Markets

Emaar results provide lift for Dubai stocks

Markets Update: Dubai¿s stock market crept higher, led by Emaar Properties, after net profit at the region¿s biggest developer rose 45 per cent.

Hadeel al Sayegh

July 31, 2012

Dubai's stock market crept higher, led by Emaar Properties, after net profit at the region's biggest developer rose 45 per cent, driven by higher income from its malls and revival in the emirate's property market.

Emaar's shares rose 0.3 per cent to Dh3.25 on the Dubai Financial Market.

Net income rose to Dh614 million, from Dh250 million, Emaar said in a statement posted on the Dubai bourse website late Sunday.

The Dubai Financial Market General Index rose 0.1 per cent to 1510.79 points.

Emaar saw muted reaction following the results because "most of the movement was already priced in, the shares are up 12 per cent month to date," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai.

Trading activity was lukewarm on the Abu Dhabi Securities Exchange, as the summer and Ramadan season went underway, a time where volumes are generally low.

Taqa, also known as Abu Dhabi National Energy, added 0.8 per cent to Dh1.23. Dana Gas fell 2.6 per cent to 37 fils. The Abu Dhabi Securities Exchange General Index slipped 0.01 per cent to 2485.30 points.

Elsewhere in the region, Kuwait's measure added 0.03 per cent to 5748.78 points. Bahrain's index slipped 0.3 per cent to 1109.62 points. Oman's MSM 30 Index slipped 0.06 per cent to 5373.47 points. Qatar's QE Index slipped 0.1 per cent to 8277.92 points.

The Saudi Tadawul All-Share Index gained 0.02 per cent yesterday to 6769.12 points.

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.