ADX up on Dana Gas news

Abu Dhabi's stock market rose after Dana Gas said on Tuesday that the UAE explorer and producer would honour its debts.

Cheap valuations also drew new entrants into the market.

Dana Gas surged 8.8 per cent to 83 fils. The shares had declined more than 40 per cent as investors worried that the company would not be able to repay a US$1 billion sukuk due in October.

"The statement has helped calm investors," said Hassan El Salah, the head of institutional equities at Al Ramz Securities in Abu Dhabi.

Property stocks also rose. Aldar Properties and Sorouh Real Estate jumped 7.7 per cent and 7.2 per cent, respectively, to trade at 83 fils and 74 fils. The Abu Dhabi Securities Exchange General Index rose 1.5 per cent to 1,331.22. "New money is coming into the market," Mr El Salah said. "Prices of stocks are ridiculously cheap, with some trading lower than if they were priced in liquidation mode."

Property and construction stocks were in focus on the Dubai Financial Market General Index after Union Properties, a Dubai developer, said it had reached an agreement with Emirates NBD to settle Dh1.1bn of debt. The shares surged 12.2 per cent to 27 fils.

Elsewhere in the region, Kuwait's measure rose 0.1 per cent to 5,800.40, Bahrain's was little changed at 1,137.52, Oman's MSM 30 Index slipped 0.1 per cent to 5,595.60, and Qatar's QE Index was down 0.5 per cent to 8,555.22. The Saudi Tadawul All-Share Index was up 0.1 per cent to 6,377.99.

halsayegh@thenational.ae

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Transgender report

'I pretend I'm dumb so they can't hear my voice': Transgender Emirati on posing as a woman for work

'The person in the mirror was not me': Emirati tells of gender struggle from childhood to adulthood

Dust and sand storms compared

Sand storm

Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds

Dust storm

Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions

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