Dubai stocks rallied yesterday after quarterly earnings beat expectations and positive investor sentiment on global markets.
Dubai Islamic Bank, the oldest Sharia-compliant lender, said third quarter net profit jumped to Dh722.9 million, from Dh461.3m last year. The shares advanced 3.3 per cent to Dh7.49 on the Dubai Financial Market.
Emirates NBD said it doubled its third-quarter net profit to Dh1.56 billion, from Dh776m last year. The shares of Dubai's biggest lender rose 2.1 per cent to Dh9.35.
“The quarterly results were above estimates and impressed investors,” said Tariq Qaqish, the head of asset management at Al Mal Capital, a Dubai-based investment bank.
“At the same time, markets are getting a boost from what’s happening internationally and Europe specifically. There’s a rebound from the selling sessions in recent days.”
European markets jumped on Tuesday after reports that the European Central Bank was considering purchasing corporate bonds as a way to help banks free up their balance sheets for lending.
Arabtec Holding, the biggest contracting company, jumped 5.7 per cent yesterday to Dh4.08 a share. Emaar Properties, the developer behind Burj Khalifa, advanced 0.9 per cent to Dh10.30. Emaar Malls Group, Emaar's retail unit, was unchanged at Dh3.17.
The DFM General Index rose 2.1 per cent to 4,535.08 points.
The Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,800.06.
halsayegh@thenational.ae
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AL%20BOOM
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
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
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km