Dubai's market fell to its lowest point in three months as investors tracked a slump across international equities and a drop in oil prices.
Global stocks fell last week amid concerns that the Greek government may not win parliamentary consent on austerity measures that are crucial for securing more bailout funds.
Brent crude prices also fell 2 per cent on Friday after the International Energy Agency, which represents 28 oil-importing nations, announced the release of 60 million barrels of oil from strategic stockpiles.
The Dubai Financial Market General Index retreated more than 1 per cent to 1,521.15 points, while the Abu Dhabi Securities Exchange General Index ended flat.
Among the losers, Aldar Properties slipped after Abu Dhabi's largest developer had its ratings lowered by Moody's. The most heavily traded stock in the capital fell 2.1 per cent to Dh1.27.
But Emirates NBD, the country's biggest bank, bucked the wider trend and was among the top gainers in Dubai after it announced a reshuffle of its top executives. The lender announced the appointment of Sheikh Ahmed bin Saeed Al Maktoum as its new chairman, replacing Ahmed Humaid Al Tayer.
Shares in the company advanced 0.7 per cent to Dh4.13. The bank offers only 5 per cent of its equity to foreign investors, making it a more illiquid stock.
Egypt's stock market slipped 0.7 per cent to 5,438 points after an initial rise at the opening bell as investors were buoyed by the country's move to reduce foreign debt.
fhalime@thenational.ae
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
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
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
