The UAE's markets closed flat yesterday despite strong second-quarter profits at an Abu Dhabi bank and a higher takeover offer for one of the emirate's most prominent listed companies.
"The markets aren't going to improve substantially in volumes or otherwise on second-quarter earnings," said Hassan al Salah, the head of institutional trading at AlRamz Securities in Abu Dhabi.
The debt restructurings at Dubai World and its property subsidiary Nakheel, and a weaker overall property sector continue to weigh on the markets, Mr al Salah said.
"The rallies driven by positive sentiment concerning Dubai Government-related entities weren't being realistic," he said.
The Dubai Financial Market General Index dropped 0.8 per cent to 1,507.61. Arabtec shares dropped 2.7 per cent to Dh1.79. The company's stock had shot up 6 per cent on news that Nakheel had reached debt restructuring agreement with creditors. The financial sector fell the most. Dubai Islamic Bank dropped 1 per cent to Dh1.96 a share, while Emirates NBD, the UAE's largest bank, dropped 3.5 per cent to Dh2.44 a share.
The Abu Dhabi Securities Exchange General Index added 0.1 per cent to 2,526.44 - a small rise that came despite a strong second-quarter performance at Abu Dhabi Islamic Bank and a better offer for shareholders in a planned takeover of Aabar Investments.
Waha Capital rose 1.7 per cent to 58 fils. Waha Aerospace, a vehicle the company is using to issue bonds, was given a high "A2" debt rating by Moody's Investors Service on Friday.
Etisalat, the country's dominant telecoms operator, added 0.4 per cent to close at Dh10.40. Its board is to convene today to discuss its dividend for the first half of the year.
Elsewhere in the region, Kuwait's index fell 0.3 per cent to 6,492.60, while Bahrain's measure added 0.4 per cent to 1,398.87.
Oman's gauge remained flat at 6,219.14 and Qatar's index dropped 0.7 per cent to 6,913.11. The Saudi Tadawul All-Share index dipped 0.2 per cent to 6,117.21.
halsayegh@thenational.ae
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The%20Roundup
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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
Honeymoonish
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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
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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.
Company%20Profile
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