Abu Dhabi tops the Gulf in reductions due to recessionary concerns.

Due to investor apprehension over the possibility of a worldwide recession, Abu Dhabi’s stock market declined in the opening hours of trading on Monday, leading drops in the Gulf.

The worst monthly loss since March 2020, the MSCI’s broadest index of Asia-Pacific equities outside of Japan (.MIAPJ0000PUS) was down 14% at a two-year low.

The largest lender in the United Arab Emirates, First Abu Dhabi Bank (FAB.AD), saw its index (.FTFADGI) decline 1.7% in Abu Dhabi.

A major driver of the financial markets in the Gulf, crude prices declined for a second day due to a stronger currency and predicted declines in gasoline demand in the face of an anticipated global recession brought on by rising interest rates.

Dubai’s main stock index (.DFMGI) fell 1.5%, with the majority of firms trading in the red, including renowned real estate developer Emaar Properties (EMAR.DU).

Separately, Burjeel Holdings, an Abu Dhabi-based hospital operator, announced on Monday that it intended to sell an 11% interest in an IPO that would float its shares on the emirate’s exchange.

While the selling shareholder, VPS Healthcare Holdings PVT. LTD, aims to sell roughly 350.3 million existing shares, Burjeel said it will offer about 200.4 million additional shares.

According to the statement, the offering will run from September 30 through October 4 and will be listed on October 10.