Dubai construction companies and building contractors were in demand yesterday after Nakheel announced that it was closer to completing its debt restructuring.
The property developer behind Dubai's man-made islands said it had support from more than 91 per cent of its trade creditors by value for a restructuring programme. It needs 95 per cent approval to proceed.
"Nakheel needs only 4 per cent [more] to go forward with its plan. I think it's very achievable," said Mohamed Khaled, a risk manager at Prime Securities. But he voiced some concern over the length of time it would take for the restructuring to take place.
On the Dubai Financial Market (DFM) General Index, Emaar Properties rose 2.06 per cent to Dh3.46 and Arabtec moved 1.57 per cent higher to Dh1.94. Drake & Scull International gained nearly 1 per cent to Dh1.03.
"The market is thirsty for any positive catalyst," Mr Khaled said.
On the Abu Dhabi Securities (ADX) Exchange General Index, RAK Properties rose 2.3 per cent to 44 fils. Dana Gas, although the most actively traded stock, closed flat at 73 fils.
The DFM index closed 1.1 per cent higher at 1,621.7, and the ADX index slipped marginally to 2,702.28. Volumes remained low on both bourses. "There is still no news around, so any time anything comes out people are reacting to just one story," Mr Khaled said.
Kuwait's index rose 0.3 per cent to 6,962.20; Bahrain's slipped 0.02 per cent to 1,427.50; Oman's fell 0.1 per cent to 6,745.66; and Qatar's increased 0.2 per cent to 8,664.21. The Saudi Tadawul All-Share Index rose 0.2 per cent to 6,620.75.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Whiile you're here
Damien McElroy: Anti-science attitudes in America are proving lethal
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
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.
On Women's Day
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
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The specs
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
While you're here
The National Editorial: Muslims prepare for Hajj and Eid in the age of Covid-19
Shelina Janmohamed: Minimalist Hajj will be once-in-a-lifetime pilgrimage
James Haines-Young: Everything you need to know Hajj 2020
MADAME%20WEB
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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While you're here
Watch: Davos 2021 panel discusses the future of work for women
Alice Haine: Investing in gender parity 'makes good business sense'
Kareem Shaheen: How the pandemic could set Arab women back
Simon Rushton: Home schooling forces UK mothers to quit jobs
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The%20specs
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
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Con Coughlin: The terror threat in Europe remains as potent as ever
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
COMPANY%20PROFILE
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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
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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While you're here
The National editorial: Turkey's soft power weighs heavy on Europe's Muslims
Con Coughlin: How extremists use Zoom and other tools to exploit pandemic
Nicky Harley: Peace TV preacher Zakir Naik prompts UK hate laws review
WE%20NO%20LONGER%20PREFER%20MOUNTAINS
MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim
Anti-semitic attacks
TOP%2010%20MOST%20POLLUTED%20CITIES
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SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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