UAE bourses were mixed yesterday as investors paused for breath after gains earlier in the week.
The Dubai Financial Market General Index rose 0.6 per cent to 1,716.57 points and the Abu Dhabi Securities Exchange (ADX) General Exchange fell 0.3 per cent to 2,740.11 points.
The cancellation of the Dubai-based mobile phone retailer Axiom's initial public offering did not seem to have a major impact on the market.
"It is the year-end and even institutions don't want to make big bets. So [Axiom] is not news that will change the market significantly," said Fadi al Said, a senior fund manager at ING in Dubai.
Momentum in Dubai came from property stocks, on the back of continued sentiment that companies would secure contracts linked to Qatar's 2022 World Cup win.
Arabtec Holding, the region's largest construction company, rose 4.4 per cent to Dh2.12 and was the bourse's most actively traded stock.
Emaar Properties gained 1.8 per cent to Dh3.80 and Deyaar Development increased 2.3 per cent to Dh0.31.
Investors also bought into Drake & Scull whose shares rose nearly 3 per cent to Dh1.05.
The ADX was the only market in the Gulf to end in negative territory yesterday, led by National Bank of Umm Al Qaiwain. Shares in the stock, the most active by volume, fell 9.5 per cent to Dh2.10.
Elsewhere in the region: Qatar continued a winning streak as it rose 1.1 per cent to 8,625.42 points; Bahrain gained 0.5 per cent to 1,429.44 points; Kuwait increased 0.03 per cent to 6,867.70 points; Oman moved 0.3 per cent higher to 6,717.26 points and the Saudi Tadawul All-Share Index finished up 0.56 per cent at 6,436.65.
fhalime@thenational.ae
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
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Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.
A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.
The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.
Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.
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The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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