Property props up Dubai

Property props up Dubai

Dubai’s stock market rose sharply yesterday, helped by real estate shares, even as the rest of the Middle East was largely quiet. The index climbed 1.2 per cent, with Emaar Properties advancing 2.5pc to 5.00 dirhams and DAMAC Properties rising 3.6pc. Arqaam Capital said in a report on Tuesday that while there were no real signs of improvement in the Dubai property market in the third quarter, earnings might be nearing the trough of their cycle. It recommended a “buy” rating for Emaar with a target price of 8.40 dirhams. Dubai Islamic Bank added 0.2pc after its third-quarter profit rose 10.8pc, in line with analysts’ estimates. Emirates NBD gained 2.5pc.

The Saudi Arabian index fell 0.9pc, weighed down by blue chips such as Al Rajhi Bank, which fell 1.9pc, and Saudi Basic Industries, which dropped 1.3pc. But Bawan Co, which has been trading at record lows, climbed 3.5pc after its unit signed an agreement to supply Saudi Electricity Co with substations for 269.8 million riyals ($72 million). The company said the financial impact of the deal would appear in the first half of 2019.

Saudi Industrial Export jumped 10pc after approving a capital increase through a rights offer. The rights issue will begin trading on Oct. 15. Egypt ’s blue-chip index, which has fallen 15pc since the end of August, was up 0.2pc as Commercial International Bank rebounded 1pc. Qatar’s index rose 1.3 per cent to 9,964 points, briefly touching technical resistance at 10,003- 10,028 points, where the market peaked in August and September. Abu Qir Fertilizers continued to rise, gaining 2.3pc after announcing a full-year dividend of 1.10 Egyptian pounds on Monday.




Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

Macron vows wage rise

Macron vows wage rise

Embattled French President Emmanuel Macron Monday announced a series of financial measures seeking to defuse the “yellow vest” revolt that has triggered violent protests in cities across the country. In a 15-minute televise


Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

US nuns stole money to gamble in Vegas

US nuns stole money to gamble in Vegas

Two California nuns who stole around $500,000 dollars from the school where they worked and splashed out on travel and gambling in Las Vegas are facing criminal charges, their order confirmed Tuesday. Sisters Mary Margaret Kreuper and

We accept people’s mandate: PM Modi

We accept people’s mandate: PM Modi

I ndia’s ruling party suffered stinging election defeats in at least two stronghold states, results showed Tuesday, in a big blow to Prime Minister Narendra Modi before national polls in 2019. The votes held earlier this month an