—Dubai Financial Market · Oct. 12 close · not confirmed by two sources

DailyDrop.

—USD/AED · not confirmed by two sources
DFM General—USD/AED—S&P 5007,811.54▲0.59%10/9WTI$91.85▲0.39%10/9Gold—
Saudi Arabia · Aviation · SecurityPress ✓ 7 outlets · Toll per AP

The Houthis target Riyadh airport again on Monday, the coalition says it destroyed the missile, and Riyadh extends the airport closure as airlines postpone flights

The Saudi-led coalition said it destroyed a ballistic missile fired toward Riyadh and intercepted another toward Khamis Mushait. Saudi Arabia is examining how the missiles slipped past its defenses, and Delta is postponing its service to Riyadh.

The Houthis announced on Monday, October 12, that they had targeted Riyadh airport with ballistic missiles, according to FinancialJuice and GMA News. The Saudi-led coalition said in a statement that it destroyed a ballistic missile fired toward Riyadh, and FinancialJuice relayed that a witness heard three explosions and that Saudi authorities later said the “danger has passed”. The coalition also announced the interception of another ballistic missile fired toward Khamis Mushait in the south of the kingdom, according to the Dutch Algemeen Dagblad. We found no casualty toll for Monday’s attack in the sources. It came after the strike on Saturday, October 10, which the Associated Press said killed 12 people, while the Times of India reported a toll of 13 dead, and the reason for the difference is unclear. Riyadh is examining how the missile slipped past the defense systems, according to the Associated Press, and The Straits Times said the skies over the capital are almost empty of aircraft. FinancialJuice said the Houthis renewed their warning to airlines and travelers against using Saudi airports, and Bloomberg said the attacks are part of a wider regional conflict that is escalating.

Saudi Arabia extended the suspension of flights at Riyadh airport: Livemint said the closure runs until October 17, CNA reported an extension of the suspension after the weekend attacks, and The Guardian said Saudi Arabia suspended flights again after the latest attack. Reuters said airlines cancelled their flights to Saudi Arabia, The Hill said Delta postponed its Atlanta–Riyadh service, and CNBC said the launch of its service was postponed to March. Reuters reported that senior oil executives were struck from the program of an event in Riyadh, and FinancialJuice said OPEC+ ministers met on the sidelines of the Riyadh conference and that the disruption to energy flows pushed shipping and insurance costs to unprecedented levels. Jordan, Turkey, Pakistan and Egypt condemned the attacks, according to Asharq Al-Awsat and Reuters. flydubai had announced the cancellation of its flights to Riyadh until October 14, according to Emarat Al Youm, and we found no new decision from UAE airlines. On the wounded, the Manila Times and Philstar said four Filipinos were injured and three of them are in intensive care, and Asharq Al-Awsat said 400 medical staff treated those hurt in the airport attack and performed 25 operations. The Financial Times said the attack on airports hits the Saudi crown prince’s economic vision squarely. In DailyDrop’s reading, the extension of the closure means that the effect of the attacks on travel and business will last additional days. Sky News Arabia spoke of a US measure concerning Saudi airports, though we did not find its details in the sources, and DW said that viral clips that publishers linked to the attack were falsely attributed, so do not rely on unverified clips. Livemint and the Times of India asked why the missiles succeeded in getting past Saudi defenses, and the BBC posed, in an explainer, the question: who are the Houthis and why are they hard to fight? This matters to the UAE because its airlines, including flydubai, Emirates and Etihad, operate regular flights to Saudi Arabia, and because the widening of the war affects energy prices and investor confidence in the Gulf. As for the extent of the damage at the airport, the result of the Saudi investigation and the date flights will resume, the authorities have not announced them yet.

Open the story
By the numbers
12killed in Saturday’s strike, according to the Associated Press
17October: end of the flight suspension in Riyadh, according to Livemint
3explosions heard by a witness in Riyadh on Monday
Gulf · Shipping · OilPress ✓ 5 sources · Causes differ

Hormuz: Revolutionary Guard announces a third supertanker hit in two days, and oil rises nearly 2%

The Iranian Revolutionary Guard said a third supertanker was hit in the Strait of Hormuz within two days and caught fire, according to Fars as relayed by FinancialJuice, and Al Arabiya said Iran announced that three tankers had struck mines since Saturday. The British navy said a crude tanker was hit by an unidentified projectile in Hormuz. So the cause is unconfirmed: mines according to Iran, an unidentified projectile according to London.

Brent closed at $106.65, up 1.84%, and West Texas Intermediate for November delivery at $93.74, up 2.06%, according to FinancialJuice; CNBC Arabia said oil rose about 2% at settlement. Al Jazeera said Iran has put the “US-UAE oil shuttle” in the line of its threats; we found no details and no UAE statement. Iran said it will respond to the US response on the Hormuz proposal after the review ends, according to The Straits Times. Major General Mohsen Rezaei said, according to FinancialJuice, that the US response to Iran’s conditions for ending the war was “insufficient”, and he spoke with Indian national security adviser Ajit Doval after ships were hit in Hormuz, according to The Hindu and Livemint, and India condemned the attacks on merchant ships, according to Antara. Bloomberg said supertankers are moving away from an oil transfer hub in the Gulf because of Iranian attacks. Qatar set its November crude selling price at an $8 discount to the average of the Oman and Dubai crudes, according to FinancialJuice.

Open the story

UAE · Public financePress ✓ 2 sources · Total figure from Al Bayan

UAE Cabinet approves 2027–2029 federal budget at 292.5 billion dirhams, with 38.4% of the 2027 budget for social development and pensions

The Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, approved the federal general budget for 2027–2029 at 292.5 billion dirhams, according to Al Bayan, a figure we did not find confirmed in a second source. Al Mal said the UAE allocated 38.4% of the total 2027 budget to social development and pensions.

The General Budget Committee had discussed on September 30 a draft 2027 budget within the 2027–2029 cycle, according to the Ministry of Finance and the Emirates News Agency. We found no year-by-year breakdown of revenues and expenditures in the sources, nor whether the figure covers the whole cycle. The budget matters to residents because it funds federal services and pensions.

Open the story
UAE · Aviation · SecurityPress ✓ 6 outlets

Investigation into flydubai attack extends to Melbourne, and airlines limit foreign crew on flights to Israel

UAE authorities said the Omani co-pilot on flight FZ 1073 between Dubai and Tel Aviv attacked the captain with an axe and tried to take control of the aircraft, and that passengers and crew restrained him and the plane landed in Tabuk, Saudi Arabia, according to Gulf News and Khaleej Times; the latter said the investigation found he had planned a suicide attack. The attack took place before this issue’s window, and Gulf News gave the date as September 30.

What is new on Monday, October 12, is that a man in Melbourne linked to the suspect denies “false accusations”, according to Al Jazeera and The Straits Times; the New York Times said the investigation put a spotlight on a mosque in Melbourne, and The Guardian said an Islamic leader there kept silent in a Facebook video. Haaretz said airlines are limiting foreign crew on flights to Israel after the incident. We found no official announcement of charges.

Open the story

Markets · Before Tuesday’s openPress ✓ 4 reports · Dubai close unconfirmed

Oil jumps nearly 2% between Hormuz and Riyadh, Wall Street mixed ahead of inflation data, and Monday’s Dubai Financial Market close is unconfirmed

We were unable to confirm the close of the Dubai Financial Market General Index on Monday, October 12, from two independent sources, so its slot shows “—”, as does the dollar-to-dirham rate. Argaam discussed the main events affecting UAE market trading on Monday, and we did not find the closing figure in it. In oil, Brent closed at $106.65 and West Texas Intermediate at $93.74, according to FinancialJuice, and CNBC Arabia said the rise was about 2%.

In the US, the S&P 500 closed on Friday, October 9, at 7,811.54 (+0.59%), the Nasdaq at 27,366.17 (+0.64%), and the Dow Jones at 51,654.95 (+0.83%), according to the Associated Press; these are the last confirmed figures for a completed session, while Monday’s session was still under way at the time of writing (mixed, according to MarketWatch), and its close will come out after this issue. Markets for US bonds are awaiting inflation data, according to Bloomberg, which said turmoil in bonds could mean smaller interest-rate increases by central banks.

Open the story
In brief
  • Public offering for Nigeria’s Dangote refinery extended by ten daysReuters
  • Starbucks denies intent to buy Chipotle, ending speculationReuters, Bloomberg
  • LVMH’s fashion and leather goods sales slip in the third quarterReuters
  • Smartphone shipments post worst third quarter in 14 years amid memory shortageReuters
  • Cyberattack hits French chain Intermarché, targeting 150 storesReuters
  • Pope Leo enters hospital Tuesday ahead of surgery to remove a lung noduleReuters
  • Poland: two Turks detained in Germany over a Starlink fire that it attributes to RussiaReuters
Seven minutes every morning, one front page

Unverified — what we could not confirm

“Three tankers struck mines in Hormuz.” An Iranian account. The British navy said a tanker was hit by an unidentified projectile, so the cause is unconfirmed.
“Iran threatens the US-UAE oil shuttle.” A single report from Al Jazeera with no details, and we found no UAE statement.
“Viral clips show the Riyadh airport attack.” In a fact-check, DW said that viral clips that publishers linked to the attack were falsely attributed. We do not rely on any unverified clip.

Influencer watch

  • دونالد ترامب Truth Social · 10/12Trump wrote that the European Union paid Russia $250 billion for energy and that he made the right choice for the American people.

Statements as posted, not fact-checked.

Glossary · dotted words — economic, security and political terms explained in the context of the story. The list grows every day.
INSIDEThe Houthis target Riyadh airport again on Monday, the coalition says it destroyed the missile, and Riyadh extends the airport closure as airlines postpone flightsSaudi Arabia · Aviation · SecurityHormuz: Revolutionary Guard announces a third supertanker hit in two days, and oil rises nearly 2%Gulf · Shipping · OilUAE Cabinet approves 2027–2029 federal budget at 292.5 billion dirhams, with 38.4% of the 2027 budget for social development and pensionsUAE · Public financeInvestigation into flydubai attack extends to Melbourne, and airlines limit foreign crew on flights to IsraelUAE · Aviation · SecurityOil jumps nearly 2% between Hormuz and Riyadh, Wall Street mixed ahead of inflation data, and Monday’s Dubai Financial Market close is unconfirmedMarkets · Before Tuesday’s open