The Dubai Financial Market (DFM) declined yesterday, weighed down by Tamweel, after the Islamic mortgage company reported a 33 per cent decline in first-quarter profit.
Tamweel's shares fell 3.1 per cent to Dh1.24. The DFM General Index declined 0.5 per cent to 1,480.18. Net income at Tamweel declined to Dh18.5 million from Dh27.2m last year.
"The drop is really significant," said Wadah Al Taha, the chief investment officer at the Dubai investment company Al Zarooni Group. "There was a lot of hope among investors about the company's large market share, but it doesn't reflect the financial statements. Tamweel needs more time to heal and recover, and we need to be more realistic."
Other property-related stocks also declined.
Emaar Properties, the region's biggest developer, declined 0.3 per cent to Dh3.04. The district cooling company Tabreed dropped 2.3 per cent to Dh1.23. Arabtec Holding, the region's biggest contracting company, fell 1.4 per cent to Dh2.82.
On the Abu Dhabi exchange, Aldar Properties, the developer behind Yas Island, fell 0.9 per cent to Dh1.09. Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, declined 0.9 per cent to Dh1. The Abu Dhabi Securities Exchange General Index slipped 0.3 per cent to 2,465.41.
Elsewhere in the region: Kuwait's measure rose 0.2 per cent to 5,868.20; Bahrain's slipped 0.1 per cent to 1,112.63; Oman's MSM 30 Index fell 0.7 per cent to 5,456.06; and Qatar's QE Index slipped 0.2 per cent to 8,249.46.
The Saudi Tadawul All-Share Index declined 0.8 per cent to 6,659.58.
[ halsayegh@thenational.ae ]
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Company profile
Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Mohammed bin Zayed Majlis
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
The five pillars of Islam
Company profile
Company name: Shipsy
Year of inception: 2015
Founders: Soham Chokshi, Dhruv Agrawal, Harsh Kumar and Himanshu Gupta
Based: India, UAE and Indonesia
Sector: logistics
Size: more than 350 employees
Funding received so far: $31 million in series A and B rounds
Investors: Info Edge, Sequoia Capital’s Surge, A91 Partners and Z3 Partners
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle
