The lifts in Burj Khalifa, developed by Emaar Properties as the tallest tower in the world, may have stalled but the company's shares are certainly on the rise.
Emaar shares rose 5 per cent yesterday to Dh3.81. In the past three weeks, Emaar has risen more than 30 per cent - and with strong volumes.
The catalyst, analysts say, is not so much company fundamentals as a shift in investor outlook towards Dubai in general.
When the financial crisis hit Dubai's property sector in late 2008, and job cuts ensued, a mass exodus of expatriate workers was expected. As the country's largest developer, Emaar was expected to take a major blow and the stock plunged as a result.
Instead, Dubai's population grew to 1.77 million, up 7.6 per cent in the past year, the Government announced on Monday. The surge is due to an "overspill" of people from emirates such as Sharjah and Abu Dhabi, who have moved to Dubai to capitalise on cheaper rents.
Majed Azzam, a property analyst at Al Futtaim HC Securities, said the population rise was supported by other data suggesting the number of mobile phone subscribers rose last year, as did water and electricity consumption.
"If you look at the supporting evidence in Dubai, it is likely that population did grow; this is good for the real estate sector," he said. Mr Azzam said the stabilisation of rental prices since November and a strong gain last month were indications that there was still considerable property demand.
In addition, Emaar has benefited from the speculation in recent weeks that Dubai World's proposed debt restructuring will be resolved soon, and in a fashion that does not create major ripple effects through the emirate's economy.
The latest contribution to that growing perception was a report in The National yesterday that Dubai World representatives had put forward an informal plan to creditors that included flexible repayment options regarding its US$26 billion restructuring. This was received by investors as good news for Dubai.
And as Dubai goes, so goes Emaar.
@Email:agiuffrida@thenational.ae
Poacher
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The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially