Markets

UAE stocks lower despite crude rebound

The Dubai Financial Market General Index rose by 0.9 per cent in early trading, before paring gains to close down 0.5 per cent at 3,351.33.

John Everington

06 April, 2016

Shares in the UAE shed early gains to finish slightly in the red yesterday, even as global stocks rose and oil prices rebounded.

Brent crude futures were up 63 cents at US$38.50 per barrel late yesterday afternoon, on comments from Kuwait’s Opec governor suggesting that major oil producers would agree to freeze oil production without Iran if necessary.

The recovery in oil prices had a stabilising effect on most major global stock indexes. South Korea’s Kospi closed up 0.4 per cent, while the Nikkei slipped 0.1 per cent. The Euro Stoxx 50 was trading up 0.1 per cent late yesterday afternoon.

The Dubai Financial Market General Index rose by 0.9 per cent in early trading, before shedding gains to close down 0.5 per cent at 3,351.33.

Big names Emirates NBD and Emaar Properties acted as the main anchors on the index, falling 1.4 and 0.8 per cent, respectively. Shuaa Capital was once again the pick of the gainers, rising 4.6 per cent to 68 fils, its highest level since June.

Abu Dhabi's headline index ended the day down 0.2 per cent at 4,299.35, thanks to a late sell-off of banking stocks.

ADCB ended the day down 2.7 per cent at Dh6.32, while NBAD closed 2.3 per cent lower at Dh8.70. Etisalat shares led gainers, closing up 0.8 per cent at Dh18.

jeverington@thenational.ae

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COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

On Women's Day
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)

What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

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SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Scoreline

Germany 2

Werner 9', Sane 19'

Netherlands 2

Promes 85', Van Dijk 90'

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. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

BUNDESLIGA FIXTURES

Friday Hertha Berlin v Union Berlin (11.30pm)

Saturday Freiburg v Borussia Monchengladbach, Eintracht Frankfurt v Borussia Dortmund, Cologne v Wolfsburg, Arminia Bielefeld v Mainz (6.30pm) Bayern Munich v RB Leipzig (9.30pm)

Sunday Werder Bremen v Stuttgart (6.30pm), Schalke v Bayer Leverkusen (9pm)

Monday Hoffenheim v Augsburg (11.30pm)

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Tries: Faletau, Murray
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Cases of coronavirus in the GCC as of March 15

Saudi Arabia – 103 infected, 0 dead, 1 recovered

UAE – 86 infected, 0 dead, 23 recovered

Bahrain – 210 infected, 0 dead, 44 recovered

Kuwait – 104 infected, 0 dead, 5 recovered

Qatar – 337 infected, 0 dead, 4 recovered

Oman – 19 infected, 0 dead, 9 recovered

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'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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