Investors sold shares of Tamweel yesterday after the Islamic mortgage company reported a steep decline in third-quarter profit.
Tamweel dropped 5.1 per cent to close at Dh1.30.
On Monday, Tamweel reported a 46.5 per cent drop in quarterly profit to Dh8.4 million, down from Dh15.7m last year.
The result surprised analysts, who on average had forecast that the Sharia-compliant lender would post a profit of Dh22 million.
"Tamweel has risen for three weeks on investor bets, but the results showed the company is struggling with higher funding costs, interest deposits from previous period," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi.
"The market is absorbing the results," he added.
The Dubai Financial Market General Index fell 0.1 per cent 1,650.26 points, while the Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 2,653.45 points.
In Doha, Qatar's biggest property developer, Barwa Real Estate, reported profits down 12 per cent in the first nine months of the year. Barwa fell 1.9 per cent to close at 28.35 rials yesterday.
Net profit for the period ended September 30 reached 779.1m rials, down from 833.3m rials in the year earlier, according to a statement published on the bourse website.
Barwa was the most active stock, with 371,060 shares, traded in Qatar.
Qatar's QE Index fell 0.3 per cent to 8,511.97 points.
Elsewhere in the region, Kuwait's measure added 0.4 per cent to 5,744.54 points.
Bahrain's index added 0.2 per cent to 1,062.46 points. Oman's MSM 30 Index added 0.2 per cent to 1,062.46 points.
The Saudi Tadawul All-Share Index fell 0.1 per cent to 6,729.48.
halsayegh@thenational.ae
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
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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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.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
