Dubai's bourse rose, led by Arabtec Holding, amid investor optimism that the builder will benefit from upcoming contracts in Abu Dhabi.
Arabtec rose 3.2 per cent to Dh3.51 at 11am, with 37.3 million shares changing hands. State controlled fund Aabar Investmentson Sunday awarded Arabtec with a Dh222 million contract to build a residential tower in Abu Dhabi, only weeks after it became the largest shareholder in the company. Aabar has a 10.45 per cent stake in the company.
"People are now bullish on Arabtec," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "Especially after Aabar bought a big chunk of the company."
Emaar Properties fell 0.9 per cent to trade at Dh3.26, after the region's biggest developer kept its dividend to shareholders at 10 fils per share at its annual general meeting yesterday. Investors were keen on a 15 fils per share dividend.
"Investors are not very enthusiastic, the dividend is priced in, many are waiting to see what the first quarter results will look like, before making investment decisions," Shurrab said.
The Dubai Financial Market General Index rose 0.3 per cent to 1645.40 points, while the Abu Dhabi Securities Exchange General Index was up 0.02 per cent to 2499.85 points.
Elsewhere in the region, Kuwait's measure added 0.1 per cent to 6337.10 points. Bahrain's index was unchanged at 1151.26 points. Oman's MSM 30 Index added 0.1 per cent to 5968.49 points. Qatar's QE Index declined 0.3 per cent to 8667.76 points.
The Saudi Tadawul All-Share Index was down 0.7 per cent to 7525.17 points yesterday.
halsayegh@thenational.ae
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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.