Hot money is returning to the local bourses.
Foreign investors bought Dh439 million worth of shares on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) since the start of the year, market data shows. The figure is a marked increase from last year's Dh5.5m for January, and comprises 30 per cent of total shares purchased by foreign investors for all of last year.
"It's all about positive uncertainty rather than negative uncertainty," said Mohammed Ali Yasin, the managing director at National Bank of Abu Dhabi's brokerage.
Aldar and Sorouh will separately hold board meetings today to "discuss update on the potential merger", the two developers said in respective filings published on the ADX. Investors envisage a tie-up that would create a company worth more than US$15 billion in assets as an important requirement for the revival of the property market.
"The more important aspect is the outcome of it and how it will affect the real estate sector, and what business lines the merged entity will operate," Ali Adou, a portfolio manager at Abu Dhabi's The National Investor told Reuters.
Aldar and Sorouh originally announced their intention to investigate a merger last March after both firms were hit hard by the property downturn in Abu Dhabi. For much of the time since then the companies' share prices have moved in tandem as investors anticipate the long-awaited merger.
Abu Dhabi's Government last week announced Dh330 billion in spending plans to build homes, schools and vital infrastructure work, considered another catalyst to boost investor confidence.
Another key requirement, a conclusion of Dubai's debt saga, is thought to be in the works.
Last week, it emerged that Amlak had been in talks with a six-member creditor committee to tackle Dh7bn worth of debt. Amlak's shares have been suspended since the 2008 global financial crisis cut access to cheap credit and wiped asset values.
Tamweel, another mortgage provider, is about to undergo a full takeover with plans to de-list from the Dubai Financial Market. Dubai Islamic Bank (DIB) said it would offer Tamweel's minority shareholders 10 shares for every 18 shares of the mortgage company's shares held by them.
The move was welcomed among investors who saw DIB stepping in to offer full support of Tamweel. Tamweel's shares were suspended from trading in 2008. They resumed trading in May 2011.
The UAE economy, steaming ahead as the West struggles, was expected to have grown 4 per cent last year, Sultan Al Mansouri, the Minister of Economy, saidlast week.
The return in investor interest comes as Europe grapples with a lingering debt crisis and after US policymakers averted a "fiscal cliff".
The UAE and its stock markets are a candidate for an upgrade to emerging markets status by the international index provider MSCI, whose indexes are tracked by investors with about $7 trillion in assets. The country is currently a frontier market, considered riskier by global investors.
Non-Arab investors bought Dh210m worth of shares in Dubai, and Dh228.8m in Abu Dhabi, market filings show.
They bought Dubai Financial Company, Emaar, Air Arabia, Dubai Investments and Arabtec Holding. In Abu Dhabi, they built up shares in Aldar Properties, Sorouh Real Estate, RAK Properties, Bank of Sharjah and Dana Gas.
The Abu Dhabi Securities Exchange General Index is up 5.1 per cent so far this year, trading at 2,765.82 points. The Dubai Financial Market General Index has rallied 9.3 per cent in the same period. It closed at 1,774.92 on Thursday, the highest level since November 2011.
halsayegh@thenational.ae
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
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- Full hormone production regained within 4-6 months
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The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
How to avoid crypto fraud
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
More on Coronavirus in France
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding