Dubai shares surged on Sunday as oil traded above $100 a barrel amid US tensions with Iran.
Gulf Navigation, a publicly traded tanker owner in the emirate, jumped 5.8 per cent to 27 fils a share. The Dubai Financial Market General Index gained 2 per cent to 1547.54 points.
Oil futures traded in New York for March delivery added 0.9 per cent to 103.24 a barrel on Friday, the highest closing price since May 10. Iran is threatening to blockade the Straight of Hormuz. The EU plans to impose an embargo on Iranian oil this summer.
Dana Gas, traded in Abu Dhabi, surged 6.8 per cent to 47 fils. The UAE gas explorer and producer said its board will consider a revised annual budget for this year at a meeting on Feb 22. The Abu Dhabi Securities Exchange General Index rose 0.5 per cent to 2487.59 points.
"Its very encouraging," said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi. "The backdrop is good with strong oil prices, international markets are well oriented, the recession is almost over in the US."
Elsewhere in the region, Kuwait's measure added 1.2 per cent to 6057.30 points. Bahrain's benchmark added 0.3 per cent to 1147.23 points. Oman's MSM 30 Index added 0.3 per cent to 5675.47 points. Qatar's QE Index added 0.5 per cent to 8594.11 points. The Saudi Tadawul was up 0.2 per cent to 6830.31 points.
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.
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
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
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Company%20Profile
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