A post-Eid spending spree among international investors sent Dubai shares to a 10-month high on Wednesday.
The Dubai Financial Market (DFM) General Index led gains among UAE stock exchanges, with the biggest rise being recorded by the exchange's own shares. The DFM, the only Gulf stock market to sell shares to the public, was up 11 per cent.
"We have rising sentiment towards the UAE coupled with valuations that are discounting too harsh an outlook for the economy," said Fahd Iqbal, the vice president of EFG-Hermes Research. "There's also the spillover effect from the ongoing rally in global markets."
More than Dh2 billion (US$544.5 million) has been pumped into the nation's stock markets by foreign investors from the start of April until now, the Minister of Economy, Sultan al Mansouri, said this month.
The rally comes after an announcement of an upgrade before the Eid al Fitr break of UAE stock markets to "emerging market" status by the FTSE Group, a leading stock index provider. Index providers' decisions can significantly affect flows of capital into stock markets and are used by many institutional investors to allocate funds. FTSE, which publishes the FTSE 100 index in London, said the UAE's move to "secondary emerging market" status would be effective from September next year.
Attempts by Dubai to restructure its corporate holdings and manage its debt have also helped buoy investor sentiment. Dubai Government bonds have been rising steadily since last month and continued to climb last week.
On the first day of trading after the Eid al Fitr public holiday, the DFM General Index rose 3.6 per cent to its highest level since November 18 last year. The Abu Dhabi Securities Exchange General Index also climbed to its highest since November last year, up 1.4 per cent.
"There have been signs since early summer that the valuation gap has been increasing between regional markets and other emerging markets and this is steadily attracting international money as concerns about Dubai's economy have been shown to be exaggerated," said Fadi al Said, the head of equities at ING Investment Management.
Financial support given to the UAE's banking sector by the Central Bank and a stabilisation in oil prices were also helping attract investors, he said.
The oil price has been supported by a weak dollar, which touched a year low against the euro on Wednesday. Because oil is priced in dollars, it becomes cheaper when the currency declines in value. Oil prices fell below $69 per barrel on Wednesday after a report in the US that said global demand for energy remained weak.
Sultan Ahmed bin Sulayem, the chairman of the Government-controlled holding company Dubai World, said in an interview last week that the financial crisis for Dubai had passed its nadir.
Markets in Oman, Kuwait and Saudi Arabia were still closed on Wednesday for the Eid al Fitr public holiday.
Among Wednesday's biggest gainers was Arabtec Holding, which rose to its highest level in 11 months after the Russian energy giant Gazprom won final approval to build what may become Europe's tallest skyscraper. The Dubai-based firm is the main contractor on the project.
The holding company Dubai Investments gained as much as 10 per cent, and Emirates NBD, the UAE's biggest bank by assets, climbed 1.9 per cent. The Abu Dhabi-listed Gulf Pharmaceutical Industries rose more than 8 per cent after saying it would start producing a H1N1 vaccine early next year.
Qatar's DSM 20 Index increased 2.3 per cent while Bahrain's measure was little changed.
tarnold@thenational.ae
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Company%20Profile
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Bridgerton%20season%20three%20-%20part%20one
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
COMPANY%20PROFILE
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Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
UAE%20athletes%20heading%20to%20Paris%202024
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY%20PROFILE%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20profile
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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
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km