Global stocks headed for their best year since 2003 Thursday, but Saudi Arabia was the only Gulf state able to match the performance of the MSCI World Index as region-wide debt restructuring cast a shadow across markets. In the UAE, it was a case of all that glisters is not sold for Damas, the Middle East's largest gold and jewellery retailer. The company, which is listed on NASDAQ Dubai, has been in business for more than a century but last year was one that its management and investors would rather forget.
About half of the stocks listed on the UAE's three main exchanges yesterday finished the last trading day of 2009 in negative territory for the year. Damas was saved from bottom spot by a pick-up in buying activity in the last few sessions of the year. But it still lost about 66 per cent of its value last year, outperforming only Gulf General Investment. The falling share prices of many UAE stocks over the course of last year may represent a buying opportunity for investors in the new year, analysts say.
"The Dubai Financial Market (DFM) General Index and the Abu Dhabi [Securities Exchange General] Index have shed most of their gains during the year and this is viewed as an opportunity for investors to enter at a low base -" said Khaled Akl, the head of research at the wealth management division of Abu Dhabi Commercial Bank. Mr Akl said investors who did so could "benefit from a recovery when the debt consolidation in Dubai is dealt with".
"This, coupled with higher oil and tourism revenues and increased trade and economic activity due to a pickup in the world economy, are expected to have a positive impact on the stock market." The MSCI World Index gained about 28 per cent over the year as stocks rebounded from the sharp corrections at the height of the global financial crisis. Only Saudi stocks achieved similar gains with kingdom's Tadawul finishing the year as the Gulf's best-performing market. It was followed by Oman, where stocks advanced 17 per cent.
Bahrain was the region's worst-performing bourse as companies were buffeted by the fallout from the debt defaults at two of Saudi Arabia's largest conglomerates, the Saad Group and Ahmad Hamad Al Gosaibi and Brothers. The Abu Dhabi Securities Exchnage was the UAE's best-performing bourse with stocks gaining about 15 per cent, while the DFM advanced 10 per cent for the year. Both exchanges may have fared better were it not for the US$26 billion (Dh95.5bn) debt restructuring at Dubai World, one of the country's largest conglomerates, with interests from ports to property.
Damas was among the region's worst-performing shares of the year, due in large part to the disclosure in October that company directors had made about $165 million in unauthorised transactions. "We are of the view that Damas needs to be financially restructured in 2010 to deal with its outstanding issues and dues to banks," said Mala Pancholia, who covers the stock at Al Mal Capital. But it wasn't all bad news for local stock market investors. The UAE's top-performing stock of the year was the NASDAQ Dubai-listed Kingdom Hotel Investments, the lodging company of the Saudi billionaire Prince Alwaleed bin Talal.
"Saudi Arabia has been hit by the international financial crisis but not as bad as Dubai, and we expect a recovery to have a stronger impact on the performance of Kingdom Hotels in 2010," said Khalid Feda, an analyst in the asset management division of KSB Capital Group.
scronin@thenational.ae
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
UAE SQUAD
Muhammad Waseem (captain), Aayan Khan, Aryan Lakra, Ashwanth Valthapa, Asif Khan, Aryansh Sharma, CP Rizwaan, Hazrat Billal, Junaid Siddique, Karthik Meiyappan, Rohan Mustafa, Vriitya Aravind, Zahoor Khan and Zawar Farid.
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
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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