Upbeat start to UAE banks earnings season

The UAE's markets held steady after the first of the Emirates' banks kicked off earnings season for 2011.

Shares in InvestBank, among the Emirates' smallest lenders, rose 6.2 per cent to Dh1.70 each after the bank announced improved profits and an increased dividend.

The Sharjah-based trade finance bank reported net profits for the full year of Dh317.2m, an increase of 5.4 per cent on the same period a year earlier, while the bank's board announced a 10 per cent cash dividend and an 8.2 per cent distribution of bonus shares.

The Dubai Financial Market General Index fell 0.1 per cent to 1,328.77, while the Abu Dhabi Securities Exchange General Index gained 0.2 per cent to 2,337.38.

Union Properties rose for a second consecutive day after it was thrown a lifeline in debt negotiations by Emirates NBD, its largest shareholder.

Yesterday, Union Properties agreed to transfer some of its most high-profile property assets to the bank to settle debts of Dh1.1bn, while extending maturities on a further Dh2.7bn owed.

The developer's stocks rose 6.4 per cent to 28.2 fils each, while Emirates NBD's stocks fell 3.2 per cent to Dh2.70 each, erasing yesterday's gains for the bank's stock after the deal was announced.

Dana Gas and Aldar Properties joined InvestBank to lead gains on the capital's index.

Asian stocks rallied in the early hours of the morning after reports that China's government may move to allow banks to boost lending. The Hang Seng Index gained 1.2 per cent to 19,925.93, while Japan's Nikkei 225 index rose 1 per cent to 8,639.68.

Oil prices moved upwards as US inventories were drawn down by increased gasoline demand. Brent futures rose 33 cents to $110.78 a barrel.



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


First round
Emmanuel Macron: 51.1%
Francois Fillon: 24.2%
Jean-Luc Melenchon: 11.8%
Benoit Hamon: 7.0%
Marine Le Pen: 2.9%

Second round
Emmanuel Macron: 95.1%
Marine Le Pen: 4.9%

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Company profile

Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.


Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
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Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books

Company Profile

Name: Raha
Started: 2022
Based: Kuwait/Saudi
Industry: Tech Logistics
Funding: $14 million
Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166