UAE markets ended the session yesterday little changed in lacklustre trading while Kuwait's bourse slipped from a six-week high.
Investors are finding little reason to increase positions amid tensions in some parts of the Middle East, while local catalysts are hard to find.
The Dubai Financial Market General Index slid 0.2 per cent to close at 1,588.77 points, trading within a tight range for the last eight sessions.
Property-related stocks weighed on the benchmark. Emaar Properties and Deyaar Development shed 0.8 and 0.9 per cent respectively.
The Abu Dhabi Securities Market General Index edged up 0.1 per cent to 2,646.92.
Egypt's measure extended declines following nationwide protests on Tuesday against the president Mohammed Morsi's decree that gave him new powers. The main benchmark Egyptian Exchange fell 4.61 per cent to 4,815.43, extending losses to 8.4 per cent since Mr Morsi issued a decree last week that put beyond judicial review any decision he takes until a new parliament is elected.
Shares in the Egyptian builder Orascom Construction Industries dropped 2 per cent after it reported a 31 per cent drop in net income for the third quarter, citing a seasonal slowdown in the construction group's work.
Palm Hills Development slumped 5.7 per cent, accounting for the heaviest traded volumes on the market.
The Qatar Exchange ended 0.4 per cent higher at 8,435.29. The Kuwait Stock Exchange slipped 0.3 per cent to close at 5,935.89.
The Saudi Tadawul All-Share Index climbed 1.09 per cent to 6,533.14. It fell in 12 of the previous 14 sessions.
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
