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.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Mohammed bin Zayed Majlis
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
