Investors will be looking for some strong first-quarter results to buoy local markets this week after last week's lacklustre performances, but they may be disappointed. With a plan for Dubai World's debt restructuring still being considered and with other big-ticket projects such as the Burj Khalifa yet to begin realising their market potential, analysts say the primary driver for the short term will be infrastructure projects.
On the Dubai Financial Market (DFM), Aramex and Shuaa Capital are to announce the results of their Annual General Meeting today, while on the Abu Dhabi Securities Exchange Abu Dhabi Islamic Bank should release its earnings for the period tomorrow. The bank's shares ended trading on Thursday 0.3 per cent lower for the week. Analysts say the results early this week are unlikely to dazzle. "In terms of catalysts, first-quarter earnings are not going to be something spectacular," said Hassan el Salah, the deputy head of institutional trading at AlRamz Securities in Abu Dhabi.
Mr el Salah said it was too early, for example, for Emaar Properties to be reporting earnings from the Burj Khalifa, given the short time the tower has been open. He said banks were also not expected to report until next month their final decision on a plan to restructure Dubai World debt, so their first-quarter results were likely to remain stagnant. "Catalysts for the banks [to rally] until then would be results on non-performing loans and provisions," Mr el Salah said. "But more importantly, the driving force at the end of day is government spending."
He added the infrastructure component of Abu Dhabi's Economic Vision 2030 would help alleviate the pressure on the economy. The DFM General Index lost 0.4 per cent in the past five trading sessions to close at 1,816.43. The index rallied with Dh1 billion of shares traded last Monday when Shuaa Capital cut its price estimate for the bourse's shares to Dh1.20, reiterating a "sell" rating on lingering uncertainty in Dubai.
"For the GCC and MENA region, there's so much choice out there. Everyone says the UAE is sitting at a discount, but it's sitting at a discount for a reason. Stocks are cheap for a reason," Mr el Salah said. Arabtec Holding accounted for two thirds of the traded value on the Dubai index last Wednesday, when the company announced it would no longer pursue a merger with the Abu Dhabi company Aabar Investments.
"Talk of deal cancellations has been in the market for a few weeks already," Mr el Salah said. "We already saw a rally in the stock from about 2.23 to mid-2.70s also touch below 2.80, which indicates that this was already priced in. Traders were buying on the rumour and selling on the fact." Sentiment towards the merger had been mixed, Mr el Salah said. "No one can deny that the deal cancellation offsets the dilution of the earnings per share to minority shareholders.
"At the same time, Arabtec would still need some cash injection, but perhaps not to the magnitude of 70 per cent to help it towards its working capital requirements," he said, referring to the proportion of Arabtec that Aabar had offered to buy. The ADX General Index edged up 0.3 per cent over last week to 2,856.66 on Thursday. Aldar Properties ended the week down 3.6 per cent to Dh4.41 a share. The company paid a dividend of 5 fils on Thursday.
Kuwait was the biggest regional loser for the week. Its index fell 2.9 per cent over the week to close at 207.34. The Investment Dar, which owns half of Aston Martin, announced a loss of 214.6 million dinars in the fourth quarter compared with a profit a year earlier. Doha's measure lost 1.2 per cent to close at 7,627. Industries Qatar, the largest listed company in the country, posted net income for the first quarter of 1.2 billion rials, down 14 per cent from 1.4bn rials for the first quarter of last year.
Barwa and Qatar Real Estate Investment on Thursday confirmed their merger, and Qatar Navigation completed its acquisition of Qatar Shipping. "In times of economic expansion, companies open left right and centre because it's economically feasible at that point in time," Mr el Salah said. "However in troubled times, when profit projections are not materialising, they have to start consolidating and that's what's happening outside."
The Bahrain All Share Index closed the week 1.4 per cent higher at 1,560.64. Muscat closed 0.6 per cent higher at 6,930.11. Egypt's CASE 30 index closed 1.6 per cent higher 7,573.61 for the week and 17 per cent higher for the year, outperforming the GCC and the MSCI Emerging Markets Index. The regional company Orascom Telecom announced that it had ended a two-and-a-half-year dispute with France Telecom over Mobinil.
Orascom's stock rallied at the start of last week on rumours that the company was in talks for a possible merger. Orascom's shares ended trading 8.1 per cent higher for the week at 7.50 Egyptian pounds. halsayegh@thenational.ae In the article "Investors look for rosier results" dated April 18, 2010. In the second graph it said "Aramex and Shuaa Capital are to announce their first quarter results today" the companies were actually announcing the results of their Annual General Meeting.
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The%20Beekeeper
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Ayer%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EJason%20Statham%2C%20Josh%20Hutcherson%2C%20Emmy%20Raver-Lampman%2C%20Minnie%20Driver%2C%20Jeremy%20Irons%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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.
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
First Person
Richard Flanagan
Chatto & Windus
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
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
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
The full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)