Kuwait – Mubasher: Military escalations in Yemen impacted Gulf markets in Thursday’s early trades, with the UAE’s Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) plunging 5.07% and 2.32%, respectively.

The Kuwait Stock Exchange (KSE) fell 2% and the Muscat Securities Market (MSM) lost 0.41%.

Saudi Arabia announced on Wednesday that it began a military campaign in Yemen, launching air strikes in coordination with an alliance of 10 nations to restore the Yemeni government that collapsed after Houthi rebel forces took control of large swathes of land and surrounded the southern city of Aden, where the Yemeni president has fled.

Saudi Arabia launched its air strike at 7pm on Wednesday Makkah time.

Countries taking part in the military campaign include five GCC states, namely: Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain, in addition to Egypt, Jordan, the Sudan, Morocco and Pakistan.

The US said early Thursday that President Barack Obama has agreed to provide intelligence and logistical support for the campaign in Yemen.