Equities were mixed across the Arabian Gulf on Wednesday, as oil prices and global bourses spent the day treading water.
Brent crude futures climbed by 1.2 per cent midday to around US$56.16 per barrel, before easing to about $55.77 in the late afternoon.
Japan’s Nikkei ended its first trading day of the year up 2.5 per cent, while European indexes were little changed. The Euro Stoxx 50 was down 0.05 per cent in the late afternoon.
Shares in Dubai spent most of the day in negative territory, but finished up 0.4 per cent at 3,617.40, thanks to late gains by Emaar Properties and DIB.
The index has risen four trading sessions in a row, its longest winning streak since mid-December.
Emirates NBD led blue chip gains, closing up 2.9 per cent at Dh8.65, with du and DXB Entertainments also rising.
The Abu Dhabi Securities Exchange General Index finished a quiet day down 0.4 per cent at 4,570.07, with more than two thirds of stocks finishing unchanged.
Shares in Etisalat, the index’s most heavily weighted stock, closed 1.3 per cent lower, with Aldar Properties and NBAD also falling. Small cap stocks Al Wathba National Insurance and Al Khazna Insurance were the pick of just five gainers, up 14.4 per cent and 9.3 per cent, respectively. Insurance stocks have been rising because of the introduction of higher tariffs and the expectation that companies in the sector will be merging.
In Saudi Arabia, the Tadawul closed 0.7 per cent down, as decreases by Savola and NCB offset gains by Bupa Arabia and Saudi Electricity. The Qatar Exchange led gains in the region, closing up 0.8 per cent thanks to advances by United Development and Ezdan.
jeverington@thenational.ae
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
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The National Archives, Abu Dhabi
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
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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
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
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- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950