Declines in Asian and European markets spilled over into the Gulf yesterday but local shares mostly held their ground. In the face of more global volatility, regional bourses performed "relatively well compared to what we thought would happen", said Ali Khan, the managing director of Arqaam Capital. "We see buying activity but volumes are low."
The Dubai Financial Market General Index moved up 1.2 per cent to 1,549.8, while the Abu Dhabi Securities Exchange General Index dropped 0.1 per cent to 2,549.
Emaar Properties, the UAE's largest developer, advanced 1.9 per cent to Dh3.21. Commercial Bank of Dubai remained unchanged at Dh3.05 after Moody's Investors Service downgraded the bank's local and foreign currency deposits ratings by one notch. In Abu Dhabi, Dana Gas shares changed hands the most and ended the day down 2.9 per cent at 67 fils. The Abu Dhabi leasing company Waha Capital rose 1.6 per cent to 60 fils, while Abu Dhabi National Hotels dropped 6.2 per cent to Dh3.
Analysts said investors were still processing the effects of Dubai Holding Commercial Operations Group taking a Dh23.56 billion loss on Tuesday.
"UAE markets will continue to digest restructurings, whether it's Dubai Holding, Amlak, Tamweel or Dubai World," Mr Khan said. "We have to work our way through those before we can price in what's left to be priced in."
Elsewhere in the region, Kuwait's index rose 0.08 per cent to 6,709.20; Qatar's index fell 1.3 per cent to 6,737.40; Muscat's main measure lost 0.4 per cent to 6,182.80; and Bahrain's bourse dropped 0.4 per cent to 1,415.65. The Saudi Tadawul All-Share Index gained 0.5 per cent to 6,001.38.
halsayegh@thenational.ae
J Street Polling Results
97% of Jewish-Americans are concerned about the rise in anti-Semitism
76% of US Jewish voters believe Donald Trump and his allies in the Republican Party are responsible for a rise in anti-Semitism
74% of American Jews agreed that “Trump and the Maga movement are a threat to Jews in America"
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
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
Inside Out 2
Director: Kelsey Mann
Starring: Amy Poehler, Maya Hawke, Ayo Edebiri
Rating: 4.5/5
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)