Stocks lift on news of Dubai World creditor deal



Banking and property stocks in Dubai overcame a sell-off that weighed on other markets across the region as Dubai World agreed to a final deal with all its creditors.

The Dubai Financial Market General Index reversed intraday losses to end 0.5 per cent higher at 1,529.40 points, while the Abu Dhabi Securities Exchange (ADX) General Index ended marginally lower at 2,628.98 points.

Dubai World said yesterday it had signed a final deal with all creditors as part of the Dubai Government-owned group's restructuring of US$24.9 billion of debt.

Bellwether stocks such as Emaar Properties and Arabtec Holding helped to boost the local market as their shares rose 1.3 per cent to Dh3.04 and 2.6 per cent to Dh1.58, respectively.

Etisalat opened higher in Abu Dhabi before trading flat at Dh11 after it announced a dividend payout to shareholders.

The telecommunications giant will distribute a final dividend of 35 fils a share for the second half of last year, bringing the total dividends for the year to 60 fils, it said in a statement on the ADX website.

Most other Gulf markets tracked a sharp decline on the Egyptian Exchange, which resumed trading yesterday for the first time in more than seven weeks because of political unrest in the country.

The benchmark EGX 100 index ended 8.9 per cent down.

Kuwait's market closed down 0.6 per cent at 6,294.80; Qatar's benchmark index dropped 0.5 per cent to 8,295.26; Saudi shares rose 0.3 per cent to 6,362.42; Muscat's measure edged 0.1 per cent higher to 6,401.54; and Bahrain's bourse ended 0.5 per cent up at 1,418.59.

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

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

Signs of heat stroke
  • The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
  • Body temperature above 39°C
  • Hot, dry and red or damp skin can indicate heatstroke
  • A faster pulse than usual
  • Dizziness, nausea and headaches are also signs of overheating
  • In extreme cases, victims can lose consciousness and require immediate medical attention
NBA Finals so far

(Toronto lead 3-1 in best-of-seven series_

Game 1 Raptors 118 Warriors 109

Game 2 Raptors 104 Warriors 109

Game 3 Warriors 109 Raptors 123

Game 4 Warriors 92 Raptors 105

Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 

Tewellah by Nawal Zoghbi is out now.

Results

5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m

Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)

6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m

Winner Bright Start, Pat Cosgrave, Saeed bin Suroor

6.40pm Handicap (TB) Dh92,500 (D) 2,000m

Winner Twelfthofneverland, Nathan Crosse, Satish Seemar

7.15pm Handicap (TB) Dh85,000 (T) 1,600m

Winner Imperial Empire, Tadhg O’Shea, Satish Seemar

7.50pm Handicap (TB) Dh92,500 (T) 2,000m

Winner Record Man, Tadhg O’Shea, Satish Seemar

8.25pm Handicap (TB) Dh92,500 (D) 1,600m

Winner Celtic Prince, Fabrice Veron, Rashed Bouresly

COMPANY PROFILE

Name: Haltia.ai
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

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

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now


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