Bull run is big change from 2011



Egypt's stock market has rallied 50 per cent so far this year, as foreign investors pile up cash into equities whose valuations are deemed attractive.

The bull run is a marked difference from the cost of insuring sovereign debt against default, which rose more than anywhere else in the world in the past month.

But fund managers are not fully convinced that the long-term picture is clear.

"To me the risk is high," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.

"We prefer to stay away, in the long term, the outlook appears really vague."

Al Mal Capital is underweight on Egyptian assets.

For National Bank of Abu Dhabi, the alarm was triggered when Orascom Construction Industries was singled out during president Mohammed Morsi's speech at the Euromoney conference held in Egypt last September. In his speech, he accused the company of having owed money in taxes.

"We pulled out after that incident," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.

Egypt's benchmark has outperformed most equity indexes globally, with the EGX 30 Index up 50 per cent since January.

That compares with a decline of 45 per cent last year, after the popular uprising ousted president Hosni Mubarak, who had ruled the country for three decades.

But credit default swaps rose 79 basis points to 486 driven by headline risk, after violent clashes by the presidential palace, as protesters threatened to boycott Mr Morsi's draft constitution.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

The specs

Engine: 4-cylinder 2-litre
Transmission: 9-speed automatic
Power: 252 brake horsepower
Torque: 352Nm
Price: from Dh146,700
On sale: now

In the Land of Saints and Sinners

Director: Robert Lorenz

Starring: Liam Neeson, Kerry Condon, Jack Gleeson, Ciaran Hinds

Rating: 2/5

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

UAE currency: the story behind the money in your pockets
Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

25-MAN SQUAD

Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi 
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze 

On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor

COMPANY PROFILE

Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round

TOP 10 MOST POLLUTED CITIES

1. Bhiwadi, India
2. Ghaziabad, India
3. Hotan, China
4. Delhi, India
5. Jaunpur, India
6. Faisalabad, Pakistan
7. Noida, India
8. Bahawalpur, Pakistan
9. Peshawar, Pakistan
10. Bagpat, India

Source: IQAir

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

The specs

Engine: Twin electric motors and 105kWh battery pack
Power: 619hp
Torque: 1,015Nm
Transmission: Single-speed auto
Touring range: Up to 561km
On sale: Q3 or Q4 2022
Price: From Dh635,000

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

FROM THE ASHES

Director: Khalid Fahad

Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar

Rating: 3/5

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh

UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Bridgerton season three - part one

Directors: Various

Starring: Nicola Coughlan, Luke Newton, Jonathan Bailey

Rating: 3/5