UAE stocks take a hit from weaker oil prices



Shares in the UAE and Saudi Arabia began the week lower on Sunday, following a sharp decline in oil prices over the weekend.

In Dubai, the benchmark index was dragged lower by Dubai Investments.

Crude oil prices fell to a three-month low on Friday, as US stockpiles climbed to 528.4 million barrels. Brent crude futures settled at US$51.37 per barrel.

“Lower oil prices at the weekend put pressure on both UAE and Saudi markets,” said Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.

“For Dubai, we saw further downside on the market from the sell-off of Dubai Investments, as their dividend distribution announcement … was not as expected.”

The Dubai Financial Market General Index closed 1.1 per cent lower at a new three-month low of 3,480.92.

Dubai Investments, which proposed a 10 per cent cash and 5 per cent bonus shares dividend for 2016 on Thursday, led the sell-off of big- name stocks, finishing 6.5 per cent lower at Dh2.32.

Shuaa Capital led gainers, rising 14.7 per cent after announcing the acquisition of Abu Dhabi companies Integrated Capital and Integrated Securities.

The Abu Dhabi Securities Exchange General Index closed 0.5 per cent lower at 4,436.43 on the exchange’s quietest day of trading so far this year, owing to falls by FGB and Etisalat.

In Saudi Arabia, the Tadawul finished down 1.2 per cent, thanks to sell offs by Jabal Omar Development, Sabic and Ma’aden. Shares in Bahrain led gains across the Arabian Gulf, closing up 0.9 per cent.

jeverington@thenational.ae

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SPECS

Engine: Dual electric motors with 102kW battery pack

Power: 570hp

Torque: 890Nm

Range: Up to 428km

On sale: Now

Price: From Dh1,700,000

Director: Nag Ashwin

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

Rating: ★★★★

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews

Inside Out 2

Director: Kelsey Mann

Starring: Amy Poehler, Maya Hawke, Ayo Edebiri

Rating: 4.5/5

Tips for holiday homeowners

There are several factors for landlords to consider when preparing to establish a holiday home:

  • Revenue potential of the unit: location, view and size
  • Design: furnished or unfurnished. Is the design up to standard, while being catchy at the same time?
  • Business model: will it be managed by a professional operator or directly by the owner, how often does the owner wants to use it for personal reasons?
  • Quality of the operator: guest reviews, customer experience management, application of technology, average utilisation, scope of services rendered

Source: Adam Nowak, managing director of Ultimate Stay Vacation Homes Rental

Red Joan

Director: Trevor Nunn

Starring: Judi Dench, Sophie Cookson, Tereza Srbova

Rating: 3/5 stars

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

SPEC SHEET: SAMSUNG GALAXY Z FLIP5

Display: Main – 6.7" FHD+ Dynamic Amoled 2X, 2640 x 1080, 22:9, 425ppi, HDR10+, up to 120Hz; cover – 3/4" Super Amoled, 720 x 748, 306ppi

Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU

Memory: 8GB

Capacity: 256/512GB

Platform: Android 13, One UI 5.1.1

Main camera: Dual 12MP ultra-wide (f/2.2) + 12MP wide (f/1.8), OIS

Video: 4K@30/60fps, full-HD@60/240fps, HD@960fps

Front camera: 10MP (f/2.2)

Battery: 3700mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless

Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; no microSD slot

Colours: Cream, graphite, lavender, mint; Samsung.com exclusives – blue, grey, green, yellow

In the box: Flip 4, USB-C-to-USB-C cable

Price: Dh3,899 / Dh4,349

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

How to donate

Text the following numbers:

2289 - Dh10

6025 - Dh 20

2252 - Dh 50

2208 - Dh 100

6020 - Dh 200

*numbers work for both Etisalat and du

INDIA SQUADS

India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar

India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

MATCH INFO

Uefa Champions League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

THE SPECS

Engine: 4.4-litre V8

Transmission: Automatic

Power: 530bhp 

Torque: 750Nm 

Price: Dh535,000

On sale: Now

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

Emiratisation at work

Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Gulf Men's League final

Dubai Hurricanes 24-12 Abu Dhabi Harlequins

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

Company profile

Company name: Nestrom

Started: 2017

Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi

Based: Jordan

Sector: Technology

Initial investment: Close to $100,000

Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors


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