Dubai's market slumped to its lowest in more than three weeks as a drop in oil prices shook investor sentiment.
The Dubai Financial Market General Index fell nearly 1 per cent to 1,591.75 points and the Abu Dhabi Securities Exchange edged 0.4 per cent lower to 2,685.71 points.
Oil had its biggest weekly decline in more than two years last week as the death of Osama bin Laden and a strengthening dollar prompted a sell-off in commodities. Brent crude closed 1.5 per cent down at US$109.13 a barrel on Friday.
But market commentators said a correction in local markets had been due, following the recent rally in equities.
"We needed a breather," said Saleem Khokhar, a senior fund manager at National Bank of Abu Dhabi.
"Volatility is definitely going to play a part but I have been expecting a small correction for a few weeks."
Sachin Mohindra, the lead manager for Invest AD's GCC Focus Fund, said local markets would be volatile in the short term because sentiment affected crude oil prices. But he added there was still a "good opportunity for medium and long-term investors", with petrochemical companies benefiting from strong demand.
Emaar Properties slumped 1.6 per cent to Dh3.14, the first day of trading after the company said it had formed a team of senior managers and external consultants to develop a five-year action plan.
Saudi Arabia's market recovered from Saturday's sell-off and traded 0.7 per cent higher to close at 6,623.55 points.
fhalime@thenational.ae
* with additional reporting by Hadeel al Sayegh
UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
