Dana Gas closed higher as political developments in Egypt and Iraq appeared to be settling down.
The UAE gas explorer and producer was up 2.9 per cent at 69 fils at the close of trading on the Abu Dhabi Securities Exchange, adding to its 3 per cent gain made the previous day.
"What is supporting the rebound in share price is that the situation is settling down in Egypt [where Dana has concessions]," said Julian Bruce, the director of equity sales at EFG-Hermes in Dubai.
"We are also starting to see foreign investors returning to equities in the UAE in light of what is happening in the region, as local stocks appear to be more attractive in terms of valuations, and most of the bad news locally is out of the way," Mr Bruce said.
The Iraqi prime minister, Nouri al Maliki, said the central government would respect profit-sharing contracts signed by semi-autonomous Kurdistan and foreign oil companies. Iraq's stock exchange is also scheduled to reopen for three hours on Sunday. "Any comments on a resolution in Iraq between the regional and federal government for foreign companies in exploration and production will be taken positively by companies like Dana," Mr Bruce said.
The Abu Dhabi Securities Exchange closed 0.7 per cent higher to 2,693.00 points. The Dubai Financial Market (DFM) General Index rose by 0.03 per cent to 1,606.43.
Shares in the DFM, the Arab world's only listed stock exchange, which trades as DFM Company, declined by 1.3 per cent to Dh1.46.
Aramex, the Middle East's largest courier company, declined 0.5 per cent to Dh1.94 a share after it announced, in a filing to the Dubai bourse, that it had resumed its operations in Egypt.
Elsewhere in the region: Kuwait's measure lost 0.1 per cent to 6,734.30; Bahrain's index added 1.5 per cent to 1,472.84; Oman's bourse gained 0.1 per cent to 6,892.92; and Qatar's measure lost 0.1 per cent to 8,876.20. The Saudi Tadawul All-Share Index rose 0.4 per cent to 6,616.41.
halsayegh@thenational.ae
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Vault%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EBilal%20Abou-Diab%20and%20Sami%20Abdul%20Hadi%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EInvestment%20and%20wealth%20advisory%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EOutliers%20VC%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E14%3Cbr%3E%3C%2Fp%3E%0A
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
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
