The Dubai Financial Market (DFM) declined yesterday, weighed down by Tamweel, after the Islamic mortgage company reported a 33 per cent decline in first-quarter profit.
Tamweel's shares fell 3.1 per cent to Dh1.24. The DFM General Index declined 0.5 per cent to 1,480.18. Net income at Tamweel declined to Dh18.5 million from Dh27.2m last year.
"The drop is really significant," said Wadah Al Taha, the chief investment officer at the Dubai investment company Al Zarooni Group. "There was a lot of hope among investors about the company's large market share, but it doesn't reflect the financial statements. Tamweel needs more time to heal and recover, and we need to be more realistic."
Other property-related stocks also declined.
Emaar Properties, the region's biggest developer, declined 0.3 per cent to Dh3.04. The district cooling company Tabreed dropped 2.3 per cent to Dh1.23. Arabtec Holding, the region's biggest contracting company, fell 1.4 per cent to Dh2.82.
On the Abu Dhabi exchange, Aldar Properties, the developer behind Yas Island, fell 0.9 per cent to Dh1.09. Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, declined 0.9 per cent to Dh1. The Abu Dhabi Securities Exchange General Index slipped 0.3 per cent to 2,465.41.
Elsewhere in the region: Kuwait's measure rose 0.2 per cent to 5,868.20; Bahrain's slipped 0.1 per cent to 1,112.63; Oman's MSM 30 Index fell 0.7 per cent to 5,456.06; and Qatar's QE Index slipped 0.2 per cent to 8,249.46.
The Saudi Tadawul All-Share Index declined 0.8 per cent to 6,659.58.
halsayegh@thenational.ae
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
SPECS%3A%20Polestar%203
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SPECS
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RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
UAE currency: the story behind the money in your pockets
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
SPECS
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The%20Specs
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Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
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Company%20Profile
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MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)