Dubai's shares fell yesterday as investors booked profits after a strong rally amid euphoria over Saudi Arabia's upcoming mortgage law.
Yesterday, Emaar Properties fell 1.6 per cent to Dh3.03 on the Dubai Financial Market (DFM) General Index. On Tuesday, Emaar jumped more than 6 per cent as investors speculated that the company's subsidiary in the kingdom, Emaar Economic City, would benefit from expected lending in the property market.
Yesterday, the Sharia-compliant mortgage lender Tamweeladvanced 2.4 per cent to Dh1.26. On Tuesday, Tamweel's shares jumped 5.1 per cent. The DFM General Index declined 0.8 per cent to 1,489.50 yesterday.
"We need more confirmation," said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai. "Investors are also still waiting for the second-quarter results to justify another wave."
The Abu Dhabi developer Aldar Properties rose 0.8 per cent to Dh1.14. Etisalatwas up 0.4 per cent to Dh9.24 after the larger of the country's two telecommunications operators said it had appointed the law firm Solomon & Co for the winding-up of the Etisalat subsidiary in India.
The Abu Dhabi Securities Exchange General Index advanced 0.2 per cent to 2,472.06.
Elsewhere in the region: Kuwait's measure fell 0.5 per cent to 5,859.49; Bahrain's was little changed, up 0.04 per cent at 1,121.86; Oman's MSM 30 Index fell 0.3 per cent to 5,557.57; and Qatar's QE Index fell 0.03 per cent to 8,254.10.
The Saudi Tadawul All-Share Index fell 0.7 per cent to 6,834.77.
[ halsayegh@thenational.ae ]
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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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
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Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
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Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
COMPANY PROFILE
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Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
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Industry: Smart contact lenses, augmented/virtual reality
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Kill
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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 DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
Rating: 2/5
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
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
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2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
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