Drake & Scull International (DSI), Dubai's second biggest contractor, declined to the lowest level since January after first quarter profit fell 18 per cent.
DSI fell 3 per cent to trade at 79 fils a share this morning on the Dubai bourse.
Quarterly profit fell to Dh37.6 million, down from Dh45.9 million last year.
Arabtec Holding fell 1 per cent to Dh2.88 after the emirate's biggest contractor, on Monday revealed that Aabar became its single largest shareholder with a stake of more than 20 per cent. The statement came one day after reports that the sovereign wealth fund had taken a 53 per cent stake in the contractor.
The Dubai Financial Market General Index fell 0.1 per cent to 1479.69 points.
Property and construction stocks fell the most in Abu Dhabi.
Aldar Properties, the developer behind Yas Island, declined 1.9 per cent to Dh1.01.
Sorouh Real Estate, the developer behind the Sun & Sky Towers, dropped 3 per cent to 97 fils. The Abu Dhabi Securities Exchange General Index was little changed at 2472.87 points.
Elsewhere in the region, Kuwait's measure was little changed at 6429.27 points. Bahrain's measure was also little changed at 1156.77 points. Oman's MSM 30 Index lost 0.9 per cent to 5601.71 points. Qatar's QE Index fell 0.5 per cent to 8489.10 points.
The Saudi Tadawul All-Share fell 1.6 per cent to 7067.99 points.
halsayegh@thenational.ae
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded