Dubai's market dipped yesterday to its lowest point in more than three months as investors tracked uncertainty over the global economic recovery.
Global markets have remained on edge ahead of votes in the Greek parliament this week on additional austerity measures to resolve the country's debt crisis.
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The Dubai Financial Market General Index fell 1.2 per cent to 1,507.61 points, its lowest since March 21, as fund managers and traders sold bellwether stocks.
UAE markets will be closed tomorrow for the Islamic holiday Israa Wal Meraj.
Even gains in defensive stocks that perform well at times of economic volatility were subject to the sell-off. Air Arabia, the low-cost carrier based in Sharjah, fell 0.9 per cent to 66 fils.
"There's been a bit of a pullback in terms of volumes on Dubai and Abu Dhabi," said David Verghese, a fund manager at Emirates NBD in Dubai. Daily trading value is at about US$30 million, which "has been the case for the last six trading days".
Trading value rose to as much as $50m a day at the beginning of the year when political upheaval in parts of the Middle East and North Africa led to greater volatility in regional markets.
But analysts said the markets were still at the mercy of forces dictating the movement of international equities.
"We're not going to get much on the company level. Greece continues to dominate," said Mr Verghese.
The Abu Dhabi Securities Exchange General Index edged 0.3 per cent higher to 2711.30.
fhalime@thenational.ae
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.
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
UAE currency: the story behind the money in your pockets
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
