transport

Gulf leaders write off 2026 as US-Iran war enters seventh month

• Arab Gulf leaders have written off 2026 as an economic loss as the US-Iran war enters its seventh month, with no clear American path to bring the fighting to an end, according to people familiar with their thinking.
• Dubai International Airport reported passenger traffic fell 31% and cargo shipments dropped 29% year-over-year in the first half of 2026.
• Hotel occupancy across the region fell to 56% in the first half of 2026 from around 80% in 2025, with luxury and upscale properties taking the steepest declines, according to a report from Cavendish Maxwell.
• Dubai's real-estate index lost about a third of its value since just before the war; residential sales fell 31%, and luxury sales above $4 million were down 59%, according to a report from Betterhomes.
• Walid Abou Sabha, a Dubai-based property consultant, said his sales fell from seven a month to zero in early spring after Iran began firing on Dubai on the first day of the war, though he said he expects the sector to rebound in a few years.