Saudi Arabia's Tadawul fell in early trading. Hasan Jamali / AP Photo
Saudi Arabia's Tadawul fell in early trading. Hasan Jamali / AP Photo

Saudi steel, cement cheer export tariff cuts in mostly weak region



Shares in Saudi Arabia's cement and steel sectors surged in early trade on Thursday after the government cut export tariffs, but Arabian Gulf stock markets were mostly weak after a slide in oil prices.

The Saudi government said it was cancelling all export duties on steel for two years to encourage local industries, and would slash cement export tariffs by 50 per cent.

Najran Cement jumped 6.2 per cent in unusually high volume and was the top gainer in Riyadh after 35 minutes of trade. All other stocks among the top 10 gainers were also from the building materials sector, including Al Yamamah Steel Industries, which rose 2.1 per cent.

Building materials producers have been hurt hard in the past couple of years by a construction industry slump caused by the government's austerity policies.

Qatar's index fell 0.5 per cent. Four Arab states decided in a meeting in Cairo on Wednesday not to slap fresh sanctions on Qatar for now, but voiced disappointment at its "negative" response to their demands and warned of the possibility of further action against Doha.

In Dubai the index was down 0.5 per cent, hit by a 1.4 per cent drop in shares of blue chip Emaar Properties and a 0.9 per cent fall in peer DAMAC Properties

In Abu Dhabi, Dana Gas fell 1.4 per cent after sources told Reuters that London's High Court planned to hold a full hearing in September on efforts by the company to restructure US$700 million of its Islamic bonds.

A High Court judge upheld an interim injunction there blocking holders of the sukuk, due to mature in October, from enforcing claims against Dana. But he also ordered Dana to cancel an injunction in a court in the emirate of Sharjah and seek a stay of its proceedings there.

The Abu Dhabi index was down 0.6 per cent.

*Reuters

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Company profile

Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital

UAE squad

Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)

The Killer

Director: David Fincher

Stars: Michael Fassbender, Tilda Swinton, Charles Parnell

Rating: 4/5 

FULL FIGHT CARD

Featherweight Bout: Abdullah Al Qahtani v Taha Bendaoud
Bantamweight Bout: Ali Taleb v Nawras Abzakh
Bantamweight Bout: Xavier Alaoui v Rachid El Hazoume
Featherweight Bout: Islam Reda v Adam Meskini
Bantamweight Bout: Tariq Ismail v Jalal Al Daaja
Bantamweight Bout: Elias Boudegzdame v Hassan Mandour
Amateur Female Atomweight Bout: Hattan Al Saif v Nada Faheem
Featherweight Bout: Maraoune Bellagouit v Motaz Askar
Featherweight Bout: Ahmed Tarek v Abdelrahman Alhyasat
Showcase Featherweight Bout: Mido Mohamed v Yazeed Hasanain
Showcase Flyweight Bout: Malik Basahel v Harsh Pandya

UAE currency: the story behind the money in your pockets
Zodi & Tehu: Princes Of The Desert

Director: Eric Barbier

Starring: Youssef Hajdi, Nadia Benzakour, Yasser Drief

Rating: 4/5

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

The design

The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.

More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.

The architecture will control light sources to provide a highly insulated and airtight building.

The forecourt is protected from the sun and the plants will refresh the inner spaces.

A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.

Energy-saving equipment will be used for all lighting and projections.

Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.

Some elements of the metal frame can be prefabricated in a factory.

 From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.

Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019. 

Construction of the pavilion will take 17 months from May 2019 to September 2020.

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

Fourth Arab Economic and Social Development Summit

As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.

Chris Jordan on Sanchit

Chris Jordan insists Sanchit Sharma will make an impact on the ILT20, despite him starting the campaign on Gulf Giants' bench.
The young UAE seamer was an instant success for the side last season, and remained part of the XI as they claimed the title.
He has yet to feature this term as the Giants have preferred Aayan Khan and Usman Khan as their two UAE players so far.
However, England quick Jordan is sure his young colleague will have a role to play at some point.
"Me and Sanchit have a great relationship from last season," Jordan said.
"Whenever I am working with more inexperienced guys, I take pleasure in sharing as much as possible.
"I know what it was like when I was younger and learning off senior players.
"Last season Sanchit kick-started our season in Abu Dhabi with a brilliant man-of-the-match performance.
"Coming into this one, I have seen a lot of improvement. The focus he is showing will only stand him in good stead."

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Results

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m; Winner: Rasi, Harry Bentley (jockey), Sulaiman Al Ghunaimi (trainer).

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m; Winner: Ya Hayati, William Buick, Charlie Appleby.

7.40pm: Handicap (TB) $135,000 (D) 1,200m; Winner: Bochart, Richard Mullen, Satish Seemar.

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m; Winner: Magic Lily, William Buick, Charlie Appleby.

8.50pm: Handicap (TB) $135,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m; Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer.

10pm: Handicap (TB) $175,000 (T) 2,410m; Winner: Eynhallow, Mickael Barzalona, Charlie Appleby.