Banking shares lifted Abu Dhabi's index higher yesterday, as investors are expecting positive results in the third quarter following the central bank's call to lower interest rates.
National Bank of Abu Dhabi, the country's largest lender and holder of the biggest weighting on the index, was up 1.8 per cent to Dh11.20 a share.
Other banks also made significant gains. First Gulf Bank was up 2.5 per cent, Union National Bank was up 4.1 per cent, Abu Dhabi Islamic Bank was up 1.2 per cent and National Bank of Fujairah was 9.9 per cent.
Sultan al Suwaidi, the Governor at the Central Bank, said last week lenders should lower interest rates on loans to help businesses. Some analysts believe even if lending margins shrink, banks will benefit from higher loan volumes.
"Investors are expecting operational activity in the banking sector to improve in the next quarter," said Ameed Kanaan, the general manager at Al Jazeera Financial Services in Dubai.
Bank deposits in the UAE rose in March to their highest level in more than two years. Deposits stood at Dh1.1 trillion, however banks have shied away from lending during the same period.
The Abu Dhabi Securities Exchange General Index was up 1 per cent to 2,666.01 points, while the Dubai Financial Market General Index was up 0.9 per cent to 1,574.40 points.
Elsewhere in the region: Kuwait's index added 0.1 per cent to 6,390.10; Oman's index added 1.1 per cent to 6,075.07; Bahrain's measure added 0.1 per cent to 1,349.07; Qatar's benchmark lost 0.5 per cent to 8,326.90; and the Saudi Tadawul All Share Index was unchanged at 6,741.83.
[ 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
Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Aquaman and the Lost Kingdom
Director: James Wan
Starring: Jason Mamoa, Patrick Wilson, Amber Heard, Yahya Abdul-Mateen II
Rating: 2/5
More from Neighbourhood Watch:
Representing UAE overseas
If Catherine Richards debuts for Wales in the Six Nations, she will be the latest to have made it from the UAE to the top tier of the international game in the oval ball codes.
Seren Gough-Walters (Wales rugby league)
Born in Dubai, raised in Sharjah, and once an immigration officer at the British Embassy in Abu Dhabi, she debuted for Wales in rugby league in 2021.
Sophie Shams (England sevens)
With an Emirati father and English mother, Shams excelled at rugby at school in Dubai, and went on to represent England on the sevens circuit.
Fiona Reidy (Ireland)
Made her Test rugby bow for Ireland against England in 2015, having played for four years in the capital with Abu Dhabi Harlequins previously.
COMPANY PROFILE
Company: Vault
Started: June 2023
Co-founders: Bilal Abou-Diab and Sami Abdul Hadi
Based: Abu Dhabi
Licensed by: Abu Dhabi Global Market
Industry: Investment and wealth advisory
Funding: $1 million
Investors: Outliers VC and angel investors
Number of employees: 14
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
ABU DHABI CARD
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Rub Al Khali – Maiden (PA) Dh80,000 (T) 1,400m
6pm: Al Marmoom Desert – Maiden (PA) Dh80,000 (T) 1,600m
6.30pm: Liwa Oasis – Handicap (PA) Dh80,000 (T) 1,400m
7pm: Al Khatim Desert – Handicap (PA) Dh80,000 (T) 1,600m
7.30pm: Al Quadra Desert – Handicap (TB) Dh80,000 (T) 1,600m
COMPANY PROFILE
Company: Olive Gaea
Started: 2021
Co-founders: Vivek Tripathi, Jessica Scopacasa
Based: Dubai
Licensed by: Dubai World Trade Centre
Industry: Climate-Tech, Sustainability
Funding: $1.1 million
Investors: Cornerstone Venture Partners and angel investors
Number of employees: 8
RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Voy! Voy! Voy!
Director: Omar Hilal
Stars: Muhammad Farrag, Bayoumi Fouad, Nelly Karim
Rating: 4/5
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers