UAE stocks advanced on Tuesday as a sell-off at the beginning of the week was judged to be overdone.
In Abu Dhabi, Etisalat, the country’s biggest publicly traded mobile phone operator, continued to make gains ahead a possible inclusion the MSCI Emerging Markets index this month when the index compiler undertakes a scheduled review of companies that make up the measure.
Emaar Properties, the biggest publicly traded real estate developer, led the gains in Dubai.
The Dubai Financial Market General Index increased 0.7 per cent.
The Abu Dhabi Securities Exchange General Index rose 0.5 per cent. Emaar jumped 2.3 per cent, while Etisalat rose 0.7 per cent.
“I will not say a rebound, but the market has started to stabilise,” said Sebastien Henin, head of asset management at the National Investor, an Abu Dhabi-based asset manager.
“For Dubai there’s some return of confidence in the market. In Abu Dhabi, Etisalat rose on expectations that it will be included in the MSCI EM index.”
Etisalat has been gaining after the company's board of directors approved a plan in September to allow non-Emirati investors to own shares in the company.
mkassem@thenational.ae
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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