Trading on ADX, which is owned by state holding company ADQ, has increased notably this year. Reuters
Trading on ADX, which is owned by state holding company ADQ, has increased notably this year. Reuters
Trading on ADX, which is owned by state holding company ADQ, has increased notably this year. Reuters
Trading on ADX, which is owned by state holding company ADQ, has increased notably this year. Reuters

Alpha Dhabi shares jump 13% as Abu Dhabi bourse's market value surges to $313bn​​​​​​​


Michael Fahy
  • English
  • Arabic

Shares in Alpha Dhabi, the investment group listed on the Abu Dhabi Securities Exchange on Sunday, closed up by about 13 per cent on Monday, making it the fourth-biggest company on the exchange.

The company, in which Integrated Holding Company and Infinity Wave Holding each own a 44 per cent stake, was valued at Dh169 billion ($46bn) at Monday's closing price of Dh16.90 a share.

That means only IHC itself (Dh208.7bn), Etisalat (Dh193.1bn) and First Abu Dhabi Bank (Dh178bn) have a higher market capitalisation.

IHC's shares also gained another 3.4 per cent to Dh114.60, pushing the ADX's main market index up 0.63 per cent and its market capitalisation to Dh1.15 trillion ($313.1bn).

In the year to date, the Abu Dhabi market is the best performer in the Gulf and "among the best globally", gaining 33.8 per cent, said Devesh Mamtani, chief market strategist at Dubai-based broker Century Financial.

The presence of bigger companies has helped to attract interest from foreign investors, with a number of privately held entities owned by state holding company ADQ merging with publicly listed businesses to grow the market.

That includes Abu Dhabi National Energy Company'smerger with Abu Dhabi Power Corporation, National Marine Dredging Company's combination with National Petroluem Construction Company and Agthia's acquisition of dates company Al Foah.

Other deals have also been announced to combine ADQ's Abu Dhabi National Exhibitions Company with Abu Dhabi National Hotels and Emirates Steel with Arkan Building Materials.

"Abu Dhabi has decided to create prominent national champions in various sectors like banking, utilities, dredging, shipbuilding, etc, which can compete globally," said Mr Mamtani.

ADQ-owned ADX is also improving governance standards by insisting companies' management teams provide discussion and analysis of performance alongside quarterly results, he said.

Over a 12-month period, the ADX's main market index is up 56 per cent, outperforming regional peers such as Saudi Arabia's Tadawul, which has gained 51 per cent, Qatar's All Share index that is up 19 per cent and Egypt's EGX 30 that is down 5 per cent, said Ullas Rao, assistant professor of finance at Heriot-Watt University Dubai.

IHC's growth has been one of the main contributors, with its shares "generating close to an eye-popping 300 per cent return" over the past year, Mr Rao said.

ADX is also expected to benefit from several other listings, with Al Yah Satellite Communications' initial public offering already scheduled for July 14.

"The IPO momentum is expected to gain traction in the second half of the year, thanks in part to the resurgence in the UAE economy, buoyed by a recovery on the back of diminishing pandemic-related disruptions," Mr Rao said.

"[A] strong economy led by booming stock markets provides much-needed impetus for businesses to raise capital for long-term investments."

While you're here
How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

RIDE%20ON
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THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Racecard
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UAE currency: the story behind the money in your pockets
Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

MATCH INFO

New Zealand 176-8 (20 ovs)

England 155 (19.5 ovs)

New Zealand win by 21 runs

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

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If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
Results

5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m

Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).

5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m

Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.

6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m

Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.

6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m

Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.

7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m

Winner: Assyad, Victoria Larsen, Eric Lemartinel.

8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m

Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

UAE currency: the story behind the money in your pockets