DUBAI // Shares in the UAE bucked the trend in broadly negative regional markets yesterday, advancing for the second consecutive session this week.
The Abu Dhabi Securities Market General Index rose 0.8 per cent to 2,724.56, helped by gains in financial services and property stocks.
First Gulf Bank was among the major gainers, adding 5.34 per cent. RAK Properties gained 2 per cent, Aldar was up 1.7 per cent, and Sorouh Real Estate closed 1.4 per cent higher. "The markets have drawn some strength from higher oil prices," said Chahir Hosni, the equity sales manager at EFG-Hermes in Dubai. "Although trade volume is relatively low, I would say we haven't seen the last of this up trend. Also, the earning season is behind us now and there are no more surprises left on that account, so the market is taking a breather."
The Dubai Financial Market General Index rose 0.2 per cent to close at 1,596.79. Deyaar, the second-largest listed developer in Dubai, gained 2.2 per cent, while Emaar Properties, the largest listed developer in the region, advanced 0.7 per cent.
Insurance stocks also posted gains, with Takaful Emarat rising 4.2 per cent on lower trading volume and Islamic Arab Insurance adding 2.5 per cent.
Elsewhere in the region, markets closed on a negative note. Saudi Arabia's Tadawul All Share Index ended 0.2 per cent lower, while the Qatar and Bahrain markets both closed 0.4 per cent lower.
Muscat's main measure posted a marginal loss. The Kuwaiti market was closed for a holiday and resumes trading today.
@Email:skhan@thenational.ae
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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