This year, Nasdaq Dubai plans to launch futures on selected firms listed on the Saudi bourse as it expands its futures offerings beyond UAE stocks for the first time, as part of plans to cater to the wider Middle East region.
The Saudi companies on which futures will be offered are some of the Middle East’s largest businesses active in sectors including petrochemicals, real estate, banking and transport, Nasdaq Dubai said in a statement on Monday without naming the listed equities. The Saudi futures will begin trading on the bourse in the third quarter of 2018, it said without specifying the date.
“The futures will give investors new hedging tools to take long and short positions on the companies, at a time when international investor interest in the Saudi stock market is increasing rapidly,” according to the Nasdaq Dubai statement.
Tadawul, as the Saudi bourse is known, has risen more than 10 per cent since the beginning of this year, as investors actively seek exposure to the Arab World’s biggest equity market ahead of its possible inclusion in the MSCI Emerging Markets Index in June. Rival index compiler FTSE Russell in March announced that it will upgrade Saudi Arabia to emerging market status.
Another attraction for local, regional and international investors is the potential initial public offering of Saudi Aramco, the world’s biggest oil company. The highly-anticipated share float could yield as much as $100 billion in proceeds. The exchange with a total market capitalisation of more than 1.9 trillion Saudi riyals ($507 billion) has already seen its traded value climb to 399bn riyals this year, an 11 per cent rise over the same period in 2017.
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Read more:
ADX follows Dubai bourse into the futures with Nasdaq
Nasdaq Dubai, DFM to launch index-linked futures contracts
Abu Dhabi bourse introduces technical short-selling
Dubai bourse follows Abu Dhabi market’s move on short-selling
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“The framework that we have built for trading and clearing Saudi futures is based on intensive consultations with regional and international market participants including brokers and potential investors,” said Hamed Ali, chief executive of Nasdaq Dubai. “Our futures will provide further impetus to investment into the Saudi capital markets and help develop new links with market participants.”
Futures contracts are agreements to buy or sell shares at an agreed price on a future date. The exchanges can launch and manage futures contracts for single stocks or on shares' indexes, both of which allow investors broader investment and hedging options.
Nasdaq Dubai launched UAE futures trading in September 2016 with single stock futures on seven UAE-listed companies. That number has since increased to 17 in February this year.
Last year, the bourse added futures linked to the Dubai Financial Market's benchmark share index as well as futures linked to the Abu Dhabi Securities Exchange's main gauge that are traded on Nasdaq Dubai's derivatives platform.
Nasdaq Dubai’s futures market currently operates with GCC brokerage firms as members, and two active market-makers on the UAE contracts. More are preparing to join as the exchange adds the Saudi single stock futures and expands its derivatives platform in phases, to include futures based on stocks and indices of various exchanges in the Middle East and North Africa region, the statement noted.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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)
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
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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
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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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.
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
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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
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
