Large trading volumes returned to the Abu Dhabi Securities Exchange (ADX) yesterday as brokers busily completed sell orders for Aabar Investments on the company's final day on the bourse.
As Aabar bought back its stock as part of its plan to delist from the ADX, 430 million shares changed hands yesterday, more than seven times the volume for the rest of the ADX combined. Aabar shares rose 1 per cent to Dh1.95, the price the company's majority shareholder, the International Petroleum Investment Company, had agreed to pay minority shareholders under a plan to take the company private. Aabar shareholders who sold their stakes are to be paid tomorrow.
Brokers believe that shareholders still holding Aabar stock may be able to sell it but will have to unload it in the unregulated, over-the-counter market. "There is no market to control the price. Today Aabar had to buy back shares at Dh1.95 because it was the market price," said Rami Awwad, the operations manager at Al Awael Securities in Abu Dhabi. "Tomorrow they may buy them back at Dh1.50, Dh5 or even nominal value, depending on the share owner and the company."
The ADX General Index closed down 0.1 per cent at 2,526.93. The Dubai Financial Market General Index closed down 1.5 per cent at 1,493.
Arabtec Holding lost 3.43 per cent to close at Dh1.69.
The Kuwaiti and Omani indexes were unchanged at 6,662.30 and 6,351.55, respectively. Bahrain's gauge declined 0.1 per cent to 1,399.74, and Qatar's measure dropped 0.3 per cent to 7,110.55. The Saudi Tadawul All-Share Index slipped 0.1 per cent to 6,323.95.
halsayegh@thenational.ae
UAE v West Indies
First ODI - Sunday, June 4
Second ODI - Tuesday, June 6
Third ODI - Friday, June 9
Matches at Sharjah Cricket Stadium. All games start at 4.30pm
UAE squad
Muhammad Waseem (captain), Aayan Khan, Adithya Shetty, Ali Naseer, Ansh Tandon, Aryansh Sharma, Asif Khan, Basil Hameed, Ethan D’Souza, Fahad Nawaz, Jonathan Figy, Junaid Siddique, Karthik Meiyappan, Lovepreet Singh, Matiullah, Mohammed Faraazuddin, Muhammad Jawadullah, Rameez Shahzad, Rohan Mustafa, Sanchit Sharma, Vriitya Aravind, Zahoor Khan
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
The specs
Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now
Company profile
Name: Maly Tech
Started: 2023
Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors
THREE
Director: Nayla Al Khaja
Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni
Rating: 3.5/5
Bahrain GP
Friday qualifying: 7pm (8pm UAE)
Saturday race: 7pm (UAE)
TV: BeIN Sports
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94+kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
Tips for travelling while needing dialysis
- Inform your doctor about your plans.
- Ask about your treatment so you know how it works.
- Pay attention to your health if you travel to a hot destination.
- Plan your trip well.
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
UK - UAE Trade
Total trade in goods and services (exports plus imports) between the UK and the UAE in 2022 was £21.6 billion (Dh98 billion).
This is an increase of 63.0 per cent or £8.3 billion in current prices from the four quarters to the end of 2021.
The UAE was the UK’s 19th largest trading partner in the four quarters to the end of Q4 2022 accounting for 1.3 per cent of total UK trade.