The Dubai Financial Market (DFM) fell yesterday after rallying the previous day as speculation mounted that the US Federal Reserve may introduce stimulus measures to ease the world's largest economy at a meeting tomorrow and Thursday.
Emaar Properties, the developer behind the world's tallest tower, lost 1.1 per cent to Dh3.36. Drake & Scull International dipped 1.2 per cent to 86 fils. The DFM General Index closed 0.8 per cent lower to 1,557.21.
The benchmark rallied 1 per cent on Sunday, with some stocks up as much as 4 per cent, tracking euphoric gains made in European and US markets over the weekend.
"It was a bit of a slight drop today," said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services in Dubai. "A small correction in line with a drop internationally. The outlook for UAE equities, however, still remains positive."
As UAE markets headed towards the close, European markets opened lower, while US stock futures indicated the benchmarks would open on a negative note.
The Abu Dhabi Securities Exchange General Index inched 0.1 per cent higher to 2,592.64.
Elsewhere in the region: Kuwait's measure lost 0.6 per cent to 5,850.13; Bahrain's index added 0.2 per cent to 1,076.67; Oman's MSM 30 Index was little changed, down 0.03 per cent, to 5,592.09; Qatar's QE Index added 0.2 per cent to 8,477.76.
The Saudi Tadawul All-Share Index declined 0.33 per cent to 7,072.60.
halsayegh@thenational.ae
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
Heather, the Totality
Matthew Weiner,
Canongate
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
