The United Arab Emirates (UAE) has ordered its stock markets closed on Monday and Tuesday as the country reels from Iran’s retaliatory missile and drone strikes, in a sign of the growing economic disruption sweeping the Gulf.

Iran carried out the strikes in Gulf countries that have US bases and assets after joint attacks on the Islamic republic by Israel and America.

The UAE Capital Markets Authority said the Abu Dhabi Securities Exchange and Dubai Financial Market would remain shut on March 2 and March 3, citing its supervisory and regulatory role over the country’s capital markets.

“The Authority will continue to monitor developments in the region and assess the situation on an ongoing basis, taking any further measures as necessary,” it said in a statement.

The UAE’s two exchanges are home to some of the region’s most valuable listed companies.

The closure keeps billions of dollars in listed assets in suspension as investors await clarity on the scale of damage from Saturday and Sunday’s strikes, which hit airports, ports and residential areas across the UAE and broader Gulf region.

Gulf markets that did open on Sunday saw sharp declines. Saudi Arabia’s benchmark index fell more than four per cent at the open, Oman dropped 3pc and Egypt’s main index shed 5.44pc, while Kuwait suspended trading entirely.

All parties were advised to follow official UAE Capital Markets Authority, ADX and DFM channels for updates on the resumption of trading.