Abu Dhabi Commercial Bank was a bright spot on the capital's exchange yesterday as the lender proceeded with the auctioning of its 25 per cent stake in a Malaysian bank.
ADCB's shares rose to their highest level in more than two years, gaining 2.7 per cent to Dh3.03 after Reuters reported the bank was going ahead with plans to sell its holding in RHB.
Two other Malaysian lenders, Maybank and CIMB, are separately trying to merge with RHB.
ADCB shares have gained 11 per cent in the past seven trading days.
"The stake sale will improve the capital adequacy ratios, which is excellent for the bank right now," said Nabil Farhat, a partner at Al Fajr Securities in Abu Dhabi. "The proceeds of the funds could bring the bank's profits to pre-crisis levels, or be used as extra provisioning if needed." Etisalat, the UAE's biggest telecommunications operator, rose 0.9 per cent to Dh10.45. Mohammed Omran, the chairman, told reporters yesterday that the company would focus on expanding networks in the Emirates, Saudi Arabia and Egypt, rather than on acquisitions and new licences.
The Abu Dhabi Securities Exchange General Index was up 0.4 per cent to 2,678.04 points, while the Dubai Financial Market General Index was down 0.2 per cent to 1,563.41.
Kuwait's index rose 0.3 per cent to 6,312.90, Bahrain's slipped 0.3 per cent to 1332.48, Oman's was virtually unchanged at 6,043.44, and Qatar's slipped 0.4 per cent to 8,117.36. The Saudi Tadawul All-Share Index was up 0.4 per cent to 6,657.63.
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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