Regional stock markets mostly declined yesterday over concern that lower oil prices, triggered by Europe's debt crisis, will hurt economies in the Gulf.
The district cooling company Tabreed lost 0.8 per cent to close at Dh1.20 on the Dubai Financial Market (DFM). Drake & Scull International, Dubai's second-biggest contractor, lost 1.4 per cent to settle at 77 fils.
The DFM General Index was little changed at 1,471.49.
Brent futures for July delivery fell 57 cents to US$102.90 a barrel in London, Bloomberg reported.
The commodity lost 14 per cent of its value last month.
“There is no risk appetite right now because of what is happening in Europe,” said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai.
“Volumes are low. We ended the month of May with Dh5 billion traded for UAE markets, compared to Dh11.5bn for April. It’s a significant drop,” he said .
Dana Gas, a UAE-based explorer and producer, fell 2.5 per cent to 39 fils in Abu Dhabi. Watania Insurance plummeted 10 per cent to 99 fils. The Abu Dhabi Securities Exchange General Index lost 0.3 per cent to reach 2,441.03.
Elsewhere in the region, Kuwait’s measure fell 0.7 per cent to 6,193.82, Bahrain’s added 0.2 per cent to close at 1,139.58, Oman’s MSM 30 Index declined 0.5 per cent to 5,754.69 and Qatar’s QE Index fell 0.6 per cent to 8.416.83.
The Saudi Tadawul exchange was closed for the day.
halsayegh@thenational.ae
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
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Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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
More on animal trafficking
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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