Investors booked profits today after gains made yesterday on speculation that Aldar Properties will secure government funding.
Roy Cherry, an analyst at Shuaa Capital based in Dubai, said: "In the near-term, Aldar's shares will continue to be driven by speculation on the funding plan being negotiated with the government." Aldar posted a third quarter loss of Dh731.2m, compared with a profit of Dh270m last year.
"Fundamentally, the company is facing a very challenging period as it is being squeezed between an increasingly distant real estate market recovery and rising debt levels with rapidly approaching maturities," Mr Cherry said.
23 million shares of Aldar changed hands, trading up as much as 3 per cent midday before closing just 0.8 per cent higher to Dh2.31. Shares of Aldar rose as high as 9 per cent yesterday. The Abu Dhabi Securities Exchange General Index added 0.3 per cent to 2765.22.
Positive sentiment in the market pushed other property stocks higher. Sorouh Real Estate, Abu Dhabi's second biggest developer, lost 0.6 per cent to Dh1.66. RAK Properties, based in the emirate of Ras Al Khaimah, remained unchanged at 47 fils.
In Dubai, Emaar Properties, developer of the world's tallest skyscraper, was the most actively traded stock on the Dubai Financial Market exchange. Shares of Emaar lost 0.5 per cent to close at Dh3.75. The Dubai Financial Market General Index lost 0.5 per cent to 1706.39.
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
The five pillars of Islam
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
The five pillars of Islam
The five pillars of Islam
UAE currency: the story behind the money in your pockets
Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90'+3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
Results
4pm: Maiden (Dirt) Dh165,000 1,600m
Winner: Moshaher, Pat Dobbs (jockey), Doug Watson (trainer).
4.35pm: Handicap (D) Dh165,000 2,200m
Winner: Heraldic, Richard Mullen, Satish Seemar.
5.10pm: Maiden (Turf) Dh165,000 1,600m
Winner: Rua Augusta, Harry Bentley, Ahmad bin Harmash.
5.45pm: Handicap (D) Dh190,000 1,200m
Winner: Private’s Cove, Mickael Barzalona, Sandeep Jadhav.
6.20pm: Handicap (T) Dh190,000 1,600m
Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
6.55pm: Handicap (D) Dh190,000 1,400m
Winner: Bochart, Richard Mullen, Satish Seemar.
7.30pm: Handicap (T) Dh190,000 2,000m
Winner: Rio Tigre, Mickael Barzalona, Sandeep Jadhav.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
BACK TO ALEXANDRIA
Director: Tamer Ruggli
Starring: Nadine Labaki, Fanny Ardant
Rating: 3.5/5
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
BLACKBERRY
Director: Matt Johnson
Stars: Jay Baruchel, Glenn Howerton, Matt Johnson
Rating: 4/5
Killing of Qassem Suleimani