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15 billion weekly share gains, amid optimism about the results




Local stocks consolidated their gains in last week’s trading, which was limited to 4 sessions; The Prophet’s birthday holiday and its market capitalization received nearly 15 billion dirhams, supported by a level of confidence that dominated the sentiment of investors; Thanks to the strength of the national economy and the expected recovery after the aftermath of “Govt 19”, the marathon start of the quarterly results and the announcement of the results of banks and companies that exceeded expectations.

Last week, the Dubai market rose 2.4%, the biggest weekly gain since the beginning of April, ending with a rise of 2857.32 points on shares of banks, real estate, transport, investment and services. The Abu Dhabi market rose 0.83% to 7876.68 points, supported by gains in banking, telecommunications, industry, goods and services stocks.

The shares attracted cash in 4 sessions, with 8.3 billion dirhams, 6.18 billion dirhams distributed in the Abu Dhabi market and 2.15 billion dirhams in the Dubai market, of which 1.4 billion worth of “Aramax” deal, and 1.49 billion shares traded at 1.04 billion shares in Abu Dhabi, with a total of 1.04 billion shares. Including, by executing 42.6 thousand transactions.

Dubai Market

The rise in the Dubai market was supported by an increase of 1.38% in the banking sector, வளர்ச்ச Emirates NBD »with 0.73% and« Dubai Islam »with a growth of 2.4%. Malls are down 3.6%, Tea 2.7%, Damac 0.8% and Union properties 2.8%.

“Dubai Investments” increased by 4.2%, “Dubai Financial Market” by 5.8% and “Shuaa Capital” by 0.6%, the investment sector by 4.42%, and the transport sector by 10% after “Aramax” by 18.97%. Air Arabia’s “Gulf Navigation” was confirmed at 0.7% and rejected.

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Excluding the deal, “Aramax” topped the list, attracting approximately 172.78 million dirhams, followed by “Dubai Islam” at 124.8 million dirhams, followed by “Emirates NBD” at 117.9 million dirhams, and “Aramax” by 18.97%. . 14%, followed by “Tabreet” 10.67%, “Al-Chakr Insurance” 18.9%, followed by “Al-Firtus Holding” 18.7%, then “National International Holding” 8.12%.

Foreign investors tend to buy Dubai with a net investment of 1.13 billion dirhams, while Arab and Gulf investors and citizens with a net investment of 1.13 billion dirhams are 31.7 million dirhams for Arabs, 533.3 million dirhams for Gulf nationals and 567.86 million dirhams for citizens.

Abu Dhabi Market

The rise in the Abu Dhabi market was supported by a 0.71% increase in the banking sector, followed by “First Abu Dhabi” 0.56%, “Abu Dhabi Business” 1.85%, “Abu Dhabi Islamic” 0.8% and “Sharjah Islam” 1.1%, and “Etisalat” 2.49% followed by the telecommunications sector 2.4%. “Yahsat” fell 0.75%.

In contrast, the investment sector was down 0.5%, International Holdings was up 0.48%, Alpha Abu Dhabi was up 0.79% and Ezrak was up 2.49%, Waha Capital was up 4.07%, and the energy sector was down 0.09% after ADNOC distribution. Decreased, while “TAQA” increased 1.63%, and “Dana Gas” and “ADNOC drilling” were confirmed.

“Abu Dhabi” first dominated the process, attracting 1.43 billion dirhams, followed by “International Holding” 1.15 billion dirhams, then “Aldar Properties”, one billion dirhams. “Ras Al Khaimah White Cement” increased by 48.65%, followed by “Ras Al Khaimah Cement” by 36.06%, followed by Al Qudra Holding by 22.91%, Abu Dhabi National Takaful by 18.94% and 12.27% by ASG. “9.37%.

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Arab and foreign investors tend to buy 229.7 million dirhams in Abu Dhabi with a net investment of 15.78 million dirhams for Arabs and 213.9 million dirhams for foreigners. Dirham for citizens.

Institutional investment

While the performance of the companies tended to buy in Dubai, the net investment of 164.2 million dirhams, and the profit in Abu Dhabi, the net investment of 59.24 million dirhams, individual investors sought to buy in Abu Dhabi. Net investment was 59.24 million dirhams, and monetization in Dubai, net investment was 164.2 million dirhams.


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Brent crossed $81 a barrel ahead of the OPEC+ meeting



Brent crossed $81 a barrel ahead of the OPEC+ meeting

Brent crossed $81 a barrel ahead of the OPEC+ meeting

Oil prices rose on Tuesday, supported by the possibility of OPEC+ extending or improving supply cuts as Kazakhstan cut its output due to the storm, pushing steady Brent crude prices above $81 a barrel.

Brent crude futures rose $1.70, or 2.1%, to settle at $81.68 a barrel after settlement. US West Texas Intermediate crude futures were also up $1.55, or 2.1%, at $76.41 a barrel.

OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.

Four OPEC+ sources said on Tuesday that talks on oil policy for 2024 were difficult, indicating the possibility of extending the previous agreement, not increasing production cuts.

Thomas Varga of oil brokerage BVM, referring to the OPEC+ meeting, said, “If there are no downside surprises, the recent decline in prices could be seen as a buying opportunity, especially if further cuts are agreed.”

OPEC+ sent oil prices plummeting last week after it postponed its meeting to resolve differences in production targets for African producers.

Oil also received support from a weaker dollar, an expected decline in US crude inventories and a decline in production in Kazakhstan.

The largest oil field in Kazakhstan cut its daily oil production by 56%.

Four analysts polled by Reuters said the latest round of weekly U.S. supply reports would show a decline of about 900,000 barrels in crude inventories.

The dollar fell to its lowest level in three months on Tuesday after Federal Reserve Christopher Waller hinted at the possibility of interest rate cuts in the coming months if inflation eases. A decline in the dollar usually indicates an increase in demand for oil.

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(Reuters, Al-Arabi Al-Jadeed)

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Dubai Taxi increases the number of shares allocated to individuals in the public contribution



Dubai Taxi increases the number of shares allocated to individuals in the public contribution

Dubai Taxi

Dubai Taxi Company on Tuesday announced that it will increase the number of shares allocated from its initial public offering to individual investors in the UAE in response to strong demand for their shares, and instead, it will reduce the number of shares allocated to professional investors. 25 percent of the total shares of the company remain unchanged.

Dubai Taxi reported that the number of shares allotted to individual investors in the UAE has been increased from 62.475 million to 74.970 million ordinary shares, following the approval of the Securities and Commodities Authority.

Based on the previously announced price range of between 1.8 and 1.85 dirhams per share, the value of the shares allocated to the individual investor segment will now be approximately 135 to 139 million dirhams, which, compared, would represent 12 percent of the size of the initial offering. to the earlier announced 10 per cent.

The offer size remains unchanged at 624.750 million ordinary shares, representing 24.99 percent of the total issued shares in the company’s capital. As a result of the increase in shares allocated to the category of individual investors in the UAE, 549.780 million ordinary shares will be allocated to the category of qualified investors instead of 562.275 million ordinary shares, representing 88 percent of the total offering shares. 90 percent of the previously reported.

As the subscription period for individual investors in the UAE ends on November 28, 2023, the subscription period for qualified investors ends on November 29.

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The offering is expected to be completed and listed shares accepted on December 7, 2023, subject to market conditions and receipt of relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market. Report.

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“Tik Tok” is cutting hundreds of jobs in video games industry – UAE Breaking News



“Tik Tok” is cutting hundreds of jobs in video games industry – UAE Breaking News

Chinese tech giant ByteDance, which owns the TikTok app, has decided to cut hundreds of jobs at its gaming unit, an informed source told AFP on Monday, reflecting the group’s retreat from the highly competitive video game industry.

“News,” a Beijing-based video game publisher affiliated with Byte Dance, is currently conducting a round of layoffs that will affect “hundreds of people,” the source said.

A Byte Dance spokesperson said in a statement, “We continue to review our business and make changes to focus on areas of long-term strategic growth.” “Following a recent review, we have made the difficult decision to restructure our gaming division.”

The decision to exit the video games industry comes despite Byte Dance’s large investments in Newverse over the past years in an effort to catch up with video games leader Tencent.

A source told AFP that although the sector’s size would decrease significantly, the current cuts did not represent a complete shutdown of the sector.

The source indicated that the staff reductions are aimed at helping ByteDance focus on its core business and streamline its organizational structure, with games not yet launched slated to close in December.

Games with active players, including the popular action game, the source said Atlan’s CrystalThe company will continue its operations as it seeks to diversify assets.

Launched in 2019 in an attempt to challenge Tencent’s dominance, Neoverse failed to achieve the commercial success that Byte Dance had hoped for.

China-based tech giant Tencent dominates the Asian market and is the biggest player in the global video game industry by revenue, investing in game studios around the world.

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