Property and bank stocks led declines on the country's bourses yesterday with Aldar Properties extending losses following news of its planned merger.
Aldar, which hit a 23-month intraday high on Monday, fell 7.5 per cent to Dh1.36 while Sorouh Real Estate lost 2.9 per cent to Dh1.65.
Once the merger is approved by shareholders, Sorouh will delist from the market and shareholders will be paid 1.288 Aldar shares for every Sorouh share. The swap ratio is regarded by some analysts as favouring Sorouh investors.
"The offer values Sorouh at Dh2.10 per shares. On the face of it, this is actually quite a good deal for the Sorouh minority shareholder, since our fair value for Sorouh as a stand-alone company amounts to Dh2.33 per share," said NBK Capital.
"Given the uncertainties surrounding the still-declining Abu Dhabi real estate market, a discount of just 10 per cent to our fair value does not seem unreasonable."
The Abu Dhabi Government will own a 37 per cent stake in the new firm and will also pay Sorouh Dh3.2 billion in exchange for some assets.
Sorouh shares, which rallied to their highest close since December 2010 on Monday, fell 0.6 per cent.
The Dubai Financial Market fell 0.5 per cent to 1,777.19 points, while Abu Dhabi shares lost 0.87 per cent to 2,754.03.
Tamweel may benefit from some gains after the firm posted a 11.3 per cent drop in fourth-quarter net profit yesterday, but beat the estimate of two analysts polled by Reuters.
But potential gains could be limited by the impending delisting of the stock, if shareholders approve Dubai Islamic Bank's acquisition of the 41.8 per cent of Tamweel that it does not currently own.
In Saudi Arabia, Kingdom Holding will be in focus after the investment firm of billionaire Prince Al Waleed bin Talal posted an 11.6 per cent increase in its fourth-quarter net profit.
In other news, PetroRabigh said it had restarted its petrochemical and refining complex after a power cut shut down operations last month.
* with Reuters
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Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
How to protect yourself when air quality drops
Install an air filter in your home.
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Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
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Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
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