To a newcomer, the floor of the Abu Dhabi Securities Exchange recalls less the sustained frenzy of Wall Street and more a Las Vegas keno lounge, with a scattering of middle-aged men gazing silently at computer screens hoping their fortunes will change with the blink of a number.
I went there this week in the hope of becoming the newest member of the group.
Like all exchanges - or bourses, as I soon learned they are also called here - the Abu Dhabi exchange has its own rules and customs. I was curious how they applied to foreigners. Specifically, I wanted to know how difficult it would be for someone like me to open a trading account and what restrictions I would face.
The exchange is on the ground floor of an unremarkable office building on Hamdan Street, identifiable by the obligatory digital ticker scrolling above the door. After passing through a metal detector, a visitor can walk directly on to the floor.
Although, apparently, they don't do so very often as of late.
"You are the only new face for several months now," one broker told me when I asked about opening an account. Before the financial crisis cascaded into the region, there were typically four to five foreign customers each day, often drawn by an initial public offering that drew excited crowds hoping to capitalise on the region's soaring prospects.
Some days "you couldn't even see the carpet", one exchange employee recalled.
On the day of my visit, there were 20 or so men scattered around the exchange, far outnumbered by the empty leather chairs.
To apply for an investor number, I supplied a copy of my passport and a second ID at the customer service desk. Then I walked out to the floor and approached the first brokerage I saw, one of a handful that encircle the trading floor. The sales associate told me I could not open an account, as his firm was for Emiratis only, but he pointed me to a brokerage nearby, EFG-Hermes.
The associate there confirmed that I could open an account, and slid a form across the counter. First I asked about any limitations I would encounter, since I knew most companies in the region restricted foreign ownership to some degree.
True, he said, but the vast majority of the exchange's listed firms allow foreign ownership up to a certain percentage of the company and he didn't know of any that were near the threshold. "It will not be a problem for you. The only one possibly would be Etisalat," the government-owned mobile firm that is not open to any foreign investment, he said.
Within a matter of minutes, I was the proud owner of an EFG-Hermes brokerage account, although I could not trade until two days had elapsed.
I also automatically qualified for an account on the Dubai Financial Market, and received a text message the next morning listing my account number to trade on that exchange.
When I returned to ADX two days later, the EFG-Hermes associate told me that to put money into my account I needed to walk across the street to Abu Dhabi Commercial Bank and deposit the money into an account number he provided. I couldn't give him the cash directly? No, he said. And few banks locally would allow electronic transfers. So my only option was to make a cash deposit and physically walk the receipt back to my broker? No, he said, I could fax in a copy of the receipt.
In the US, where legions of traders open accounts and trade heavily without ever leaving the couch, that would be laughable.
But fair enough, I figured, and walked across to make my deposit. I returned with a receipt showing my deposit: Dh400, or slightly more than US$100. "I'm now one of your biggest clients," I said. He was not amused.
My trading privileges intact, I sidled up to two men among the 25 or so watching the monitors. Next to each monitor sat two accessories familiar to traders the world over - a pack of cigarettes and a mobile phone.
The first man, a Palestinian, helped me get my monitor up and running. He told me he trades at the exchange every day, but laughed when I asked him the secret to making money there. "There is no secret," he said.
His friend leaned across him. "Aldar. Sorouh. Good companies." He gave me the thumbs-up sign. Clad in a grey dishdash and a red-checked keffiyeh, he said he was originally from France and later lived in Yemen, but was now based in Abu Dhabi.
I asked him what stocks he was watching and he pointed to his screen, where boxes for Aldar, Sorouh and four other firms flickered the latest trades. I asked if he owned them and he nodded "yes". I asked how many shares he owned, and his face darkened. "No speak English," he said.
It was time for me to trade on my own. Before I took the plunge, I found the guy I had met from one of the brokerages and asked him what I should expect as a new trader in this market. I explained that I most recently lived in New York.
He thought it over.
"It takes quite a while here for everybody to know the news," he said.
As an example, he told me that shares in Abu Dhabi Islamic Bank had traded heavily the day before and few people knew why. The next day, it was announced that the bank would make 25 per cent of shares available for foreign ownership. The stock jumped seven per cent on the news.
"Some people made a lot of money," the broker said.
In other words, information is guarded closely and can be immensely valuable. Not much different than other, I thought.
Since I had done no research before coming, I picked Aabar Investments - strictly for alphabetical reasons. (Because it is against this paper's policy for me to own shares in companies I might write about, I sold the shares three days later at no profit.)
"One hundred shares of Aabar," I told the broker. He told me the market price was Dh2.36, so my outlay was Dh236, plus for the flat-rate Dh75 commission. If I was trading to maximise profits, I would have cancelled the order, given that the commission added such a hefty percentage to the cost per share. But for my experiment, I gave him the nod.
"You just bought," he said. "You will get an SMS."
Seconds later, my mobile buzzed. I owned a piece of the market.
@Email:breagan@thenational.ae
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)
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE (+4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
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
Avatar (2009)
Director: James Cameron
Stars: Sam Worthington, Zoe Saldana, Sigourney Weaver
Rating: 3/5
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
The Secret Kingdom
Director: Matt Drummond
Stars: Alyla Browne, Alice Parkinson, Sam Everingham
Rating: 3/5
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
Disturbing facts and figures
51% of parents in the UAE feel like they are failing within the first year of parenthood
57% vs 43% is the number of mothers versus the number of fathers who feel they’re failing
28% of parents believe social media adds to the pressure they feel to be perfect
55% of parents cannot relate to parenting images on social media
67% of parents wish there were more honest representations of parenting on social media
53% of parents admit they put on a brave face rather than being honest due to fear of judgment
Source: YouGov
Killing of Qassem Suleimani
The five pillars of Islam
Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
SPEC SHEET: APPLE IPHONE 15 PRO MAX
Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on
Processor: A17 Pro, 6-core CPU, 6-core GPU, 16-core Neural Engine
Memory: 8GB
Capacity: 256/512GB / 1TB
Platform: iOS 17
Main camera: Triple: 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP 5x telephoto (f/2.8); 5x optical zoom in, 2x optical zoom out; 10x optical zoom range, digital zoom up to 25x; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 60fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji
Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Battery: 4441mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min (with at least 20W adaptor); MagSafe, Qi wireless charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay), second-generation Ultra Wideband chip
Biometrics: Face ID
I/O: USB-C
Durability: IP68, water-resistant up to 6m up to 30min; dust/splash-resistant
Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)
Colours: Black titanium, blue titanium, natural titanium, white titanium
In the box: iPhone 15 Pro Max, USB-C-to-USB-C woven cable, one Apple sticker
Price: Dh5,099 / Dh5,949 / Dh6,799
More from Rashmee Roshan Lall
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
SPEC SHEET: NOTHING PHONE (2a)
Display: 6.7” flexible Amoled, 2412 x 1080, 394ppi, 120Hz, Corning Gorilla Glass 5
Processor: MediaTek Dimensity 7200 Pro, 4nm, octa-core
Memory: 8/12GB
Capacity: 128/256GB
Platform: Android 14, Nothing OS 2.5
Main camera: Dual 50MP main, f/1.88 + 50MP ultra-wide, f/2.2; OIS, EIS, auto-focus, ultra XDR, night mode
Main camera video: 4K @ 30fps, full-HD @ 60fps; slo-mo full-HD at 120fps
Front camera: 32MP wide, f/2.2
Battery: 5000mAh; 50% in 30 mins w/ 45w charger
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)
Biometrics: Fingerprint, face unlock
I/O: USB-C
Durability: IP54, limited protection from water/dust
Cards: Dual-nano SIM
Colours: Black, milk, white
In the box: Nothing Phone (2a), USB-C-to-USB-C cable, pre-applied screen protector, SIM tray ejector tool
Price (UAE): Dh1,199 (8GB/128GB) / Dh1,399 (12GB/256GB)
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