ShuaaCapital gained the most in a week after the country's largest investment bank reported it was back in profit reversing a Dh56.6 million loss helped by aggressive cost cuts and strength in its asset management business.
Shuaa reported a net income of Dh0.6 million for the second quarter, compared with a loss of Dh56.6 million in the same period last year. The results included a Dh27.7 million of gains on other investments and cost cuts amounting to Dh62.8 million, the company said in an emailed statement.
The stock rose 5.2 per cent to Dh1, the highest since July 18.
In the first quarter, Shuaa said it would cut 10.7 per cent of its staff, or 39 jobs to reduce costs.
"It is reasonable to expect that with an improvement in market conditions, we will generate further momentum with our clients, build market share and start executing investment banking mandates," said Shuaa's chief executive, Sameer Al Ansari.
The Dubai Financial Market General Index was down 0.6 per cent to 1510.58 points. In the capital, the Abu Dhabi Securities Exchange General Index was up 0.8 per cent to 2663.13.
Elsewhere in the region, Kuwait's index was unchanged at 6063.80 points. Bahrain's measure was unchanged at 1298.95 points. Oman's index rose 0.1 per cent to 5948.46. Qatar's index was unchanged at 8399.80 points. The Saudi Tadawul All-Share Index was down 0.8 per cent to 6472.03 points.
halsayegh@thenational.ae
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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COMPANY%20PROFILE
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
COMPANY%20PROFILE%20
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