''France has maintained a consistent position from the start. We call for the cessation of all hostilities, the return to diplomatic negotiations, and respect for all countries in the region,” Macron said. “Tthe only possible option is the reopening of the Strait of Hormuz ... and the absence of any tolls or coercive measures," he said.
He added, “Any unilateral escalation against tankers, container ships, or third countries is a mistake that fuels war and leads to escalation."
The UAE's non-oil private sector expanded at its slowest pace since February 2021 in April as the Iran war hammered shipping and tourism, hitting sales and exports alike, a survey showed on Tuesday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index fell to 52.1 in April from 52.9 in March, although it remained in growth territory above the 50 mark.
New orders grew at the slowest pace in more than five years, with the subindex falling to 52.5 in April from 54.5 in March. Excluding the pandemic period, the drop in foreign sales was the sharpest since the survey began in August 2009.
Output continued to rise strongly, though at a softer pace, supported by existing project work and infrastructure developments. Purchasing growth remained modest as higher costs, weak sales and supply constraints curbed demand.
"That said, the underlying strength of the non-oil private sector, highlighted by another strong increase in output, meant that companies expect growth to continue over the next 12 months," said David Owen.
Energy disruptions due to the Iran war are expected to weigh heavily on Gulf oil and gas exporters' economies, the International Monetary Fund said in April.
Price pressures in the UAE intensified in April, with input cost inflation hitting its highest level since July 2024 and selling prices rising at the fastest pace since June 2011.
Firms were more upbeat about the year-ahead outlook, with expectations rising to a three-month high.
The headline PMI in Dubai, the region's business and tourism hub, fell to 51.6 in April, a 55-month low, from 53.2 in March, although more firms expressed optimism about a recovery in overall demand conditions.