A year after the popular uprising in Tunisia sparked the Arab Spring, its stock market has turned in the best performance of any Arab bourse in the last six months.
Having fallen by 30 per cent in the wake of the unrest at the end of 2010, Tunisian stocks have staged a dramatic recovery, fuelled by resilient corporate earnings growth in the second half of last year, growing trade with Libya and forecasts for robust economic growth this year.
"If we work together, we could achieve strong growth in the country despite the economic downturn facing most countries in the EU," said Mourad ben Chaabane, a board member at the bourse and the chief executive of MAC, one of the biggest investment banks in the country.
The Tunis stock market rose 10.5 per cent in the second half of last year, versus a 7 per cent decline of the S&P Pan-Arab Index over the same period. It has a market capitalisation of 14 billion Tunisian dinars (Dh33.99bn) with 57 companies listed.
The recovery is prompting more local firms to list on the exchange, seeking capital for expansion.
Atelier Mecanique du Sahel, which specialises in manufacturing of plumbing equipment and kitchenware, plans to raise US$10 million (Dh36.7m) in a share sale in March to make acquisitions in Egypt.
Land'or, a local cheese company, plans to sell 40 per cent of its company worth about $15m in April to set up a factory in Libya and Abu Dhabi.
Three other companies are also considering a flotation, he added.
The IMF forecasts that the economy will grow by 4 per cent this year and 5.2 per cent next year, more than any other Arab country that experienced uprisings including Egypt, Syria and Bahrain.
"This has encouraged local investors, in the absence of foreign investors who were net sellers in the first half of the year," said Mr ben Chaabane. Foreign investors on the Tunisian stock exchange account for 5 per cent of total trading, down from 15 per cent prior to the revolution, he added.
Growing trade with Libya has been one factor contributing to Tunisia's recovery, rising to €300m (Dh1.43bn) in the first nine months of last year, compared with €100m in the same period a year earlier, the Tunisian trade ministry said in October.
Protectionist measures on the country's currency has also helped demand for Tunisian stocks, said Fathi ben Grira, the chief executive at MenaCorp, a financial services company in the UAE.
"Tunisians can't remit their money abroad," Mr ben Grira said. "When you are a businessman making a lot of money … and you can't use it [anywhere] but in Tunisia, where do you put it? In the stock-market."
Tunisia's currency, which is managed by a controlled float pegged to a basket of currencies comprised of the country's main trading partners, has declined 7.1 per cent against the greenback since November 2010.
The dinar traded at 0.6614 per dollar yesterday.
halsayegh@thenational.ae
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
T20 World Cup Qualifier A, Muscat
Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm – semi-finals
Thursday, February 24: 2pm – final
UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
All matches to be streamed live on icc.tv
UAE currency: the story behind the money in your pockets
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
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.