Dubai Stocks Tumble Amid More Virus-Linked Curbs on Travel

Dubai’s stock index slumped as the city imposed further restrictions on air travel and hospitals amid another record surge in coronavirus cases.

The Middle East business hub reduced the validity of PCR virus tests to three days from four “irrespective of the country they are coming from,” according to a statement issued late on Wednesday. It is also now mandatory to have prior appointments for hospital visits.

The United Arab Emirates, of which Dubai is the second-largest emirate, is battling a rise in infections as it opened up for air travel and eased movement restrictions. On Wednesday, the country reported a record 3,939 cases.

Dubai’s DFM General Index fell as much as 1.9% on Thursday, before trimming the drop to 1.1% at the close, the biggest decline in the Gulf. Emaar Properties PJSC and Emaar Malls PJSC, which have risen on hopes of improving prospects for tourism in the emirate, retreated 1.8% and 0.6%, respectively

Dubai travel requirements from Jan. 31: (click here for link)

  • Validity period of PCR tests cut to 72 hours from 96 hours
  • Pre-travel PCR test mandatory for UAE residents, GCC citizens and visitors arriving in Dubai
  • Arrivals from certain countries -- based on the pandemic situation in those countries -- require an additional test on arrival in Dubai
Dubai Stocks Tumble Amid More Virus-Linked Curbs on Travel

Hospital requirements from Jan. 27: (click here for link)

  • All appointments must be booked in advance and there should be a minimum interval of 20 minutes between appointments
  • A minimum distance of two meters should be maintained by patients in waiting areas

The UAE has already approved shots developed by Pfizer Inc. and BioNTech SE, as well as China’s Sinopharm and Russia’s Sputnik V.

So far, almost 2.76 million doses have been administered and the UAE has the second-highest per-capita inoculation rate in the world after Israel. The government aims to cover 50% of its population of about 10 million by April.

©2021 Bloomberg L.P.

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