Dubai index saw its biggest fall in over a month on Monday as the Yemeni army targeted Al-Zafra airbase and critical targets in Abu Dhabi with Zulfiqar ballistic missiles in Operation Yemen Storm 2.

Iran PressMiddle East: Dubai’s main share index declined 2 percent, dragged down by a 3.5 percent drop in blue-chip developer Emaar Properties and a 1.9 percent fall in top lender Emirates NBD.

The Abu Dhabi index eased 0.1 percent, with conglomerate International Holding losing 0.6 percent.

“Global markets are set to remain sensitive to fresh policy clues out of the Federal Reserve this week. Since the start of the new year, risk assets have been realigning with the more aggressive Fed rate hikes expected for 2022,” said Han Tan, chief market analyst at Exinity Group.

In a similar development, Saudi Arabia’s benchmark index fell 0.6 percent, hit by a 1.3 percent fall in Al Rajhi Bank and a 2.5 percent decline in Saudi National Bank.

Saudi Arabia, with the support of the United States, the United Arab Emirates, and several other countries, invaded Yemen in March 2015.

The outbreak of war by Saudi Arabia and its allies in Yemen has so far killed tens of thousands and displaced millions of Yemenis. The Saudi military aggression has also left the impoverished country of Yemen severely short of food and medicine.

The Saudi regime and its allies have so far failed to achieve their goals in the war against Yemenis.