The National Investor, the Abu Dhabi-based investment bank, reported a decline in profit as returns from investments fell.
Profit fell to Dh15.7 million in the year to the end of March from Dh68.7m a year earlier, according to a stock exchange filing. The investment bank was hit by a loss of Dh8m on investments carried at fair value and Dh7.3m in expenses relating to legal case involving a Dubai property project.
The weakening price of oil and falling stock markets have hurt UAE investment banks and brokerages. Shuaa Capital, the Dubai-based investment bank earlier this month said it swung to a loss in the first quarter as corporate transactions slowed.
An S&P report in February warned that the broader UAE banking sector would have a less profitable year in 2015, as low oil prices hit economic growth, business confidence and corporate transactions.
IPO activity has already begun to slow, according to a report from PwC, as future uncertainty over the oil price and its impact on share prices makes tapping the region’s equity markets less attractive.
abouyamourn@thenational.ae
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Schedule
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21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
