A worker, left, describes the prawns he has for sale at the Deira fish market.
A worker, left, describes the prawns he has for sale at the Deira fish market.

Dubai bans illegal traders from fishmarket



DUBAI // The waters of the UAE provide rich pickings for Emirati fishermen. It is when they return to shore and have to sell their perishable catch to illegal vendors that their livelihoods begin to suffer. However, new regulations at the country's largest fish market, in Deira, are expected to change that. Dubai's civic authority said yesterday that illegal vendors would be banned from the market and the fish trade regulated. The day's catch will now be auctioned by uniformed, licensed Emiratis.

The Dubai Fishermen's Co-operative Association, which has about 600 members, all of them Emirati, will take charge of trade at Deira fish market to push out what they call "intruders", who have been purchasing catches from fishermen in the very early hours when legitimate companies may not be around. The fishermen sell to them because they worry their catch will spoil if they wait too long to sell it.

"Presently, intruders have taken control of the market. The market is unorganised and the fishermen are not getting their rightful profits," said Mohammed Julfar, assistant director general for corporate support at Dubai Municipality, which signed an agreement with the association yesterday. Representatives from the fishing community said yesterday they lose 40 to 50 per cent of their revenues to "illegal traders".

"Local men go to the sea for the catch each morning. While they have no problem in the fishing, they are losing out on the ground," said Hamad al Rhoomy, the general manager of the Dubai Fisherman Co-operative Association. pmenon@thenational.ae

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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

RACE SCHEDULE

All times UAE ( 4 GMT)

Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm

Saturday, September 30
Qualifying: 1pm - 2pm

Sunday, October 1
Race: 11am - 1pm

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

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The%20specs
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FROM%20THE%20ASHES
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The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

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PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)