Ex-dividend, poor earnings weigh on #Dubai; #AbuDhabi slightly higher | Reuters

Ex-dividend, poor earnings weigh on Dubai; Abu Dhabi slightly higher | Reuters

Dubai's stock market closed flat on Friday for a second straight day, while rising oil prices and global recovery pushed Abu Dhabi's benchmark index higher.

In Dubai, courier firm Aramex (ARMX.DU), opens new tab was the biggest loser in the share index (.DFMGI), opens new tab after reporting a more than 83% slump in quarterly profit. Its share price fell more than 6%, its biggest decline in nearly 11 months.

Dubai business park operator TECOM Group (TECOM.DU), opens new tab was the second biggest loser on the index as its stock traded ex-dividend and fell nearly 4%.

National Central Cooling (Tabreed) (TABR.DU), opens new tab climbed 2% after posting a 4% rise in net profit for the first half of 2024.

Abu Dhabi's index (.FTFADGI), opens new tab closed 0.5% higher, boosted by a 2.4% gain in shares of the country's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab.

International Holding Co (IHC.AD), opens new tab, the most valuable listed firm in Abu Dhabi, ended 1% up.

#Dubai Investments Q2 net profit soars 78% to $78.75mln

Dubai Investments Q2 net profit soars 78% to $78.75mln

Dubai Investments, a leading diversified investment company, has announced a 78% surge in net profit after tax attributable to shareholders to reach AED289.24 million ($78.75 million) for the second quarter (Q2).

Further, the group reported a net profit after tax attributable to shareholders of AED409.20 million for the six-month period ending June 30, 2024, an 83% surge.

The group’s total assets grew to AED21.82 billion compared to AED21.44 billion as of year ended December 31, 2023.

Attributable equity

The equity attributable to the owners of the company is recorded at AED13.34 billion compared to AED13.46 billion as of year ended 31 December 2023.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said: "The group’s success across the quarters is attributed to the buoyant property sector and complemented by the excellent performance of investment portfolio. This achievement reflects our alignment with the UAE’s forward-looking economic goals and the strong demand for new offerings.

“We expect significant progress on construction of Phase 1 of Danah Bay project in Ras Al Khaimah by Year end 2024. The Group had launched Violet Tower in Q1 2024, a new residential project in Jumeirah Village Circle (JVC), and commenced off-plan sales for this.”

During the three-month period ended June 30, 2024, Al Mal Capital REIT acquired 100% equity interest in Carnation Education LLC which holds the properties of Kent College in Dubai. This acquisition marks a crucial development and broadening the REIT’s investment horizon.

Dynamic approach

The advancement of Dubai Investments' real estate ventures, including the Danah Bay and the Violet Tower, alongside the development of the group’s project in Angola and the strategic expansion of the REIT, underscores the group’s dynamic approach and reflects the commitment to excellence while forging paths that lead to exceptional value creation for the shareholders."

Dubai Investments remains optimistic about maintaining its robust performance through the rest of 2024. The group is keen on further strengthening its market leadership by continuing to focus on key real estate projects and broadening its investment footprint across regional and international markets. This approach is anticipated to solidify the group's standing as a pivotal player in driving economic growth.

Looking forward, the group’s results reflect its strategic implementation across its key business verticals, aligning with its commitment to generating enhanced shareholder value.

Oil set for 3% weekly gain on US jobs data, Mideast tensions | Reuters

Oil set for 3% weekly gain on US jobs data, Mideast tensions | Reuters

Oil prices were steady on Friday and on course for a weekly gain of more than 3% as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted.

Brent crude futures were up 1 cents to $79.17 per barrel by 0845 GMT. U.S. West Texas Intermediate crude futures were up 8 cents at $76.27 per barrel.

Both Brent and WTI were set to gain more than 3% on a weekly basis.

"Sentiment was also boosted by positive jobs data in the U.S. with new unemployment claims coming in well below expectations," said Panmure Liberum analyst Ashley Kelty.