UAE markets rose to new highs at the start of the trading week as global economic worries subsided and a decision on an MSCI upgrade loomed.
Abu Dhabi's market rose to the highest level in more than five months as the measure gained 0.6 percent to 2,777.01 points and the Dubai Financial Market General Index rose 0.4 per cent to 1,607.40 points, its highest point since May 11.
Speculation that the UAE was likely to be upgraded to "emerging market" status, from the riskier "frontier market" category by index compiler MSCI on Tuesday was helping fuel positive sentiment on local bourses, market commentators said.
"We started the month on a better note anyway, but I think the MSCI upgrade could be happening," said Mohammed Ali Yasin, chief investment officer at CAPM Investment.
"The position from three months ago has turned around, and since then we've seen some positive influx and higher than usual trades from international foreign investors," Mr Yasin said.
The Dubai measure has extended gains made last week, and has advanced 3.6 per cent in the 5 trading sessions alone.
Shares in the bourse operator, the DFM Company, gained the most at the open rising 2.3 per cent to Dh1.32. It was also the most actively traded stock in Dubai, with 11 million shares changing hands.
Dubai Islamic Bank and Emaar Properties, among the emirate's bellwether stocks, also rose 1 per cent to Dh2.12 and 0.3 per cent to Dh3.24 respectively.
A defiant German chancellor Angela Merkel also put to rest worries over a Greek default after she made it clear the entire euro zone would stand behind the country's debt-laden economy.
Billions of dollars were wiped off global markets last week as fears over how to resolve Greece's debt crisis came to a head.
Oil prices also fell to a four-month low of $93.01 a barrel on Friday amid concerns of a global economic slowdown.
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.
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
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The five pillars of Islam
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5