The trading ticker was a sea of green, with more than 90 per cent of UAE stocks ending in positive territory as investors cheered news of the Dubai World debt proposal.
On the Dubai Financial Market (DFM), every stock except one, Gulf General Investment Co, ended the day with gains.
The total volume for the UAE bourses reached Dh2 billion, more than three times the average volumes earlier in the week.
It was the rare day when almost everyone came out a winner. The exception was "any investor who sold yesterday", said Eyad Abdulnabi, the chief operating officer of Al Ramz Securities in Abu Dhabi.
The DFM General Index rose 4.3 per cent to 1,845.21. Emaar Properties jumped 4 per cent in the first minute after the Dubai World proposal was released, and reached its 10 per cent ceiling before closing 8.8 per cent higher at Dh4.07 a share.
Shares in DFM climbed 7.7 per cent to Dh1.94 each. Arabtec Construction, one of Nakheel's biggest creditors, rose 6.9 per cent to Dh2.32 a share.
The NASDAQ Dubai index rose 4.9 per cent to 1,954.91.
The Dubai World news was also a boon for the Abu Dhabi Securities Exchange General Index, which rose 1.1 per cent to 2,903.92.
Aldar Properties rose 5.3 per cent to Dh4.32. Dana Gas shares were traded in the highest volume as they ended the day 3.4 per cent higher at Dh0.91 a share.
Elsewhere in the region, the Kuwait Stock Exchange index rose 0.3 per cent, while Bahrain's measure fell 0.2 per cent.
The bourses in Qatar and Muscat gained 0.5 per cent and 0.06 per cent, respectively. The Saudi Tadawul was closed for the day.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
On racial profiling at airports
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
COMPANY%20PROFILE
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