Qatar's World Cup 2022 bid win enabled it to outperform markets in the UAE today as the country's exchange posted its highest close in more than two years.
Optimism that government spending on infrastructure for the World Cup will boost economic growth helped to push the exchange 0.5 per cent higher to 8,794.83 points.
But the UAE markets' optimism last week about Qatar's selection as World Cup host and speculation surrounding Aldar Properties' government funding has subsided. The Dubai Financial Market (DFM) General Index slipped 0.9 per cent to 1,676.18. The Abu Dhabi Securities Exchange General Index inched 0.2 per cent higher to 2,766.2.
"Trading today was calm. Foreign institutions are on Qatar rather than [the] UAE, where volume is four times as high," said Samer al Jaouni, the general manager of the Middle East Financial Brokerage Company.
"There were some retail selling pressures and it seems it's a one-way direction on selling," he said.
Volumes on the DFM have hovered about the 80 million mark from levels three times that at the height of the property bubble.
Shares in Tabreed fell 5.08 per cent to Dh1.96 in the first day of trading after the company cut its share capital in an effort to eventually raise more money. Property stocks reversed last week's gains as Aldar Properties, Abu Dhabi's biggest developer and the most actively traded stock by volume in the capital, lost 2.8 per cent to Dh2.43.
Aldar last week gained the most in five weeks on speculation that the builder would secure government funding.
Sorouh fell 2.26 per cent to Dh1.73 and Arabtec retreated 2.9 per cent to Dh2.01.
Elsewhere in the region: Kuwait fell 0.3 per cent to 6,803.60; Bahrain lost 0.1 per cent to 1,424.27; Oman slipped 0.09 per cent to 6,711.46 and the Saudi Tadawul All-Share Index fell 0.09 per cent to 6,450.49.
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
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
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
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)