Etihad Etisalat weighed on Saudi Arabia's main equity index yesterday after the kingdom's second-biggest telecoms operator said the regulator had halted its sale of new prepaid Sim cards.
Etihad Etisalat said it will be able to resume selling prepaid cards only when it "fully meets the prepaid service provisioning requirements".
Etihad Etisalat, also known as Mobily, fell as much as 1.72 per cent in mid-afternoon trading. The shares closed 2.06 per cent lower to 71.25 Saudi riyals each.
In Abu Dhabi, shares in the UAE telecoms company Etisalat, which is a major shareholder in Mobily, slipped 0.2 per cent to Dh9.92 each.
"We believe for now that the impact would be minimal, especially that Mobily can always mitigate it with offers more focused on postpaid or data segments," said Nadine Ghobrial, an analyst at EFG Hermes, in a note to clients.
Still, the note cautioned that "if that 'partial' suspension is in place for a long time, a quarter or a couple of quarters, then this could potentially become an issue".
The Saudi Tadawul All-Share Index fell 2.12 per cent to close at 6,524.15.
The Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 2,636.53 points, while the Dubai Financial Market General Index added 0.3 per cent to 1,601.84.
Elsewhere in the region: Kuwait's measure slipped 0.1 per cent to 5,878.75; Bahrain's index added 0.2 per cent to 1,040.93; Oman's MSM 30 Index slipped 0.1 per cent to 5,546.05; and Qatar's QE Index added 0.4 per cent to 8,448.35.
[ halsayegh@thenational.ae ]
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
THE SPECS
Engine: 3-litre V6 turbo (standard model, E-hybrid); 4-litre V8 biturbo (S)
Power: 350hp (standard); 463hp (E-hybrid); 467hp (S)
Torque: 500Nm (standard); 650Nm (E-hybrid); 600Nm (S)
Price: From Dh368,500
On sale: Now
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
'HIJRAH: IN THE FOOTSTEPS OF THE PROPHET'
Edited by: Idries Trevathan
Pages: 240
Publisher: Hirmer Publishers
Available: Now
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
Company Profile
Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
RESULTS
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
Winner Gervais, Connor Beasley, Ali Rashid Al Raihe.
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
Winner Firnas, Royston Ffrench, Salem bin Ghadayer.
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
Winner Rebel’s Romance, William Buick, Charlie Appleby
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
Winner Topper Bill, Richard Mullen, Satish Seemar
10pm Handicap (TB) Dh102,500 (T) 1,400m
Winner Wasim, Mickael Barzalona, Ismail Mohammed.
CRICKET WORLD CUP LEAGUE 2
Mannofield, Aberdeen
All matches start at 2pm UAE time and will be broadcast on icc.tv
UAE fixtures
Wednesday, Aug 10 – Scotland v UAE
Thursday, Aug 11 - UAE v United States
Saturday, Aug 14 – Scotland v UAE
Monday, Aug 15 – UAE v United States
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Zawar Farid, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Sabir Ali, Alishan Sharafu
Table (top three teams advance directly to the 2023 World Cup Qualifier)
1. Oman 36 21 13 1 1 44
2. Scotland 24 16 6 0 2 34
3. UAE 22 12 8 1 1 26
--
4. Namibia 18 9 9 0 0 18
5. United States 24 11 12 1 0 23
6. Nepal 20 8 11 1 0 17
7. Papua New Guinea 20 1 19 0 0 2
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
