The Dubai stock market rallied 4.1 per cent as oil closed above $60 a barrel and global fund managers bought into local stocks, pushing Emaar Properties to close at a five-month high.
Dana Gas rose to a seven-month high after announcing a new gas find in the Nile delta in Egypt.
"Obviously such an oil price run-up will feed into the economy and can eventually attract capital back to the stock market," said Yong Wei Lee, a senior funds manager at EIS Securities, the asset managing arm of Emirates NBD. Oil income accounts for more than one third of the Emirates' GDP.
The Dubai Financial Market Index ended the day at 1734.54, up 4.1 per cent, while Abu Dhabi's main index rose 0.5 per cent to close at 2625.81.
"These markets here have been long underperforming and they are now catching up with overall emerging markets," said Yazan Abdeen, a funds manager at ING Management. "Dubai will profit from this in the short term."
Local markets now stand a "good possibility of rallying until there could be new negative news from the property market in June or July", Mr Abdeen added.
Many analysts are fearing a great departure of expatriates this summer, as many families may wait until the end of the school year to leave the Emirates.
Mr Lee said property remained the key for a broader and more sustained recovery in UAE markets. "Unless confidence returns to the real estate sector, it is difficult to see a strong comeback for UAE stocks."
Emaar Properties rose 12.6 per cent amid high volumes.
The stock, which lost 85 per cent last year, closed at Dh2.95, a new record for the year.
Funds managers said the recovery in the stock was expected.
"What we are probably experiencing is a rotation among property stocks. The stock has lagged its peers for the past two months and is playing catch up," Mr Lee said.
Analysts also pointed to strong gains by small-cap and mid-cap companies such as the Islamic insurers Takaful Emarat and Dar Takaful.
Dana Gas rose 4.8 per cent to Dh1.09 after the company said on Saturday it had discovered gas in one of its concessions in the Nile delta. The well will add as much as 30 billion cubic feet of gas to the company's reserves in Egypt.
uharnischfeger@thenational.ae
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
Everybody%20Loves%20Touda
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nabil%20Ayouch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nisrin%20Erradi%2C%20Joud%20Chamihy%2C%20Jalila%20Talemsi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18