Mixed bag for UAE bourses



Abu Dhabi stocks closed higher as investors enjoyed the knock-on effect of increased oil prices after the US central bank said it would pump more money into its economy.

The Abu Dhabi Securities Exchange General Index finished 0.7 per cent higher at 2,770.37, after climbing to a two-week high of 2,775.85 in intraday trading.

But the Dubai Financial Market General Index fell 0.9 per cent to 1,721.66. Selling pressure was driven by lower profit than expected at Arabtec Construction, said Hassan al Salah, the head of institutional sales at AlRamz Securities.

The country's biggest builder by market value reported a drop in third-quarter profit to Dh6.8 million from Dh166.6m in the same period last year.
Shares fell 5.1 per cent to Dh2.04 as it also announced a reshuffle on its board, with Abdulla Kalban replacing Arif Naqvi. A stream of other poor results announcements also dragged on the property sector.

Deyaar Development said it made a net loss of Dh145m in the quarter and its shares lost 7.8 per cent to 31 fils. Union Properties slipped 0.5 per cent to 43 fils.
RAK Properties was one of the few gainers in Abu Dhabi, rising 6.6 per cent to 97 fils and was the most active by volume. This was despite a fall in profit for the first nine months of this year to Dh163.8m from Dh181.5m the same period last year.

Elsewhere in the region: Qatar gained 0.7 per cent to 7,958.74; Oman rose 0.5 per cent to 6,549.59; Kuwait slipped 0.1 per cent to 7,117.40; Bahrain lost 0.2 per cent to 1,463.14 and the Saudi Tadawul All-Shares Index reversed its early week highs, falling 0.4 per cent to 6,436.17.

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

UAE currency: the story behind the money in your pockets
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Essentials

The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

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

Name: Salem Alkarbi

Age: 32

Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

Biggest rival: Al Nasr

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent  

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices


Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week