This week in MENA

研报英文原文证据摘录

This week in MENA

This week in MENA UBS Research

UBS Research

Figure 1: Our weekly MENA market activity tracker shows improvement in most

metrics led by Hormuz crossings

Our weekly ME NA mar ket a ctivity tracker shows improve

ment in mos t metrics led by Hormuz cro ssings

Source: UBS Evidence Lab, Dubai Land Department, Cirium, Tomtom, Sensor Tower, STR Global, Ltd, and for

vessels includes content supplied by S&P Global Market Intelligence (Maritime & Trade); Copyright © S&P Global

Market Intelligence (Maritime & Trade), 2026. All rights reserved. Note air international arrivals data updated

biweekly.

Our chart of the week shows latest data post memorandum of understanding

between the US and Iran shows Dubai real estate transactions higher, while air cargo, air

seat capacity and hotel occupancy improving slightly, with the latter almost flat YoY in

Saudi Arabia and Kuwait (see Figure 15). Vessels traffic and Hormuz crossings improved,

reaching up to 22 oil and gas tankers crossing the strait. Saudi remains less disrupted

than MENA peers.

EM Equity Strategy: a fresh look post Iran conflict

While the Iran conflict nears a close and oil pressures ease, the EM/APAC universe has

been undergoing significant shifts. 1) Concentration has reached levels never seen even

in the US - with top 5 stocks now accounting for over 34% of the EM index by weight. 2)

Historically EM/APAC offered true diversification away from US - having lower

correlation/beta to the US than Europe. But with the large stocks in EM and Asia now

essentially an extension of the US AI theme, correlations have tightened for the past

year. 3) Taiwan and Korea have replaced China and India as top 2 markets (c50% weight

in EM index). Overall, the Iran conflict itself had left little impact on EM markets and