Saudi Arabia's Tadawul lost the most in over six months as political dissent across the Middle East and North Africa raised concern that oil prices will impact the global economy.
The market, the largest in the Arab world, retreated nearly 5 per cent, the most since June 2010.
Al-Rajhi Bank, the kingdom's largest publicly traded lender by market value, dropped 4.2 percent and Saudi Basic Industries Corporation, the world's largest petrochemicals maker, slumped to the lowest intraday level since October.
The Tadawul was closed on Saturday to celebrate the return of King Abdullah who had left in November for medical treatment.
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Editor's Pick - Are protests harming an age of growth in the Middle East?
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Investors were more upbeat in some stocks as shares in telecoms operator du made their first gain in nearly two weeks, rising 0.7 per cent to Dh2.98 in Dubai. The company said last week it is investing $50 million as part of a consortium to build the new Europe India Gateway, a submarine cable that will connect broadband across three continents.
But the Dubai Financial Market (DFM) fell 0.8 per cent to 1,466.83 points as most heavyweight stocks retreated.
Emaar Properties, the builder of the world's tallest skyscraper lost 2.4 per cent to Dh2.85 and Arabtec lost 1.4 per cent to Dh1.42.
The Abu Dhabi Securities Exchange was a bright spark in the region as it closed up 0.6 per cent to 2,628.31 points.
Most other markets suffered from profit-taking and foreign investors fleeing the region as new reports of protests in Oman surfaced.
Muscat's market dropped 2.8 per cent to 6,458.37 per cent.
Egypt's stock exchange will re-open on Tuesday, a spokesman for the company said yesterday. The Cairo benchmark index, the EGX 30 was shutdown after falling 16 per cent in two days in the run-up to the revolution over former President Hosni Mubarak's regime.
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.
More from our neighbourhood series:
Tori Amos
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THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
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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
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
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