Emirates NBD held onto yesterday's gains after the Government-linked bank threw a lifeline to Union Properties, with analysts saying the move had boosted confidence and steadied markets.
Yesterday, the Dubai-based developer said it had reached an agreement with Emirates NBD, its largest shareholder, to transfer real estate assets and reschedule Dh2.7 billion of debts. The deal sent shares surging by 12.2 per cent.
Union Properties' shares fell 1.8 per cent to 26 fils each today, while Emirates NBD's shares closed flat at Dh2.79 each, holding onto gains after the deal was announced.
Traders had been given confidence by the deal because of Emirates NBD's links to the Dubai Government, said Talal Touqan, head of research at AlRamz Securities.
"The confidence also stems from the idea that the Government is supporting real estate companies," he said. "If you can support someone else, you have the power to support yourself."
The Dubai Financial Market General Index fell 0.2 per cent to 1,327.75, while the Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2,336.98.
Dubai Financial Market Company, Deyaar Development and Emaar Properties led the declines on the Dubai index, with gains for Dubai Islamic Bank and Drake & Scull International steadying the emirates' benchmark.
In Abu Dhabi, a 5.4 per cent increase in profits at Invest Bank pushed shares in the Sharjah-based trade finance lender upwards, gaining 6.2 per cent to Dh1.7 each.
Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and Dana Gas also rose.
Oil prices rose following reports of shrinking inventories in the US. Brent futures gained 55 cents to $111.00 a barrel.
S&P 500 futures made slight gains, pointing to a mixed open on Wall Street.
Elsewhere in the Gulf, Bahrain and Saudi Arabia's markets rose, while Oman slumped and Kuwait's index was flat. Shares in Qatar slid 1 per cent, the biggest index decline in the region.
[ ghunter@thenational.ae ]
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Pros and cons of BNPL
Pros
- Easy to use and require less rigorous credit checks than traditional credit options
- Offers the ability to spread the cost of purchases over time, often interest-free
- Convenient and can be integrated directly into the checkout process, useful for online shopping
- Helps facilitate cash flow planning when used wisely
Cons
- The ease of making purchases can lead to overspending and accumulation of debt
- Missing payments can result in hefty fees and, in some cases, high interest rates after an initial interest-free period
- Failure to make payments can impact credit score negatively
- Refunds can be complicated and delayed
Courtesy: Carol Glynn
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.