Markets

UAE markets anticipate emerging markets status

Market Wrap: Dubai equities rise at the close ahead of speculation that the country's bourses may be upgraded by index benchmarker MSCI.

Hadeel al Sayegh

May 03, 2011

Dubai's benchmark rose at the close, as investors held their breath ahead of the UAE's possible upgrade to emerging markets status by index bench-marker MSCI.

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The Dubai Financial Market General Index added 0.5 per cent to 1629.73 points, its first gain this week after three consecutive days of losses.

"The process of being upgraded from frontier market is moving at a positive pace, even as certain issues are under review, particularly the implementation of delivery versus payment system," said Manuel Rensink, head of Middle East and North Africa at MSCI at a conference in Abu Dhabi. Other issues include foreign ownership limits and efficiency, he said.

The UAE stock exchanges will give brokerages and custodians until May 29 to switch to DVP, according to statements made by the Abu Dhabi Securities Exchange and Dubai Financial Market last week.

Emaar Properties, builder of the world's tallest skyscraper, added 0.6 per cent to Dh3.26 a share. Aramex, the middle east's largest courier company, gained 1 per cent to Dh1.89.

In the capital, Aldar Properties added 1.9 per cent to Dh1.58 a share, while Sorouh Real Estate gained 0.6 per cent to Dh1.46 a share. The Abu Dhabi Securities Exchange General Index was little changed at 2689.29 points.

Elsewhere in the region, Kuwait's measure declined 0.2 per cent to 6502.30. Bahrain's index was unchanged at 1405.73. Oman's benchmark lost 0.3 per cent to 6352.61. Qatar's measure was unchanged at 8509.87.

Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

Villains
Queens of the Stone Age
Matador

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.