Dubai shares declined on low volumes yesterday as the summer stock market lull started early with temperatures rising and investor interest waning.
“The market is very quiet, no volatility, low volumes,” said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi. “We have entered summer season.”
About Dh79 million worth of shares traded on the Dubai Financial Market (DFM), compared with the 50-day average of Dh297.9m, according to Bloomberg. In Abu Dhabi, Dh52.6m worth of shares changed hands, compared with the 50-day average of Dh88.3m.
Dubai Islamic Bank, the country’s biggest Sharia-compliant lender, declined 2 per cent to Dh1.89. Air Arabia, the region’s biggest budget airline, fell 1.1 per cent to 58 fils. The DFM General Index slipped 0.2 per cent to 1,477.04.
On the Abu Dhabi Securities Exchange (ADX) General Index, Arkan Building Materials rose 1.2 per cent to 79 fils a share after it said it was seeking a Dh1.4 billion loan. Etisalat, the region’s biggest telecommunications operator, fell 0.2 per cent to Dh8.79. Abu Dhabi Commercial Bank, the country’s third-biggest lender, slipped 0.3 per cent to Dh3.05. The ADX General Index was down 0.1 per cent to close at 2,456.68.
Elsewhere in the region: Kuwait’s measure declined 0.9 per cent to 6,216.04; Bahrain’s was little changed at 1,143.14; Oman’s MSM 30 Index advanced 0.2 per cent to 5,697.70; and Qatar’s QE Index rose 0.2 per cent to 8,508.97. The Saudi Tadawul All-Share Index rose 0.9 per cent to 7,056.68.
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UAE currency: the story behind the money in your pockets
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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