The Dubai stock market surged to its highest level in almost a decade on Monday, driven by strong performances in the financial and real estate sectors.
The Dubai Financial Market General Index, the benchmark, closed 4.5 per cent higher at 5047.5, the highest in almost 10 years.
Shares of Emaar Properties, Dubai's largest listed developer, rose more than 14 per cent – its highest level in almost 17 years – after the company updated its dividend policy.
On Friday, the company said it planned to declare dividends at 100 per cent of its share capital for 2024, and for the next few years.
“The dividend policy provides a tailored approach to dividend distribution and aligns with market practice. It also aims at enhancing shareholder value while ensuring the financial sustainability and strategic growth of [the company],” Emaar said in a statement on Sunday.
In addition to regular dividends, the company may consider special dividends based on its cash flow, it added.
Emaar reported revenue of Dh23.8 billion ($6.48 billion) in the first nine months of this year – up 30 per cent from the same period a year earlier. The company’s net profit before tax grew 24 per cent to Dh12.4 billion during the same period.
“Looking ahead, Emaar is focusing on market expansion, digital transformation, and innovative projects to drive sustained growth,” said Marc Pussard, head of risk at APM Capital, an Abu Dhabi-based financial services company.
“This strategy, coupled with Dubai's thriving real estate market, positions Emaar optimistically for continued financial strength and long-term value creation,” Mr Pussard told The National.
UAE's financial stocks gained on Monday, ahead of a US Federal Reserve meeting on December 17 and 18.
The Fed is widely expected by analysts to cut interest rates by 25 basis points.
Emirates NBD, Dubai’s largest lender, settled 9.3 per cent higher at Dh21.65, while Dubai Islamic Bank closed up 5.2 per cent at Dh7.13.
First Abu Dhabi Bank, the UAE’s largest bank, ended the day about 1 per cent higher on the Abu Dhabi Securities Exchange (ADX).
“What the Fed will announce about the next meetings will probably matter more than this week’s cut,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“On one hand, [Fed chair] Jerome Powell recognises that the US economy and jobs market remain resilient. On the other hand, Trump’s pro-growth policies and tariffs could boost inflation again,” she said.
“There is nothing that justifies the continuation of regular cuts in 2025.”
The Fed has lowered interest rates by a total of 75 basis points in its previous two meetings, bringing down its target range to 4.50-4.75 per cent.
Gulf monetary policy is closely linked to the Fed, as most currencies in the region, like the dirham, are pegged to the US dollar.
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The burning issue
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
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Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
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MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
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Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
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6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
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8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
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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
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Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
World Mental Health Day
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
