market that adds complexity. Developers have frequently sold units on aggressive payment plans, collecting about 20–25 per cent in the first year of sale, with up to 70 per cent tied to construction milestones and the remainder at handover.

While this structure allows projects to continue as long as defaults remain contained, it leaves a significant portion of future cash collection exposed to buyer sentiment and financial capacity.

The four-week threshold

S&P emphasises that the timeline that matters most. Its base case assumes the most intense phase of the conflict lasts up to four weeks, and under that scenario, it does not anticipate a collapse comparable to 2008. However, a meaningful correction becomes a realistic possibility if hostilities extend beyond that window.

The agency flags the Strait of Hormuz as a specific risk factor for the construction sector. A prolonged disruption could create bottlenecks in the supply of building materials and push up input costs through rerouting and higher fuel prices. Construction activity is currently continuing normally, S&P notes, pointing to the city’s track record of maintaining project timelines even through Covid-related disruptions.

Developers have buffers, but risks are building

One of the most closely watched questions is whether the conflict triggers outflows of residents or investment capital. S&P’s view is that structural reforms provide a degree of insulation. The Golden Visa programme, which grants foreign nationals long-term residency rights, particularly those linked to property and investment thresholds, creates what the agency describes as meaningful stickiness among residents and property owners.

Beyond the visa framework, S&P points to the government’s crisis management response as a stabilising factor. Measures to maintain safety, food security, and the normal functioning of goods and services have so far supported resident confidence. While sentiment could weaken and some expatriate departures may occur if the situation persists, S&P does not anticipate a sudden mass exodus leading to a market collapse.

S&P also raises a more immediate concern: physical risk to assets. Companies with high-value, prominent assets, including airports, ports, hotels and tourism landmarks, face elevated exposure to potential disruption. At the same time, it has observed minor damage to real estate assets caused by projectiles and debris, though not beyond repair.

For the four Dubai-based developers that S&P rates, Emaar Properties, Damac Real Estate Development, PNC Investments and Omniyat Holdings, existing regulatory frameworks and strong pre-conflict sales backlogs provide near-term protection. Dubai’s escrow regulations require cash collected on off-plan units to be held in protected accounts, with withdrawals permitted only upon verified construction milestones.

This structure, combined with multi-year revenue backlogs, provides a cushion. Emaar’s backlog covers 2.7 years of revenue, Damac’s 5.2 years, PNC’s 2.1 years, and Omniyat’s 4.8 years. Regulations also allow developers to retain up to 40 per cent of a property’s value if construction is on schedule before refunding the remainder and repossessing the unit.

During previous downturns, delinquency rates for top-tier developers ranged between 3 per cent and 10 per cent, though these could be higher for less established players. Developers that entered the current period with higher debt levels may face greater pressure, making financial discipline critical.

Liquidity and investment outlook

All four rated developers entered the current period with meaningful cash positions. As of end-2025, each held escrow balances sufficient to cover construction costs. Emaar held $11.7bn in escrow and $7.5bn in available cash and liquid investments, while Damac held $6bn in escrow and $1.7bn available.

However, S&P distinguishes within the group. PNC and Omniyat have less financial flexibility than their larger peers, with comparatively lower available cash positions and additional funding needs linked to land payments and prior debt-funded acquisitions.

Debt maturities are described as manageable, with no immediate refinancing pressure. Damac and Omniyat issued $600m sukuks in February and March 2026, respectively, while PNC Investments and Omniyat raised $1.25bn and $900m, respectively, in 2025.

S&P highlights that Emaar faces broader pressures than its residential-focused peers, including declining hotel occupancy, reduced footfall in malls and lower revenues from entertainment assets. It also carries the largest planned capital expenditure, estimated at Dhs10–11bn annually in 2026 and 2027, though a portion remains flexible.

Developers are expected to recalibrate investment decisions. Projects nearing completion will likely proceed, while new land acquisitions and discretionary investments may be postponed. For Damac, Omniyat, and PNC, capital expenditure beyond existing commitments is limited.

On dividends, S&P expects Damac to distribute $1.5–1.6bn in 2026, while Omniyat’s dividend outflow is projected at Dhs30–50m. Dividend decisions for Emaar and PNC remain subject to board review but are expected to stay elevated relative to historical levels.

The broader picture

S&P frames its analysis around scenarios rather than certainties, highlighting the unpredictability of the conflict’s duration and impact. Dubai’s property market enters this period in a stronger position than in past cycles, supported by tighter regulation, stronger developer balance sheets and a more stable resident base.

However, the agency’s conclusion is clear: the longer the conflict persists, the more pressure will build on prices, sentiment and liquidity, increasing the likelihood and severity of a market correction.

All data, analysis and projections referenced in this article are sourced from S&P Global Ratings’ credit report published March 16, 2026. This article does not constitute investment advice.

Read: Dubai property activity rebounds while equity sell-off deepens amid regional tension