Dubai's shares fell yesterday, extending the decline for the third quarter to 5.6 per cent, with traders bracing for third-quarter earnings reports.
Tabreed, the UAE's largest district cooling company, was down 2.8 per cent to 65 fils a share on the Dubai Financial Market (DFM).
Drake & Scull International, Dubai's second-biggest contractor, slumped 3.7 per cent to 80 fils a share. Aramex, the region's largest courier company, was down 1.6 per cent to Dh1.80.
The DFM General Index fell 0.4 per cent to 1,431.71 yesterday, the lowest since March 8.
"We're hoping for stability in bad news," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "As long as these increase from week to week, it harms performance."
In the capital, property and construction shares also traded down. Aldar Properties was down 0.8 per cent to Dh1.17 a share on the Abu Dhabi Securities Exchange (ADX) General Index.
Ras Al Khaimah Cement was down 6 per cent to 78 fils a share. Sorouh Real Estate was down 0.9 per cent to Dh1.08 a share.
The ADX was little changed at 2,533.41 points.
Elsewhere in the region: Kuwait's measure lost 0.2 per cent to 5,833.10 points; Bahrain's index dropped 1.4 per cent to 1,165.75: Oman's bourse lost 0.1 per cent to 5,602.29; and Qatar's benchmark fell 0.3 per cent to 8,393.92.
The Saudi Tadawul All-Share Index was closed for the day.
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UAE currency: the story behind the money in your pockets
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Australia World Cup squad
Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
