Edition:
United Kingdom

Tuqa Khalid

Expo 2020 Dubai to attract 11 mln foreign visitors-officials

27 May 2019

DUBAI Dubai could attract 11 million foreign visitors to the Expo 2020 world fair, organisers said in an interview, giving a significant boost to the emirate's tourism sector.

MIDEAST STOCKS-Abu Dhabi outperforms on financials and real estate, most Gulf markets rise

21 Apr 2019

By Tuqa Khalid DUBAI, April 21 Abu Dhabi stocks outperformed Gulf markets on Sunday on expectations that banks and real estate companies will benefit from new rules which would allow foreigners to own land and property in investment areas on a freehold basis. The Abu Dhabi index rose 1 percent, lifted by RAK Properties, up 2.7 percent, and Aldar Properties , up 2.1 percent. Abu Dhabi Commercial Bank rose 1.8 percent and Union National Bank rose 2.3 percent. The rise in investor interest came ahead of a company filing that said Al Hilal Bank's owner, the Abu Dhabi Investment Council, appointed Alaa Eraiqat as the lender's chairman. Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019. Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB. First Abu Dhabi Bank continued a recent rally to add 1.4 percent. The top lender in Abu Dhabi rose nearly 9 percent last week after obtaining regulatory approval to increase its foreign ownership limit to 40 percent from 25 percent. Saudi Arabia's main index, the Tadawul All-Share benchmark , was up 0.5 percent, lifted by financials and telecommunications. Islamic lender Alinma and telecommunications firm Etihad Etisalat (Mobily) were up 5.3 percent and 4.8 percent, respectively, after reporting strong earnings for the first quarter. "Generally, the (Saudi) corporate results coming in today have been encouraging. Sentiment remains positive on foreign inflows as the next FTSE and MSCI inclusion nears," said Muhammad Faisal Potrik, head of research at Riyad Capital. Saudi shares joined the FTSE Emerging All Cap Index in March with a weighting of 2.9 percent. In May, Saudi shares will join the MSCI Emerging Markets Index. In Dubai, the index rose 0.2 percent on the back of a strong performance by real estate stocks such as Deyaar , Emaar Development and Emaar Malls which were up 3.7 percent, 2.1 percent and 1.2 percent, respectively. Qatar's stock market inched up 0.1 percent on financials, as Qatar First Bank rose 1.1 percent, Qatar Islamic Bank gained 0.3 percent and Qatar Insurance company added 1 percent. Egypt's blue-chip index was down 0.3 percent, with Alexandria Mineral Oils Co SAE shedding 3.6 percent and El Sewedy Electric slipping 2 percent. "Regional markets have been focusing on passive flows from MSCI and FTSE events in Saudi and Kuwait while ignoring other markets like Dubai, Oman and Bahrain due to lack of catalysts," said Sanat Sachar, equity research analyst at Dubai's Al Mal Capital. "We expect this theme to remain valid for the next couple of months and post that investors will start looking at other markets in search of better investment opportunities with cheaper valuations," Sachar added. SAUDI The index was up 0.5 pct at 9,240 points ARABIA ABU DHABI The index rose 1 pct to 5,346 points DUBAI The index was up 0.2 pct at 2,821 points QATAR The index was up 0.1 pct at 10,355 points EGYPT The index was down 0.3 pct at 14,839 points BAHRAIN The index was flat at 1,446 points OMAN The index was up 0.1 pct at 3,984 points KUWAIT The index was up 0.1 pct at 6,249 points (Reporting by Tuqa Khalid, editing by Hadeel Al Sayegh and Louise Heavens)

Qatar's real estate market faces reality check ahead of World Cup

17 Feb 2019

DOHA/DUBAI Qatar's Doha Tower, a spike-tipped cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide real estate boom, but today about half of its 46 floors are empty.

Qatar's real estate market faces reality check ahead of World Cup

15 Feb 2019

DOHA/DUBAI Qatar's Doha Tower, a spike-tipped cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide real estate boom, but today about half of its 46 floors are empty.

ANALYSIS-Qatar's real estate market faces reality check ahead of World Cup

15 Feb 2019

DOHA/DUBAI, Feb 15 Qatar's Doha Tower, a spike-tipped cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide real estate boom, but today about half of its 46 floors are empty.

MIDEAST STOCKS-Real estate weighs on Dubai, major Gulf markets down

03 Feb 2019

* Developers' MSCI exclusion weighs on Dubai index * Abu Dhabi up on financials * But banks drag down Saudi index * EGX30 boosted by telecoms, industrials By Tuqa Khalid DUBAI, Feb 3 Dubai's stock market fell sharply on Sunday dragged down by property stocks, as other major Gulf bourses also saw losses. In Dubai, the index dropped 1.1 percent. The emirate’s largest listed developer, Emaar Properties, slid 3.3 percent, Emaar Malls dropped 4.5 percent, and DAMAC properties fell 2.3 percent. Dubai’s weak real estate market has been a big drag for property shares this year. Prices have been falling quarter-on-quarter almost continually since the start of 2017, with analysts blaming a glut of properties on the market. "DFM index continued its downward performance due to expected deletion of Emaar Development, Emaar Malls and DAMAC properties from MSCI Index which will result in $200 million of outflow from these names," said Sanat Sachar, equity research analyst at Al Mal Capital. The three firms' performance over the past year sets them up for exclusion from the MSCI Emerging Markets Index in May under the compiler’s criteria for membership. The Saudi stock index was down 0.4 percent, dragged down by financials. Saudi British Bank (SABB) fell 1.8 percent, Alawwal Bank fell 1.6 percent and Banque Saudi Fransi (BSF) fell 2.8 percent after reporting decreased net income which the company said was due to an increase in total operating expenses because of higher impairment charges. The EGX 30 Index gained 0.8 percent boosted by telecommunications and industrials, as Orascom Investment Holding surged 8.4 percent and Telecom Egypt Co was up 6.5 percent. Abu Dhabi's index rose 0.6 percent lifted by financials, such as heavyweight First Abu Dhabi Bank, which rose 1.8 percent. This comes a week after it said it had proposed increasing its foreign ownership limit to 40 percent from 25 percent. Abu Dhabi Islamic Bank also rose 1.7 percent. Qatar’s index dropped 0.3 percent with Qatar Gas Transport shedding 1.7 percent and Qatar Insurance Co down 1.2 percent. SAUDI The index fell 0.4 pct to 8,527 points ARABIA DUBAI The index fell 1.1 pct to 2,540 points QATAR The index was fell 0.3 pct to 10,689 points ABU DHABI The index rose 0.6 pct to 5,076 points EGYPT The index rose 0.8 pct to 14,244 points KUWAIT The index fell 0.5 pct to 5,406 points OMAN The index fell 0.5 pct to 4,147 points BAHRAIN The index was up 0.3 pct at 1,396 points (Reporting by Tuqa Khalid Editing by Andrew Heavens)

Builders bruised by Dubai's real estate market woes

19 Dec 2018

DUBAI Dubai's real estate downturn is forcing construction and engineering firms to cut jobs and halt expansion plans, in turn raising fresh risks for the wider economy.

In Dubai, U.S. sanctions pressure historic business ties with Iran

19 Nov 2018

DUBAI With its Persian restaurants and shop signs in Farsi, Murshid Bazaar, a dense maze of alleys in Dubai's old quarter, has for decades been a centre for small-scale trade with Iran.

In Dubai, US sanctions pressure historic business ties with Iran

19 Nov 2018

DUBAI With its Persian restaurants and shop signs in Farsi, Murshid Bazaar, a dense maze of alleys in Dubai's old quarter, has for decades been a center for small-scale trade with Iran.

UPDATE 1-In Dubai, US sanctions pressure historic business ties with Iran

19 Nov 2018

* International banks unwilling to handle money transfers (Adds ministry comment)

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