The global economic turmoil has not spared the Gulf, where most regional exchanges are struggling to break even.
The Kuwaiti bourse has been the top regional performer this year, with a 6.6 per cent gain, while the Dubai Financial Market is bringing up the rear with a 15 per cent loss.
Within each country's markets are high-performers, including several telecommunications operators, and stocks that continue to lag.
These are the winners and losers around the GCC this year, drawn from among the larger companies, as determined by market capitalisation.They also enjoy ample liquidity.
UAE
The exit of foreign investors from the UAE bourses hurt most of the country's stocks in the first half but resulted in a focus on a select few equities.
The transport and logistics firm Aramex remains a target of those foreign institutions that have stayed active in the region. Shares of Aramex, which is based in Dubai, are up 17 per cent this year, significantly outperforming other stocks in the country. The limits of foreign ownership are sustaining demand for the stock, said Alfred Fayek, the managing director of the brokerage EFG-Hermes in Dubai.
Etisalat, the UAE's leading telecoms operator, is the second-best-performing stock of the year. Etisalat shares are up 3 per cent since January despite the prospect of increased competition from du.
It is no surprise that property stocks remain under pressure, with Abu Dhabi's Aldar Properties and Dubai's Deyaar Development off more than 40 per cent each. Sorouh Real Estate is down 28.5 per cent since January.
Many analysts see the UAE market sell-off as having gone too far.
"The UAE is much more discounted than the whole region. It's not the worst-performing market, but it is very well discounted against the whole region," Mr Fayek said. "We don't deserve to be on these levels."
Saudi Arabia
Second-quarter results in Saudi Arabia have been a bit of a mixed bag, raising some concerns about the pace of recovery in general. But others say the problems were less with the companies' performance than with analyst forecasts.
"The forecasts were too high, which is why many of the results came in line [with] or below expectations," said John Sfakianakis, the chief economist at Banque Saudi Fransi.
Etihad Etisalat, or Mobily, has been the best-performing stock on the Saudi Tadawul since January. Morgan Stanley recently increased the Mobily target price by 7 per cent to 70 Saudi riyals (Dh68.55). The stock closed at 53 riyals on Wednesday. "We expect revenues to grow by 22 per cent in 2010 and 15 per cent in 2011," a Morgan Stanley analysis said.
Saudi Electricity gets the silver medal for the first half of the year and has solid prospects.
Analysts at NCB Capital said in a report: "We believe that the current market price does not fully factor in the potential earnings growth which will be witnessed starting from the third quarter."
Saudi Cable is the worst-performing stock this year, dropping 41 per cent. Rabigh Refining and Petrochemical is the second-worst-performing stock, down 28.7 per cent. And it released disappointing earnings on Wednesday.
Qatar
Qatar Navigation, the country's main shipping operator, is the winner on the Qatar index for the year so far. The company has yet to release financial statements for the second quarter, which may price in revenue from the acquisition of Qatar Shippingthis year.
Qtel is the second-best-performing stock on the index for the year so far, gaining almost 14 per cent. The telecoms operator is expected to post its first-half results on August 15. The laggards in Qatar come out of the petrochemical sector, as crude oil prices have remained in the US$70 to $80 a barrel range.
Nakilat, or Qatar Gas Transport, is down 23.3 per cent since the beginning of the year. The shipper of liquefied natural gas reported that net income fell 166.5 million Qatari rials (Dh168m) from 179.27m rials in the same period last year.
Industries Qatar is the second-worst-performing stock on the exchange, declining by 14.9 per cent. The company is expected to report its second-quarter results on August 4.
Oman
Investors responded to BankMuscat's reduced credit losses and higher deposits. Its shares are up more than 23 per cent for the year. The bank reported an 87 per cent jump in net income in the second quarter.
Galfar Engineeringhas the worst-performing stock in Oman this year. The company was awarded a 39m Omani rial (Dh371.9m) contract this month to build a harbour in Al Halaniyat Islands, off the southern coast, but that was not enough to lift the stock. It is down more than 18 per cent. The Shuaa Capital analyst Roy Cherry estimates the company will report a net income of 1m rials. Galfar earned 4m rials in the same period last year.
Bahrain
Bahrain Telecommunications, or Batelco, did not join the regional trend of telecoms operators outpacing other shares. Its stock is down 3.3 per cent, making it the second-worst performer on the exchange. The company reported this week that second-quarter profit declined by 20 per cent as greater competition in the domestic market eroded sales.
Al Salam Bank is down 15.7 per cent since January. The company said net income dropped to 1.3m Bahraini dinars (Dh12.66m) from 2.74m dinars a year earlier.
Ahli United Bank is Bahrain's top stock, up 58.6 per cent since January. The bank, listed on the Bahraini and Kuwaiti exchanges, reported that second-quarter net profit was up 62 per cent from a year earlier to 6.5m Kuwaiti dinars (Dh82.6m).
Kuwait
Kuwaiti banks are the country's top-performing shares, although analysts are not convinced the trend will continue.
"On the banking sector as a whole, we expect full-year results to be slightly dampened," said Naveed Ahmed, an analyst at Global Investment House. "We're not [expecting] an increase in top line because loan growth will remain slow. Interest rates are already very low. What we will see is a decrease in the top line."
Gulf Bank is the top-performing stock in Kuwait so far this year, up 41.6 per cent. Mr Ahmed said, however, it had one of the region's highest ratios of non-performing loans.
Boubyan Bank is ahead 21.4 per cent. Agility, which is in a protracted dispute with the US government involving allegations of overbilling, is the worst-performing stock on the Kuwaiti exchange this year, down 32.4 per cent.
@Email:halsayegh@thenational.ae
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
A list of the animal rescue organisations in the UAE
The%20stats%20and%20facts
%3Cp%3E1.9%20million%20women%20are%20at%20risk%20of%20developing%20cervical%20cancer%20in%20the%20UAE%3C%2Fp%3E%0A%3Cp%3E80%25%20of%20people%2C%20females%20and%20males%2C%20will%20get%20human%20papillomavirus%20(HPV)%20once%20in%20their%20lifetime%3C%2Fp%3E%0A%3Cp%3EOut%20of%20more%20than%20100%20types%20of%20HPV%2C%2014%20strains%20are%20cancer-causing%3C%2Fp%3E%0A%3Cp%3E99.9%25%20of%20cervical%20cancers%20are%20caused%20by%20the%20virus%3C%2Fp%3E%0A%3Cp%3EA%20five-year%20survival%20rate%20of%20close%20to%2096%25%20can%20be%20achieved%20with%20regular%20screenings%20for%20cervical%20cancer%20detection%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2025%20to%2029%20should%20get%20a%20Pap%20smear%20every%20three%20years%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2030%20to%2065%20should%20do%20a%20Pap%20smear%20and%20HPV%20test%20every%20five%20years%3C%2Fp%3E%0A%3Cp%3EChildren%20aged%2013%20and%20above%20should%20get%20the%20HPV%20vaccine%3C%2Fp%3E%0A
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
FIXTURES
All kick-off times UAE ( 4 GMT)
Brackets denote aggregate score
Tuesday:
Roma (1) v Shakhtar Donetsk (2), 11.45pm
Manchester United (0) v Sevilla (0), 11.45pm
Wednesday:
Besiktas (0) v Bayern Munich (5), 9pm
Barcelona (1) v Chelsea (1), 11.45pm
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
57%20Seconds
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E800Nm%20at%202%2C750-6%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ERear-mounted%20eight-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E13.6L%2F100km%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Orderbook%20open%3B%20deliveries%20start%20end%20of%20year%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh970%2C000%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills