UAE bourses up despite weak oil, rate-hike bets | Reuters
Stock markets in the United Arab Emirates (UAE) closed higher on Friday as investors appeared to shrug off a fall in oil prices amid concerns over weak global economic growth and more aggressive interest rates hikes.
U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank would move interest rates at a "careful pace" as policymakers edge towards a stopping point for their historic round of monetary policy tightening.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by the United Arab Emirates, Saudi Arabia and Qatar.
Meanwhile, crude oil prices, a major driver for Gulf economies, fell for a second day on Friday and were heading for a weekly decline, as Brent crude slipped 91 cents, or 1.2%, to $73.23 a barrel by 1110 GMT.
In Dubai, the benchmark index (.DFMGI) gained 0.4% on the back of a 1.9% rise in Dubai Electricity and Water Authority (DEWAA.DU) and a 1.1% lift in Emirates NBD Bank (ENBD.DU), Dubai's largest lender.
Blue-chip developer Emaar Properties (EMAR.DU) was up 0.8%.
The Dubai index posted a marginal weekly gain of 0.1%, as it extended gains to a third weekly session.
Abu Dhabi's index (.FTFADGI) rose 0.3%, its sixth positive session in a row, bolstered by a more than 1% hike in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 3.1% jump in Alpha Dhabi Holding (ALPHADHABI.AD).
The index posted its second weekly gain of 1.2%.
Qatar to Buy Stake in NBA’s Washington Wizards, NHL’s Capitals, WNBA’s Mystics - Bloomberg
In a first for US sports, Qatar’s sovereign wealth fund has struck a deal to buy a stake in a company that owns a trio of franchises, including the National Basketball League’s Washington Wizards, according to a person familiar with the situation.
The Qatar Investment Authority plans to acquire 5% of Monumental Sports and Entertainment, according to the person, who asked not to be identified because negotiations were private. Sportico reported the deal earlier and said the transaction would value Monumental, which also owns the National Hockey League’s Washington Capitals and the Women’s National Basketball Association’s Washington Mystics, at about $4 billion.
NHL owners have already approved the transaction, but the NBA Board of Directors must vote on it, the website said. A spokesperson for Monumental declined to comment.
The investment by QIA underscores the ambitions of Gulf states to buy into the world’s most prestigious sports leagues. It’s seen as a potentially profitable investment that can offer autocratic governments an opportunity to launder their reputations through what’s known as sports-washing.
Doha and Dubai Top List of World’s Most Competitive Job Markets - Bloomberg
If you’re in the market for a new job, you’ll find the most competition in the Middle East and California’s tech hubs.
Doha, Dubai and San Francisco are among the places that had the highest number of candidates per LinkedIn job posting in February, according to a study from online resume builder Resume.io. To create its ranking, the company looked at 130 global cities and every US state and tracked how many applications were submitted to roles in the first week after they were advertised.
Qatar’s dominance on the list is likely related to hosting the World Cup last year. Since 2010, the country has spent more than $250 billion as part of the preparations — constructing almost 100 new hotels, expanding its port and airport and revamping its roads, among other things.
Though the tournament brought the country’s labor practices into focus, leading to widespread criticism over its treatment of migrant workers, Qatar is still a magnet for job seekers. The average job post there racked up 399 applicants in February, the Resume.io study shows. Qatar created a universal minimum wage in the midst of the World Cup worker furor and it doesn’t tax personal income, making it a relatively lucrative place to work.
Workers in Dubai and Abu Dhabi, which are also among the most competitive job markets, don’t pay income tax, either. Some positions driving the post-pandemic job market in the United Arab Emirates include specialized medical roles and freelance digital content work, according to LinkedIn data.
