Financial services and property stocks boost UAE capital markets

UAE stock indexes rose yesterday, led by financial services and property stocks.

The Dubai benchmark index closed 2 per cent higher to 4,172.14, as the Bahraini investment firm Gulf Finance House climbed 15 per cent to Dh0.726. The company last week completed a capital reduction to US$598 million from $1.49 billion to reduce accumulated losses. The firm, which completed a similar move in November, last year posted an annual profit of $11m versus an $18m loss in 2013. Last year’s profit was the highest since 2008. GFH has also decided to de-list its global depositary receipts from the London bourse.

Shares of the property developer Damac rose 7 per cent to Dh3.32. The company announced yesterday that it has a development in Abu Dhabi’s Reem Island that is currently under approval and which will have a sale value of Dh1bn.

In Abu Dhabi, the index rose 0.7 per cent to 4,666.39, led by banking stocks.

Abu Dhabi Commercial Bank, the fourth-largest lender by market value in the UAE, was up 2.2 per cent to Dh7.50. The government-controlled bank posted a 31 per cent jump in net profit attributable to equity shareholders to Dh1.24bn from Dh953.2m in the same period the previous year, boosted by record interest income, or the money the bank receives from giving out loans.

dalsaadi@thenational.ae

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TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

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Power: 480kW

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Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Tips for job-seekers

Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances