It would be a mistake to use government funds to inject into the stock markets which have lost Dh432 billion (US$117.61bn) in value this year, Sultan bin Saeed al Mansouri, the Minister of Economy, said yesterday.
Abu Dhabi share prices surged for a second consecutive day on Tuesday on perceptions of government support for the emirate's blue-chip holdings, while Dubai fell 5.1 per cent.
Asked if the Government was considering using its funds to prop up ailing stock markets, Mr Mansouri said: "We are not considering it. We are a free market and we are going to keep it open. We are not going to make the same mistakes that other economies have done."
The central bank governor of Kuwait yesterday called on its government to use sovereign funds to prop up its ailing stock market.
Brokers in Abu Dhabi reported a big rise in interest in certain stocks, such as Aldar, Sorouh, Etisalat and several banks, which are central to "brand Abu Dhabi". Mohammed Ali Yasin, the chief executive of broker Shuaa Securities, said there were perceptions that government-linked funds were behind the orders.
Officials in Abu Dhabi, however, attributed the rise to the fundamental strength of companies such as Aldar and Sorouh which have secure backing, ample reserves, and which are central to its development plans.
HSBC, in a report last week, said Aldar would offer "the best shelter for investors, while providing good appreciation potential".
The Abu Dhabi Securities Exchange (ADX) added 1.3 per cent yesterday, taking the week's gain to 4.29 per cent after a fall of 16.74 per cent last week. In contrast, the Dubai Financial Market (DFM) continued to drift, falling 5.1 per cent yesterday after losing 25 per cent last week.
"The belief the government is coming in is the only reason I can see for the market being up," said Vyas Jayabhanu, the head of Al Dhafa Financial Broker in Abu Dhabi.
"We have seen a lot of orders today to buy Abu Dhabi shares. The rumour is that the government is buying heavily in the market," he said. "There is a lot of new money coming into ADX, especially for Abu Dhabi property companies such as Aldar and Sorouh."
Aldar and Sorouh, two large Abu Dhabi-based property companies, were up 15.8 per cent and 17.67 per cent respectively this week. Abu Dhabi Commercial Bank was up 15.14 per cent and Ras Al Khaimah Properties, which is listed on the ADX, was up 12 per cent.
Yesterday, Aldar rose 7.56 per cent to close at Dh4.98 and Sorouh climbed 6.46 per cent to close at Dh3.13.
A meeting has been scheduled today in Abu Dhabi between the Emirates Securities and Commodities Authority, the regulatory body that covers local stock exchanges, and brokers and investors. It comes in response to a request from Al Brooge, a brokerage. Together with investors, they had been calling on the authorities to act to stem the declines, and were hoping for a Kuwait-style bailout.
Yesterday, Kuwait continued to try to stabilise its market, with the country's central bank governor calling on the government to set up a stabilisation fund.
It comes after several days of a court-ordered market closure following days of demonstrations by investors. The Kuwait market ended up 0.36 per cent, along with Doha which gained 2.84 per cent and Muscat which put on 1.43 per cent. The Saudi Tadawul fell 3.93 per cent of its value, while Bahrain lost 0.09 per cent.
afoxwell@thenational.ae
tpantin@thenational.ae
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
FORSPOKEN
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Marvel's%20Spider-Man%202
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Starfield
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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COMPANY%20PROFILE%20
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,00
On sale: Available for preorder now
