Investors are bracing themselves for a bumpy start to the week as weaker earnings from the country's blue-chip stocks are likely to take their toll on trading, fund managers say.
Emaar Properties and Etisalat both posted lower-than-expected earnings after the closing bell on Thursday, meaning today will be the first chance for investors to react.
Emaar Properties posted a profit of Dh7.63 billion for last year, a decrease of more than 13.6 per cent compared with 2009. .
Emaar, the largest developer in the region, reported fourth-quarter profits fell by 62 per cent to Dh274 million compared with the same period in 2009 after two companies it part-owns, Amlak Finance and Dubai Bank, wrote down the value of their assets. Shares of Emaar declined 1.8 per cent to Dh3.25 last week.
"The misses in numbers were definitely not expected and we will see some selling pressures," said Haissam Arabi, the chief executive of Gulfmena Alternative Investments in Dubai.
"This could affect all the other sector-related companies, in particular those that haven't reported yet."
Dubai's largest contractor, Arabtec Holding, is yet to release its earnings. Union Properties and Deyaar Development, two property firms listed on the Dubai bourse, have also not released earnings yet.
Last week, Aldar Properties, Abu Dhabi's biggest developer, posted a loss of Dh12.65bn compared with a profit of Dh827.4m a year earlier.
The Abu Dhabi Securities Exchange General Index added 1.3 per cent to 2,710.61 last week, while the Dubai Financial Market General Index declined 0.4 per cent to 1,598.40.
Brokers say investors are holding stocks for shorter periods because of the increased volatility in recent weeks, fuelled by events in Egypt and thin volumes on the local bourses.
"The nature of the beast that is the market is giving us a short time horizon. There are so many variables and so many shocks that we're facing," Mr Arabi said. "If you see the stock up 5 per cent, you take your profits and not take the risk, and buy when it becomes cheaper."
The ADIB Islamic Banking Index last week declined 2.7 per cent to 948.80.
Qatar's bourse is expected to see a boost in trading this week as the correction from the banking sector may have run its course. Last week, the Qatar central bank issued a circular to conventional banks in the country asking them to end their Islamic banking operations by December. This decision came as a surprise to Qatari bank officials, especially given that the central bank issued a circular in August introducing a number of regulatory restrictions on Islamic banking franchises.
According to bank officials, discussions with the central bank are taking place to clarify the rationale of the decision, and the process of closing down operations if necessary.
"We expect the Qatar central bank will communicate further today," said Tarik el Mejjad, a banking analyst at Nomura investment bank in London.
Qatar's banking sector declined last week after the circular was released. "Prices are at a floor, which is creating interest," Mr Arabi said. The country's measure, the QE Index, gained 0.1 per cent to 8,949.76.
Elsewhere in the region, Oman's bourse added 0.4 per cent to 6,914.97 and Kuwait's was flat at 6,738.90. The Saudi Tadawul All-Share Index moved yesterday.
halsayegh@thenational.ae
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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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
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
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
