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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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Origin
Dan Brown
Doubleday
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
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- An elevated football field that doubles as a helipad
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Power: 905hp
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Sholto Byrnes on Myanmar politics
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
'The%20Alchemist's%20Euphoria'
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Abu Dhabi Sustainability Week
The%20specs
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Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
