UAE shares start week marginally higher on quiet trade

UAE shares began the week marginally higher on Sunday on a quiet day for regional equities.

Shares in Dubai traded lower in the morning before rising in the late afternoon to finish up 0.3 per cent at 3,491.46.

Sunday’s rise was Dubai’s third consecutive positive trading day, its best run since early February.

Damac Properties and Aramex led gains among big name stocks, rising 2.5 per cent and 2.6 per cent respectively.

Shares in Arabtec Holding rose 2.5 per cent to 91.5 fils, as the construction company gave notice of its annual general meeting on April 18.

Emaar Properties fell by 1.1 per cent to Dh7.22.

In the capital, the Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 4,449.66.

Shares in First Abu Dhabi Bank – formed following the merger of FGB and NBAD — ended their first day of trading 1.5 per cent higher at Dh10.40.

Shares in Abu Dhabi National Energy, known as Taqa, were the other main gainer, rising 13 per cent to 52 fils. The rise came in spite of the energy firm last week reporting an annual loss of Dh19 bn after realising losses on its oil and gas assets.

Etisalat and UAB acted as a drag on the index, falling 1.4 per cent and 9.8 per cent respectively.

Shares in Saudi Arabia broke a three-day winning streak, closing down by about 0.2 per cent thanks to weaker banking stocks.

The Qatar Exchange was the only regional headline index outside the UAE to finish in the black, closing up 0.1 per cent thanks to gains by Ooredoo.

jeverington@thenational.ae

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.