DUBAI // Stock markets in the UAE were upgraded yesterday to "emerging market" status by the FTSE Group, a leading stock index provider.
The news, together with oil continuing to trade above US$70 a barrel, pushed shares higher.
Banking and property stocks helped lift Dubai's benchmark index to a three-month high on the last trading session before the long Eid al Fitr break. The Dubai Financial Market index ended 2.1 per cent up to settle at 2127.62, its highest level since June.
The Abu Dhabi Securities Exchange General Index rose 1.6 per cent to close at 3,100.05, led by a 7 per cent gain by Sorouh Real Estate after the firm announced that its chief executive had resigned. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank gained 4.3 and 2.2 per cent respectively.
Ayman el Saheb, the director of operations at Darahem Financial Brokerage in Dubai, said: "The upgrade to emerging market status means there could potentially be more interest from institutions in this part of the world, which could be translated into renewed trading activity.
"It does not have immediate bearing on the markets but it has helped in lifting investors' sentiment."
FTSE, which publishes the FTSE 100 index in London, said the UAE's move to "secondary emerging market" status would be effective from September next year. MSCI, a larger global index provider owned by Morgan Stanley, earlier decided against moving the country into its emerging markets index.
Index providers' decisions can significantly affect flows of capital into stock markets. Hundreds of billions of dollars are invested globally in indexes, and the inclusion of markets such as the UAE's in larger ones with more money behind them can cause foreign money to rush inward.
Index providers typically judge markets based on size, transparency, trading volume and openness to foreign investment.
The rise yesterday in the UAE's and broader GCC markets came after a prolonged rise for Asian stocks, which sent the MSCI Asia Pacific index to a one-year high. Crude oil also traded as high as $72.73 a barrel.
"Oil and encouraging international data have been the main drivers for the sustained rally of the past two weeks and have convinced investors to stay in the market instead of cashing their positions ahead of the trading break," Mr el Saheb said.
Elsewhere in the region, Qatari stocks rose 2.7 per cent, and Oman's MSM30 Index and the Kuwait Stock Exchange Index were each up 0.8 per cent. Bahrain's index climbed 0.6 per cent. Saudi Arabia's Tadawal, the largest stock equities market in the region, is closed until September 26 for the weekend and the Eid al Fitr holidays.
Markets across the Middle East will be closed during Eid. Exchanges in Dubai, Abu Dhabi, Doha and Bahrain are to be closed from Sunday until Wednesday, unless Eid starts on Monday, in which case they are to be closed until Thursday. The Nasdaq Dubai and Saudi Tadawul are to be closed until Thursday. Exchanges in Kuwait and Muscat are to be closed until Friday.
skhan@thenational.ae
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
BIOSAFETY LABS SECURITY LEVELS
Biosafety Level 1
The lowest safety level. These labs work with viruses that are minimal risk to humans.
Hand washing is required on entry and exit and potentially infectious material decontaminated with bleach before thrown away.
Must have a lock. Access limited. Lab does not need to be isolated from other buildings.
Used as teaching spaces.
Study microorganisms such as Staphylococcus which causes food poisoning.
Biosafety Level 2
These labs deal with pathogens that can be harmful to people and the environment such as Hepatitis, HIV and salmonella.
Working in Level 2 requires special training in handling pathogenic agents.
Extra safety and security precautions are taken in addition to those at Level 1
Biosafety Level 3
These labs contain material that can be lethal if inhaled. This includes SARS coronavirus, MERS, and yellow fever.
Significant extra precautions are taken with staff given specific immunisations when dealing with certain diseases.
Infectious material is examined in a biological safety cabinet.
Personnel must wear protective gowns that must be discarded or decontaminated after use.
Strict safety and handling procedures are in place. There must be double entrances to the building and they must contain self-closing doors to reduce risk of pathogen aerosols escaping.
Windows must be sealed. Air from must be filtered before it can be recirculated.
Biosafety Level 4
The highest level for biosafety precautions. Scientist work with highly dangerous diseases that have no vaccine or cure.
All material must be decontaminated.
Personnel must wear a positive pressure suit for protection. On leaving the lab this must pass through decontamination shower before they have a personal shower.
Entry is severely restricted to trained and authorised personnel. All entries are recorded.
Entrance must be via airlocks.
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
Killing of Qassem Suleimani
Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
