Abu Dhabi-listed Adnoc Drilling will become a constituent of MSCI Indexes this month, a move that will allow the largest national drilling company in the Middle East by rig fleet size to broaden its investor base.
Adnoc Drilling will be included in the MSCI Emerging Market Index and become the 12th member of the MSCI UAE index after meeting the necessary criteria, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The inclusion will be effective post-market close on August 30.
“This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
The achievement reflects the company’s “unwavering commitment” to operational safety, sustainable growth, investor focus, as well as continuous support from the shareholders, Mr Al Seiari said.
The MSCI emerging market index is tracked by investors managing trillions of dollars in assets. The benchmark is designed to measure the performance of large and mid-cap stocks across 24 emerging markets and currently has more than 1,320 constituents.
The MSCI UAE gauge is also a measurement for investment decision-making for investors in the GCC and the broader Middle East.
Its constituents include First Abu Dhabi Bank, Emaar Properties, e&, Emirates NBD, Aldar Properties and Abu Dhabi Commercial Bank.
The inclusion in MSCI’s indexes usually results in a boost to liquidity in a company’s shares as investors allocate funds to index components according to their weighting.
Adnoc Drilling said becoming a constituent of MSCI indexes will allow it “greater visibility among global investors” as it increases the credibility of the stock in financial markets.
This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets
Abdulrahman Al Seiari,
chief executive of Adnoc Drilling
The inclusion will not only allow the flow of expected passive inflows into the stock but it will also grow interest in active institutional investors tracking MSCI indexes, the company said.
In May, Adnoc raised $935 million by selling 880 million additional shares in its drilling unit to institutional investors after recording strong demand for the offering.
The share sale, representing 5.5 per cent of Adnoc Drilling’s total issued share capital, registered robust demand from investors in the GCC as well as globally, Adnoc Drilling said at the time.
The offering increased Adnoc Drilling’s free float to 16.5 per cent, with its parent retaining a majority stake in the company.
The rise in free float allowed the company to meet all the necessary MSCI Index inclusion requirements, it said on Tuesday.
Adnoc Drilling has been actively investing in technology and infrastructure to tap into the UAE's vast unconventional hydrocarbon reserves.
Its parent company, Adnoc, which is responsible for most of the UAE's crude production, aims to reach an output capacity of 5 million barrels per day by 2027. It can already produce up to 4.85 million bpd.
Last year, Adnoc Drilling and Alpha Dhabi Holding set up a joint venture, Enersol, aiming to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services and energy sectors.
About one-third of the total planned investment has been allocated, amounting to about $500-$600 million, Mr Al Seiari told The National earlier this month, adding that the full amount will be exhausted by the end of this year or early next year.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
SRI LANKS ODI SQUAD
Perera (capt), Mendis, Gunathilaka, de Silva, Nissanka, Shanaka, Bandara, Hasaranga, Udana, Dananjaya, Dickwella, Chameera, Mendis, Fernando, Sandakan, Karunaratne, Fernando, Fernando.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A17%20Pro%2C%206-core%20CPU%2C%206-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%3A%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%205x%20telephoto%20(f%2F2.8)%3B%205x%20optical%20zoom%20in%2C%202x%20optical%20zoom%20out%3B%2010x%20optical%20zoom%20range%2C%20digital%20zoom%20up%20to%2025x%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2060fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204441mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%20(with%20at%20least%2020W%20adaptor)%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%2C%20second-generation%20Ultra%20Wideband%20chip%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20water-resistant%20up%20to%206m%20up%20to%2030min%3B%20dust%2Fsplash-resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%20titanium%2C%20blue%20titanium%2C%20natural%20titanium%2C%20white%20titanium%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EiPhone%2015%20Pro%20Max%2C%20USB-C-to-USB-C%20woven%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
RESULTS
2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m
Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer)
3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m
Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar
3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m
Winner Tahdeed, Fernando Jara, Nicholas Bachalard
4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m
Winner Shanty Star, Richard Mullen, Rashed Bouresly
4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m
Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi
5.25pm Al Tayer Motor – Handicap (TB) Dh95,000 T) 1,000m
Winner Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m
Winner Scabbard, Sam Hitchcock, Doug Watson
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20JustClean%3Cbr%3E%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20with%20offices%20in%20other%20GCC%20countries%3Cbr%3E%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202016%3Cbr%3E%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20160%2B%20with%2021%20nationalities%20in%20eight%20cities%3Cbr%3E%3Cstrong%3E%3Cbr%3ESector%3A%3C%2Fstrong%3E%20online%20laundry%20and%20cleaning%20services%3Cbr%3E%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%2430m%20from%20Kuwait-based%20Faith%20Capital%20Holding%20and%20Gulf%20Investment%20Corporation%3C%2Fp%3E%0A
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
more from Janine di Giovanni
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
