FGB and NBAD lead market rally in Abu Dhabi



Shares in Abu Dhabi closed the week in positive territory yesterday, on the back of positive results from FGB and NBAD.

Dubai and Saudi Arabian stocks also closed higher.

FGB, which reported profit rise 31 per cent during the quarter, closed up 3.2 per cent at Dh11.20. NBAD, which reported flat profits, closed 1.1 per cent higher at Dh8.60.

Etisalat shares led losses, closing 1.2 per cent lower at Dh19.35, after the telecoms operator announced a 4 per cent fall in quarterly profits on Wednesday.

The Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,292.50.

The Dubai Financial Market General Index opened lower but finished in positive territory, up 0.4 per cent at 3,318.39.

Emaar Properties closed up 1.9 per cent at Dh6.85, while DIB rose 0.5 per cent to Dh5.26. However, Mashreq’s shares fell to their lowest level in two years, closing 4.7 per cent lower at Dh60. This follows a 25 per cent drop in third-quarter profit earlier this week.

Tabreed closed 1.6 per cent lower at Dh1.84, after the cooling firm announced an 8 per cent increased in third-quarter profit.

In Saudi Arabia, the Tadawul recorded its seventh straight trading day of gains, closing up 0.8 per cent at 5,936.30, led by banks and petchems.

Brent crude futures held their ground after Wednesday’s falls at around US$50.2 a barrel yesterday afternoon, as fears over a production deal at next month’s Opec meeting in Vienna subsided.

In Doha, the Qatar Exchange rose marginally, thanks to gains by Industries Qatar.

jeverington@thenational.ae

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COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

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“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now


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