Local markets picked up today on speculation that Aldar Properties will secure government funding.
Stocks in Abu Dhabi's biggest developer closed 3.2 per cent to Dh2.29, after reaching an intraday high of 9.5 per cent. Aldar said it is in "the final" stages of talks with the Abu Dhabi Government about its cash needs.
But the shares also fell by nearly 6 per cent in early trading after the company posted a Dh1.5 billion loss in the first nine months of this year.
The Dubai Financial Market (DFM) General Index gained 1.3 per cent to 1,715.68 points and the Abu Dhabi Securities Exchange General Index ticked 0.2 per cent higher to 2,755.30.
"Whether the buying interest in Aldar was from investors that thought all negative news had been priced in or if it was because the company will get government funding is yet to be substantiated," said Julian Bruce, the director of equity sales at EFG.
A disappointing third quarter results season and the upcoming Eid holiday, when trading closes, led investors to profit take and the market to pull back from previous highs, he added.
Shares in Sorouh Real Estate followed suit and rose 3.08 per cent to Dh1.67. The benefits were felt in Dubai where Emaar Properties, which started the week flat also gained 3.3 per cent to Dh3.77 and Arabtec increased 4.2 per cent Dh1.98.
Elsewhere in the region: Kuwait lost 0.9 per cent to 6,982.20; Bahrain fell 0.1 per cent to 1,454.52; Oman rose 0.05 per cent to 6565.13; Qatar gained 0.4 per cent to 8002.20 and the Saudi Tadawul All-Share Index added 0.3 per cent to 6449.53.
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
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Kill%20
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
