Abu Dhabi and Dubai shares advanced yesterday as energy prices rebounded, providing a boost to equity investors.
"The oil price was up quite a bit over the weekend so I guess we are seeing a relief rally," said Saleem Khokhar, the head of fund management and head of equities at NBAD Global Asset Management.
“It’s more of a sentiment effect more than anything else, and the valuations look good.”
Brent crude jumped 3.9 per cent to US$50.17 a barrel on Friday.
Property and construction stocks led the gains on the Dubai Financial Market.
Arabtec, Dubai's biggest contracting company, advanced 2.5 per cent to Dh3.20 a share. Union Properties rose 4.7 per cent to Dh1.33 a share. Emaar Properties inched 0.6 per cent higher to Dh7.75.
The Dubai Financial Market General Index rose 1.4 per cent to 3,899.53 points.
Dubai Parks and Amanat will be incorporated into the benchmark today, the DFM said yesterday.
Property stocks led the gains in Abu Dhabi.
Eshraq Properties rose 3.7 per cent to 84 fils. Aldar Properties, the developer behind Yas Island and Ferrari World, jumped 1.8 per cent to Dh2.69. RAK Properties gained 1.3 per cent to 78 fils.
The Abu Dhabi Securities Exchange General Index rose 1.6 per cent to 4,555.27.
halsayegh@thenational.ae
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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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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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