UAE shares fell on Wednesday as a lack of catalysts slowed trading volumes further.
Qatari stocks led gains across the Arabian Gulf, while Saudi equities edged higher.
The Dubai Financial Market General Index fell nearly 0.4 per cent to 3,395.21, dragged lower by DXB Entertainments.
Trading volumes dropped to the lowest level in more than two weeks, with sub-US$50 a barrel oil prices and the proximity of Ramadan and the summer season dissuading investors, according to Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.
DXB Entertainment stock fell 5 per cent to a two-year low of 90.9 fils, after it released deeper losses than anticipated for the first quarter.
Shares in Marka fell steeply for the second consecutive session, shedding a further 9.9 per cent following the expiry on the lock-up period of its founders’ shares this week. The retail investment company’s shares closed at an all-time low of Dh1, having shed 24 per cent of their value since the start of the week.
Emirates NBD and Arabtec Holding were among the best performers of the day, closing up 1 per cent and 2.1 per cent, respectively.
Trading volumes in Abu Dhabi hit their lowest one-day level in seven weeks, with the share index closing down 0.1 per cent at 4,581.76.
In Saudi Arabia, the Tadawul closed up 0.2 per cent, thanks to gains by Saudi Electricity. The utility’s shares rose 2.1 per cent after returning to profit in the first quarter. Shares in Qatar rose 1.3 per cent, led by Ezdan Holding and QNB.
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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.
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
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Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Dunki
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Kandahar%20
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Fifa%20World%20Cup%20Qatar%202022%20
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MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
In%20the%20Land%20of%20Saints%20and%20Sinners
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