Dubai's shares fell yesterday as investors booked profits after a positive week.
"There was light profit taking from retail investors," said Julian Bruce, the director of institutional sales trading based in Dubai at EFG Hermes. "Most of the stocks have had a recent run and investors would like to take profits off the table ahead of the weekend."
In Dubai, Emaar Properties, the developer behind the Burj Khalifa, fell 1.2 per cent to Dh3.26. Arabtec Holding, one of the emirate's biggest contractors, fell 1.3 per cent to Dh2.99.
Tabreed, a district cooling company, declined 2.3 per cent to Dh1.26.
The Dubai Financial Market General Index lost 0.6 per cent, closing at 1,535.71. The benchmark rose about 4 per cent over the week.
Abu Dhabi's bourse made decent gains after lagging behind Dubai's performance this week.
Aldar Properties, the developer behind Yas Island and Ferrari World, advanced 1.8 per cent to Dh1.13. Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, gained 0.9 per cent to close at Dh1.03.
Meanwhile, Dana Gas, a UAE explorer and producer, was unchanged at 38 fils. Etisalat added 0.1 per cent to close at Dh9.14.
The Abu Dhabi Securities Exchange General Index added 0.1 per cent to 2,467.96.
Elsewhere in the region: Kuwait's measure lost 0.4 per cent to 5,813.62; Bahrain's index added 0.1 per cent to 1,114.95; Oman's MSM 30 Index lost 0.4 per cent to 5,445.25; Qatar's QE Index lost 0.5 per cent to 8,281.26 points.
The Saudi Tadawul was closed for the day.
halsayegh@thenational.ae
twitter: Follow and share our breaking business news. Follow us
iPad users can read the digital edition of business section as it was printed via our e-reader app. Click here
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Killing of Qassem Suleimani
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
