Shuaa lights the touch paper for market lift-off



It was quite a week for UAE stock markets, with all the indices heading in the right direction for once. Optimism over the two core fundamentals - property and oil prices - combined to produce a wave of positive sentiment for the first time since last autumn, and I believe this will be more than the proverbial "dead cat bounce". Barring major global upsets, the consensus is that energy prices will continue to strengthen for the rest of the year. Property is more uncertain, but with falls of up to 50 per cent already this year, some are beginning to see the bottom. At least one major banking institution is about to publicly "call" the property market, I hear. Brave indeed.

At the heart of last week's surge was the UAE's very own Shuaa Capital, which has become something of a barometer for the health of the Dubai financial community. Shuaa contributed to the optimism on DFM on three fronts: first, it produced research showing that investor confidence in the region was on the up for the first time in many months. A healthy 43 per cent of respondents thought things would improve in the next half year.

Second, Shuaa contributed to the change of international sentiment towards the region, and the UAE in particular, with an investment roadshow in London highlighting the attractions of Gulf equities, now generally reckoned to be undervalued. If the positive sentiment reported back to me from the London conference is anything to go by, we could be in for a sustained bout of foreign buying of regional equities.

Third, Shuaa did its own bit for the DFM with a bullish share price performance. It bumped against the 15 per cent cut-off virtually every day last week, and is now firmly back out of fils territory at Dh1.65 per share. I have always believed Shuaa, as the leading independent bank of the region, was too big to fail, and its ongoing recovery is proof of that. What has prompted the buying spree this time is news that the tricky negotiations over the convertible bond held by Dubai Banking Group are nearing a denouement. By Thursday we will know whether DBG will agree to convert the bond to equity, at what price and with what strings attached. An earlier call for boardroom representation - which would have been a threat to Shuaa's independence - has been watered down. All that represents a vote of confidence in Shuaa, and in the Dubai market. The green shoots are multiplying fast.

Over in the non-quoted sector, and especially in the big family conglomerates that dominate so much of Dubai's commercial life, there must have been much concern at the news from Saudi Arabia that the Algosaibi empire seems to be in serious trouble. The first problems arose in Algosaibi's Bahraini offshoot, The International Banking Corporation, which defaulted on US$1 billion (Dh3.7bn) of bonds, causing consternation in the region's capital markets. Analysts estimate Algosaibi has commitments to Saudi banks amounting to $2.5bn, with several hundred million more owed to international groups like WestLB and BNP Paribas. Algosaibi is also sitting on a $400m portfolio of equity shares that might have to be liquidated, though the company seems to prefer an option of radical restructuring to a fire-sale of assets.

These family-owned conglomerates are one of the business facts of life in the Gulf, originating in the great merchant traders of the region over centuries. In good times, they have a lot going for them - tight, focused management, impeccable connections with the political power structure, and capital resources backed by their good names and reputations. But they are also typically involved in those sectors - consumer, real estate, tourism, financial services - which have been hardest hit by the global crisis. Access to capital - so easy when the markets were awash with liquidity - is suddenly much more difficult. And - a big problem, this, for the ratings agencies which determine their creditworthiness - they are much more secretive and opaque than even the publicity-shy parastatal corporations. So far, Algosaibi has not taken the opportunity to publicly reassure creditors. There are lessons here for the great merchant families throughout the rest of the Gulf. While there is no suggestion that they are in anything like the discomfort Algosaibi is experiencing, their ruling patriarchs might like to dust down, or even draw up, contingency plans for such an eventuality.

While he was ruining my football club, Tottenham Hotspur, the then chairman and owner Sir Alan Sugar told me that football finance would always suffer from the "prune juice" effect - no matter how much money you poured in one end, it all rapidly came out the other - and vanished.

He was right about that at least: despite all the millions he "invested" in Tottenham, he had to eventually withdraw from football ownership, many millions of pounds worse off and with nothing to show for his efforts except the disdain of Tottenham fans. There aren't too many parallels between "Sralan" - as he is known on his television show The Apprentice - and Sulaiman al Fahim, the new owner of Portsmouth, although both are celebrity businessmen and have a big TV presence. There is, however, one significant difference, it seems to me: Sralan has learnt his footballing lesson, while Dr al Fahim is still at the bottom of the learning curve as a Premiership club owner.

After his short-lived involvement with Manchester City, Dr al Fahim has splashed out on Portsmouth, a Premiership club that has been having quite a good time of late. It could prove a shrewd investment - a big catchment area of support in affluent southern England, little local rivalry (nearby Southampton are a busted flush) and a decent, if ageing, squad of players. We haven't seen any financial details yet, but even if he just takes over Portsmouth's estimated £50m (Dh295m) of debt, it is a considerable personal outlay. Let's hope he lasts the full 90 minutes.

fkane@thenational.ae

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

Pox that threatens the Middle East's native species

Camelpox

Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.

Falconpox

Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.

Houbarapox

Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.

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Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

'Will%20of%20the%20People'
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Mobile phone packages comparison
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

COMPANY%20PROFILE%20
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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
Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

The%C2%A0specs%20
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Saudi Cup race day

Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5