DUBAI // Stock markets in the UAE were upgraded yesterday to "emerging market" status by the FTSE Group, a leading stock index provider.
The news, together with oil continuing to trade above US$70 a barrel, pushed shares higher.
Banking and property stocks helped lift Dubai's benchmark index to a three-month high on the last trading session before the long Eid al Fitr break. The Dubai Financial Market index ended 2.1 per cent up to settle at 2127.62, its highest level since June.
The Abu Dhabi Securities Exchange General Index rose 1.6 per cent to close at 3,100.05, led by a 7 per cent gain by Sorouh Real Estate after the firm announced that its chief executive had resigned. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank gained 4.3 and 2.2 per cent respectively.
Ayman el Saheb, the director of operations at Darahem Financial Brokerage in Dubai, said: "The upgrade to emerging market status means there could potentially be more interest from institutions in this part of the world, which could be translated into renewed trading activity.
"It does not have immediate bearing on the markets but it has helped in lifting investors' sentiment."
FTSE, which publishes the FTSE 100 index in London, said the UAE's move to "secondary emerging market" status would be effective from September next year. MSCI, a larger global index provider owned by Morgan Stanley, earlier decided against moving the country into its emerging markets index.
Index providers' decisions can significantly affect flows of capital into stock markets. Hundreds of billions of dollars are invested globally in indexes, and the inclusion of markets such as the UAE's in larger ones with more money behind them can cause foreign money to rush inward.
Index providers typically judge markets based on size, transparency, trading volume and openness to foreign investment.
The rise yesterday in the UAE's and broader GCC markets came after a prolonged rise for Asian stocks, which sent the MSCI Asia Pacific index to a one-year high. Crude oil also traded as high as $72.73 a barrel.
"Oil and encouraging international data have been the main drivers for the sustained rally of the past two weeks and have convinced investors to stay in the market instead of cashing their positions ahead of the trading break," Mr el Saheb said.
Elsewhere in the region, Qatari stocks rose 2.7 per cent, and Oman's MSM30 Index and the Kuwait Stock Exchange Index were each up 0.8 per cent. Bahrain's index climbed 0.6 per cent. Saudi Arabia's Tadawal, the largest stock equities market in the region, is closed until September 26 for the weekend and the Eid al Fitr holidays.
Markets across the Middle East will be closed during Eid. Exchanges in Dubai, Abu Dhabi, Doha and Bahrain are to be closed from Sunday until Wednesday, unless Eid starts on Monday, in which case they are to be closed until Thursday. The Nasdaq Dubai and Saudi Tadawul are to be closed until Thursday. Exchanges in Kuwait and Muscat are to be closed until Friday.
skhan@thenational.ae
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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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.
Scream%20VI
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
