Regional banks given lift as plan eases fears



DUBAI // On a day when just about every UAE stock recorded gains, no sector seemed to profit more than regional banks. Dubai Islamic Bank, Emirates NBD and Abu Dhabi Commercial Bank (ADCB) each climbed sharply on the news of Dubai World's debt restructuring proposal. Smaller banks such as Union National Bank and Ajman Bank also rose more than 5 per cent.

The Dubai Government said yesterday it would inject US$9.5 billion into Dubai World and its property developer Nakheel. And Nakheel said it would repay its trade creditors, ending months of uncertainty in the market about whether creditors will have to take a "haircut", or reduction, on their receivables. "The most surprising thing was that there are no haircuts and the loans will be restructured on commercial rates.

"This has pleasantly surprised the market," said Mohammed Ali Yasin, the general manager at Shuaa Securities. Banking stocks have taken a hammering since Dubai World announced in November it is seeking to restructure $26bn worth of loans with more than 90 local, regional and international lenders. Moody's Investors Service estimated last month that rated UAE banks have an overall exposure to Dubai World of Dh55bn.

It is not clear how those obligations are spread around. ADCB, the third-largest bank in Abu Dhabi, is the only local lender to quantify its exposure: Dh9bn in outstanding loans to Dubai World. About half of the total is supported by collateral and income streams from infrastructure and other projects, Alaa Eraiqat, the chief executive of ADCB, said this year. Along with Emirates NBD, the country's largest lender by assets, ADCB sits on the lenders' committee negotiating terms of restructuring with Dubai World.

While Dubai World officials made it clear that they did not favour local banks over their international peers, regional investors were clearly pleased with the terms of the suggested deal. Not only do sukuk holders get paid as the instruments mature, unlike the trade creditors who receive a combination of cash and securities, they should also benefit as the effects of the deal seep into the broader economy.

"This is the first time investors can quantify risks on equities. "I think with some more clarity on how the deal is being structured, markets will move forward," said Ian Munro, the head of equities research at the investment bank Mac Capital. @Email:skhan@thenational.ae

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

CREW

Director: Rajesh A Krishnan

Starring: Tabu, Kareena Kapoor Khan, Kriti Sanon

Rating: 3.5/5

SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

The line up

Friday: Giggs, Sho Madjozi and Masego  

Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh  

Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

ILT20 UAE stars

LEADING RUN SCORERS
1 Nicholas Pooran, 261
2 Muhammad Waseem (UAE), 248
3 Chris Lynn, 244
4 Johnson Charles, 232
5 Kusal Perera, 230

BEST BOWLING AVERAGE
(minimum 10 overs bowled)
1 Zuhaib Zubair (UAE), 9 wickets at 12.44
2 Mohammed Rohid (UAE), 7 at 13.00

3 Fazalhaq Farooqi, 17 at 13.05
4 Waqar Salamkheil, 10 at 14.08
5 Aayan Khan (UAE), 4 at 15.50
6 Wanindu Hasaranga, 12 at 16.25
7 Mohammed Jawadullah (UAE), 10 at 17.00

MATCH INFO

Northern Warriors 92-1 (10 ovs)

Russell 37 no, Billings 35 no

Team Abu Dhabi 93-4 (8.3 ovs)

Wright 48, Moeen 30, Green 2-22

Team Abu Dhabi win by six wickets

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi

6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle

6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi

Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.

Bahrain GP

Friday qualifying: 7pm (8pm UAE)

Saturday race: 7pm (UAE)

TV: BeIN Sports

Company profile

Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

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: Supy
Started: 2021
Founders: Dani El-Zein, Yazeed bin Busayyis, Ibrahim Bou Ncoula
Based: Dubai
Industry: Food and beverage, tech, hospitality software, Saas
Funding size: Bootstrapped for six months; pre-seed round of $1.5 million; seed round of $8 million
Investors: Beco Capital, Cotu Ventures, Valia Ventures and Global Ventures

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

COMPANY PROFILE

Company name: OneOrder
Started: March 2022
Founders: Tamer Amer and Karim Maurice
Based: Cairo
Number of staff: 82
Investment stage: Series A

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Meg 2: The Trench

Director: Ben Wheatley
Stars: Jason Statham, Jing Wu, Cliff Curtis, Page Kennedy, Cliff Curtis, Melissanthi Mahut and Shuya Sophia Cai
Rating: 2/5

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

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.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Teri Baaton Mein Aisa Uljha Jiya

Directors: Amit Joshi and Aradhana Sah

Cast: Shahid Kapoor, Kriti Sanon, Dharmendra, Dimple Kapadia, Rakesh Bedi

Rating: 4/5

Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.


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