Dubai's stock market hit a seven-year low yesterday as concerns grew that unrest elsewhere in the region could affect the stronger oil-rich economies of the GCC.
The Dubai Financial Market General Index slipped 3.48 per cent to 1,374.43 and heavyweight stocks fell to fresh lows.
Emaar Properties, the developer of the Burj Khalifa, ended 6 per cent lower at Dh2.50 a share - a 12-month low - in intraday trading.
Arabtec Holding, which was the most actively traded stock with more than 44 million shares changing hands, closed at its lowest since March 2009. Its shares fell 8.9 per cent to Dh1.22.
The Abu Dhabi Securities Exchange General Index was also down, 1.8 per cent to 2,527.40, as institutional investors remained on the sidelines.
"We've only got day traders and they don't know which way to go," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment.
Saudi Arabia's Tadawul, the Arab world's largest stock market, fell 3.8 per cent to 5,323.27 points.
Elsewhere in the region: Qatar's measure slumped to a five-month low, retreating 3.6 per cent to 7,657.47 points; Kuwait's measure closed 2.6 per cent down at 6,157.70 - its lowest since 2004; and Muscat's index retreated 1.5 per cent to 6,303.82 points.
The Egyptian Exchange is slated to reopen on Sunday after being closed for more than a month.
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Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
UPI facts
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Results
Ashraf Ghani 50.64 per cent
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Gulbuddin Hekmatyar 3.85 per cent
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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
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
