Kuwait has set up a fund to invest in its stock market, which has fallen more than 40 per cent this year.
Kuwait has set up a fund to invest in its stock market, which has fallen more than 40 per cent this year.

Kuwait fund to invest $7.26bn in shares



Kuwait has approved a Dh26.6 billion (US$7.26bn) fund to invest in shares on the Kuwait Stock Exchange in a move aimed at propping up the ailing market, local newspapers reported today. Five Kuwaiti newspapers said in unsourced reports that the country's Cabinet approved on Monday a 2bn dinar (Dh26.6bn) government portfolio to invest in the stock market, which has fallen by more than 40 per cent this year as the global financial crisis spread into the Gulf. The fund is the largest of its type yet to be announced in the GCC - Qatar and Oman have announced smaller injections into local exchanges - but is smaller than the sum many traders demanded last month, when protests broke out at the exchange and the bourse was shut down for two sessions, before a court order reopened it. In part to appease angry investors, Kuwait's Cabinet last month asked the Kuwait Investment Authority (KIA), the country's sovereign wealth fund, to set up a fund to invest in the bourse to shore up confidence. Government officials did not immediately reveal its size, however some local newspapers said it would be worth billions of dinars. The stock market's decline and the debate over the rescue fund have already had enormous political consequences in Kuwait, where activism and political infighting are constant features of the social landscape, a stark contrast with many of its Gulf neighbours. Kuwait's government resigned a week ago, partly because of its deadlock with the country's parliament over how to address the financial crisis. The turmoil is also leading to renewed calls for market reforms. Today, a long-stalled bill was submitted to parliament that would set up a financial markets regulator in Kuwait, which is the only Gulf state without a dedicated authority to supervise its bourse. The regulator would be the equivalent of the Emirates Securities and Commodities Authority. Ahmad Baqer, the commerce and industry minister, told the state news agency KUNA on Monday that the bill had been submitted to parliament. Yet its chances for approval appeared slim because of the ongoing political upheaval. Today, Kuwait's Gulf Bank, which became embroiled in the crisis after it revealed it lost more than $1bn on currency derivatives contracts that clients defaulted on, said it had made a net loss of 289.1 million dinars in the first 10 months of this year. Kuwait's fourth-largest lender by market value did not say if the figure included the currency derivatives losses that prompted the government to rescue it last month. The bank's shareholders are to meet on Tuesday to discuss whether to approve an emergency rights issue worth 375m dinars to cover those losses. Gulf Bank's troubles have sparked speculation that it might merge with another bank in a stronger financial position. And Kuwait's central bank governor, Sheikh Salem Abdul Aziz al Sabah, has encouraged companies of all stripes to consider mergers in order to better weather the financial crisis. Mr Sabah was quoted as saying on Monday by KUNA that mergers were "an option whose necessity has risen as a result of the aftermath of the global financial crisis". Yet the chairman of Gulf Bank, Kutayba al Ghanim, today told KUNA that the bank would not get a good price in the current conditions. "It is not the right time to discuss any such attempts for Gulf Bank, due to the fact that right now the bank will be the weaker rather than the stronger party," Mr Ghanim said. Mergers have been proposed across the region as the financial crisis continues to deepen and markets continue on a downwards slide. A merger was recently announced between the mortgage providers Amlak and Tamweel in the UAE, where the property and finance sectors have been hit hard by the growing difficulty of obtaining financing on international markets. * with Reuters afitch@thenational.ae

What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

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THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

Match info

Premier League

Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)

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Meydan race card

6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m

THE BIO:

Sabri Razouk, 74

Athlete and fitness trainer 

Married, father of six

Favourite exercise: Bench press

Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn

Power drink: A glass of yoghurt

Role model: Any good man

Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)

MATCH INFO

Manchester United v Brighton, Sunday, 6pm UAE

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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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UAE SQUAD

 

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

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Dubai World Cup Carnival Card:

6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m​​​​​​​
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m​​​​​​​
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m​​​​​​​
8.50pm: Handicap $135,000 (D) 1,600m​​​​​​​
9.25pm: Handicap $175,000 (T) 1,600m

Two-step truce

The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.

By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National. 

The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.

The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.

The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.

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On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

MATCH INFO

Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)

Rajasthan Royals won by 15 runs

Details

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

The biog

DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

Terminator: Dark Fate

Director: Tim Miller

Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis 

Rating: 3/5

UAE v Zimbabwe A

Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs

Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai

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Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

Q&A with Dash Berlin

Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.

You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.

You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.

Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.

 

Results

2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.

3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.

3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.

4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.

4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

Watch live

The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

You can find out more here