Stocks rose in Dubai yesterday as confidence in the property market continued to grow.
The Dubai stock exchange rose 0.2 per cent to finish the day at 1,627.35. It has gained 3.6 per cent this week.
Shares in Emaar, the Burj Khalifa builder, rose for a second day after it agreed to a deal to build properties in Iraq. The stock gained 0.8 per cent to close the day at Dh2.86. The shares hit Dh3.7 in morning trading, the highest intraday level since December 2010.
"The market continues to be fuelled by optimism in the real estate sector in Dubai," said Rami Sidani, the head of Mena at Schroders. "There are strong signs of the sector reviving. Emaar has launched several projects and those have been very well received. There is very strong demand for the stock, which is pushing up its price."
Investors were also encouraged by the strong turnout at Cityscape Dubai.
"The exhibition was very busy," said Mr Sidani. "There was strong demand from investors."
Shares in the operator of the Dubai Financial Market, rose after the nation's regulator approved trading rules, leading to optimism that volumes and revenue would increase. The stock rose 1 per cent to finish the day at Dh2.
Stocks were also buoyed by better than expected jobs and services industry reports in the United States, and the decision by the European Central Bank (ECB) to keep interest rates on hold at a historic low of 0.75 per cent.
"The global backdrop is also supporting stabilisation, with the ECB jumping in to support Spain and Greece," Mr Sidani said.
Elsewhere in the region: Kuwait's bourse added 0.2 per cent to 5,995.28. Oman's MSM 30 Index rose 0.5 per cent to 5,646.36. Qatar's QE Index slipped 0.3 per cent to 8,478.35. Bahrain's index ended slightly higher, up 0.08 per cent at 1,077.74. The Saudi Tadawul All-Share Index was closed for the weekend.
lgutcher@thenational.ae
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Company%20Profile
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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Company%20Profile
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