Dubai's shares fell yesterday as investors booked profits after a strong rally amid euphoria over Saudi Arabia's upcoming mortgage law.
Yesterday, Emaar Properties fell 1.6 per cent to Dh3.03 on the Dubai Financial Market (DFM) General Index. On Tuesday, Emaar jumped more than 6 per cent as investors speculated that the company's subsidiary in the kingdom, Emaar Economic City, would benefit from expected lending in the property market.
Yesterday, the Sharia-compliant mortgage lender Tamweeladvanced 2.4 per cent to Dh1.26. On Tuesday, Tamweel's shares jumped 5.1 per cent. The DFM General Index declined 0.8 per cent to 1,489.50 yesterday.
"We need more confirmation," said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai. "Investors are also still waiting for the second-quarter results to justify another wave."
The Abu Dhabi developer Aldar Properties rose 0.8 per cent to Dh1.14. Etisalatwas up 0.4 per cent to Dh9.24 after the larger of the country's two telecommunications operators said it had appointed the law firm Solomon & Co for the winding-up of the Etisalat subsidiary in India.
The Abu Dhabi Securities Exchange General Index advanced 0.2 per cent to 2,472.06.
Elsewhere in the region: Kuwait's measure fell 0.5 per cent to 5,859.49; Bahrain's was little changed, up 0.04 per cent at 1,121.86; Oman's MSM 30 Index fell 0.3 per cent to 5,557.57; and Qatar's QE Index fell 0.03 per cent to 8,254.10.
The Saudi Tadawul All-Share Index fell 0.7 per cent to 6,834.77.
halsayegh@thenational.ae
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Company%20profile
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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
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MATCH INFO
Argentina 47 (Tries: Sanchez, Tuculet (2), Mallia (2), De La Fuente, Bertranou; Cons: Sanchez 5, Urdapilleta)
United States 17 (Tries: Scully (2), Lasike; Cons: MacGinty)