On Sunday, a lower court in Kuwait declared Zain's annual shareholders meeting, which was held in April, was invalid and that its board was illegitimate. Bloomberg
On Sunday, a lower court in Kuwait declared Zain's annual shareholders meeting, which was held in April, was invalid and that its board was illegitimate. Bloomberg

EU drags on Kuwait shares



Hadeel Al Sayegh

Kuwait's shares dropped to their lowest in seven years as Europe's worsening debt crisis dampened investor confidence.

Zain, a Kuwaiti mobile operator, was down 1 per cent to 950 fils a share. Agility, the logistics operator, was down 1.9 per cent to 255 fils and Gulf Bank was down 2 per cent to 950 fils

The Kuwait Stock Exchange Unweighted Index dropped 0.8 per cent to 5,850.60, the lowest level since August 2004.

In the UAE, the Dubai Financial Market General Index gained 0.2 per cent to 1,464.00 after losing as much as 1.4 per cent earlier.

Deyaar Development, which was up 4.1 per cent to 28 fils, lifted the index after the developer said it was back in the black as sales of completed projects fed through to its financial results.

The Abu Dhabi Securities Exchange General Index was down 0.5 per cent to 2,588.64.

"There is panic across the markets and volatility will continue," said Mohammed Ali Yasin, the chief investment officer at CAPM Investments in Abu Dhabi.

"Today sentiment is moving markets rather than fundamentals, yet Dubai shares are up because panic attacks usually don't last very long, or move in just one direction."

Elsewhere in the region Bahrain's measure lost 0.4 per cent to 1,266.37 and Qatar's benchmark lost 0.2 per cent to 8,107.47. The Saudi Tadawul All-Share Index was closed for the day.

Coming soon

Torno Subito by Massimo Bottura

When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.

Akira Back Dubai

Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as,  “an innovative Japanese cuisine prepared with a Korean accent”.

Dinner by Heston Blumenthal

The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems. 

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If you go

The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.

The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).

When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.

TRAP

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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Tell Me Who I Am

Director: Ed Perkins

Stars: Alex and Marcus Lewis

Four stars

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Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

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