The Dubai bourse dipped to a 14-month low as more debt-related woes sparked fears that the worst is not yet over for the emirate's economy.
The Dubai Financial Market General Index fell 3 per cent to 1,531.15, its lowest since March last year.
"Given the poor sentiment weighing on UAE markets, the announcement of a Dh23.56bn loss for Dubai Holding certainly does not help," said Lee Yong-wei, a senior fund manager at Emirates NBD, based in Dubai. Mr Lee said bank and property stocks had borne the brunt of the sell-off.
Emaar Properties, the bourse bellwether and developer of the world's tallest building, fell 5.9 per cent to Dh3.15.
Deyaar Development dropped 7.4 per cent to 31 fils and Union Properties lost 6.5 per cent to 37 fils.
Emirates NBD, the UAE's biggest bank by assets, fell 3.6 per cent to Dh2.65.
The Abu Dhabi Securities Exchange General Index fell 1.9 per cent to 2,552.99, its ninth straight day of decline.
Aldar Properties, Abu Dhabi's largest listed developer, fell 3.7 per cent to Dh3.06, while Sorouh Real Estate dropped 2.3 per cent to Dh2.05.
Abu Dhabi Commercial Bank fell 2.9 per cent to Dh1.63 and National Bank of Abu Dhabi slipped 2.1 per cent to Dh9.98.
Elsewhere in the region, Kuwait's measure inched up 0.06 per cent to 6,704; Qatar's QE Index gained 0.6 per cent to 6,832.70; Muscat's index fell 1.3 per cent to 6,210.11; and Bahrain's gauge dropped 1.9 per cent to 1,421.44.
The Saudi Tadawul All-Share Index lost 2.2 per cent to 5,983.52.
halsayegh@thenational.ae
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
More from Neighbourhood Watch:
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
FIGHT CARD
Featherweight 4 rounds:
Yousuf Ali (2-0-0) (win-loss-draw) v Alex Semugenyi (0-1-0)
Welterweight 6 rounds:
Benyamin Moradzadeh (0-0-0) v Rohit Chaudhary (4-0-2)
Heavyweight 4 rounds:
Youssef Karrar (1-0-0) v Muhammad Muzeei (0-0-0)
Welterweight 6 rounds:
Marwan Mohamad Madboly (2-0-0) v Sheldon Schultz (4-4-0)
Super featherweight 8 rounds:
Bishara Sabbar (6-0-0) v Mohammed Azahar (8-5-1)
Cruiseweight 8 rounds:
Mohammed Bekdash (25-0-0) v Musa N’tege (8-4-0)
Super flyweight 10 rounds:
Sultan Al Nuaimi (9-0-0) v Jemsi Kibazange (18-6-2)
Lightweight 10 rounds:
Bader Samreen (8-0-0) v Jose Paez Gonzales (16-2-2-)
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE medallists at Asian Games 2023
Gold
Magomedomar Magomedomarov – Judo – Men’s +100kg
Khaled Al Shehi – Jiu-jitsu – Men’s -62kg
Faisal Al Ketbi – Jiu-jitsu – Men’s -85kg
Asma Al Hosani – Jiu-jitsu – Women’s -52kg
Shamma Al Kalbani – Jiu-jitsu – Women’s -63kg
Silver
Omar Al Marzooqi – Equestrian – Individual showjumping
Bishrelt Khorloodoi – Judo – Women’s -52kg
Khalid Al Blooshi – Jiu-jitsu – Men’s -62kg
Mohamed Al Suwaidi – Jiu-jitsu – Men’s -69kg
Balqees Abdulla – Jiu-jitsu – Women’s -48kg
Bronze
Hawraa Alajmi – Karate – Women’s kumite -50kg
Ahmed Al Mansoori – Cycling – Men’s omnium
Abdullah Al Marri – Equestrian – Individual showjumping
Team UAE – Equestrian – Team showjumping
Dzhafar Kostoev – Judo – Men’s -100kg
Narmandakh Bayanmunkh – Judo – Men’s -66kg
Grigorian Aram – Judo – Men’s -90kg
Mahdi Al Awlaqi – Jiu-jitsu – Men’s -77kg
Saeed Al Kubaisi – Jiu-jitsu – Men’s -85kg
Shamsa Al Ameri – Jiu-jitsu – Women’s -57kg
