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Al Etihad
6 days ago
- Business
- Al Etihad
UAE stock markets rebound
16 June 2025 21:01 A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets on Monday recovered some losses suffered after the escalation of the Iran-Israel Abu Dhabi Securities Exchange (ADX) recorded gains, with its general index (FADGI) rising by 0.218% to close at 9,584.85. A total of 28,212 trades were executed, involving 368 million shares with a combined value of Dh1.383 billion. The total market capitalisation of all companies listed on the ADX stood at Dh2.987 trillion, which had fallen below the Dh3 trillion milestone due to escalating geopolitical Dhabi led the rally with a nearly 3% gain, followed by ADNOC Gas with a nearly 2% rise, and Multiply with a nearly 1% increase. Other top gainers on the ADX included Abu Dhabi National Company for Building Materials (+11.57%), Sudatel (+9.95%), and Presight AI (+5.83%). Notable decliners were UAQ Investments (-9.50%), Hayah Insurance (-5.17%), and Gulf Medical Projects (-2.63%). DFMThe Dubai Financial Market's general index (DFMGI) rose by 0.789% to close at 5,407. A total of 16,836 trades were executed on the DFM, involving 293 million shares with a combined value of Dh726 million. Share prices of 33 companies rose, 14 declined, and five remained unchanged. Amlak Finance led the rally with a 10% rise in share price, followed by DEWA (2.2%) and Emaar Developments (2.2%). The merger of Emirates Islamic Bank (EIB) with Emirates NBD has been completed, with the DFM announcing that all remaining shares have been transferred to the parent company. Among the other top gainers on Monday were United Foods (+9.58%), National General Insurance (+5.69%), and Al Salam Sudan (+5.26%). On the losing side, Al Ramz Capital fell by 9.60%, followed by Chimera S&P UAE Shariah ETF (-4.35%), BHM Capital (-2.33%), and NIH (-2.17%). Source: Aletihad - Abu Dhabi
Time of India
6 days ago
- Time of India
Israel-Iran conflict: UAE families spend thousands to return from CIS countries
UAE families stranded in CIS countries pay over Dh6,000 for rerouted flights via Istanbul, Doha, and Delhi amid Israel-Iran conflict flight cancellations (Image generated by AI for illustrative and creative purposes only) As regional tensions between Israel and Iran escalated into a four-day exchange of missile and drone strikes, UAE expatriates holidaying in several Commonwealth of Independent States (CIS) countries, including Armenia, Azerbaijan, and Kazakhstan, found themselves scrambling to return home, often at exorbitant costs. Following the outbreak of conflict, which began with Israeli airstrikes on Iranian nuclear sites and escalated into retaliatory attacks that killed three in Israel, several airlines either suspended or rerouted flights across affected airspace. This has left many travellers stranded or forced to secure alternative, often indirect and expensive, flight options. Families Caught Off Guard and Facing Financial Strain Limnaz Musthafa, a long-time UAE resident working in Sharjah's facility management sector, had sent his family on their first-ever trip to Baku, Azerbaijan. They arrived on June 12 via Air Arabia Abu Dhabi, but by June 13, just a day later, news of an Air India crash and intensifying conflict led to rapid flight closures. 'If I knew this would happen, I would've cancelled their trip,' Limnaz Musthafa told Gulf News , adding that he has been a UAE resident since 1986. By June 15, all return flights were cancelled. His six-member family, including an infant, was forced to book new tickets with Turkish Airlines for at least Dh6,000($1,635), in addition to the original Dh3,800($1,035) they had already spent. 'The fear is there, due to the political situation our safety is compromised,' he told Gulf News from Baku, adding that airfares had 'skyrocketed.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Investire è più facile che mai BG SAXO Scopri di più Undo Similarly, Kamarudheen Arakkal, 43, faced stress when his son Rayan, a 25-year-old student in Birmingham, was stranded in Tashkent, Uzbekistan, after attending a football camp. Scheduled to return last Friday, the sudden closures meant his father had to secure a new flight via Qatar. 'This caught us by surprise,' said Arakkal. The new ticket cost $1,000 (approximately Dh3,670), more than seven times the original Dh500 ticket. Travel Agents Respond to Sudden Demand for Rerouting UAE-based travel agencies are working around the clock to rebook affected passengers using longer but safer routes. Raheesh Babu, Chief Operating Officer of speaking to Gulf News, confirmed that travellers were turning to multi-leg flights via Istanbul or Doha to bypass closed or dangerous airspace. 'People were caught off-guard,' said Babu, noting that the post-Eid travel boom to CIS countries due to affordable fares contributed to the scale of the issue. According to Babu, about 20 customers are currently booking alternative routes out of affected CIS regions. Afi Ahmad, Chairman of Smart Travels, said that most impacted tourists are stranded in Armenia and Azerbaijan, with others affected in Iran. Fortunately, he noted, the number of travellers returning immediately after Eid was not overwhelming due to a general dip in demand. 'Unless it is an emergency, people don't want to travel,' said Ahmad, highlighting the financial and emotional stress among stranded passengers. In one example shared by travel agents, a family managed to return to the UAE from Azerbaijan via Delhi, a longer and more expensive alternative. Airlines Adjust Routes, Travellers Worry Ahead of Summer Break Despite the immediate disruptions, analysts say mass cancellations are not inevitable, provided airlines continue to find viable rerouting options. Saj Ahmad, Chief Analyst at StrategicAero Research, said that although a degree of reluctance to fly is expected, it may be balanced by broader geographic travel options and rerouting capabilities. GCC airlines, including Emirates, Etihad, Flydubai, and Air Arabia, can reroute westbound flights to Europe and North America via Egypt and the Mediterranean, and eastbound flights over Oman to the Arabian Sea. However, these detours can significantly increase travel time. Geopolitical Background: Conflict Escalates in the Middle East The urgency and confusion stem from an escalating military conflict between Israel and Iran. Over a four-day period, Israel launched strikes on Iranian nuclear facilities, prompting a retaliatory barrage of missiles and drones from Iran that killed three people in central Israel, including in Tel Aviv. Israel responded with a series of mass airstrikes, which, according to international reports, resulted in the deaths of several senior scientists and military generals within Iran. This violent exchange has ignited fears of a wider regional conflict and triggered urgent travel alerts and advisories from the UAE, Saudi Arabia , and other GCC nations.
Al Etihad
15-06-2025
- Business
- Al Etihad
UAE GDP climbs to Dh1.776 trillion in 2024, marking 4% growth
15 June 2025 13:11 ABU DHABI (WAM)The UAE's real gross domestic product (GDP) reached Dh1.776 trillion in 2024, marking a 4 percent increase compared to GDP grew by 5 percent, totalling Dh1.342 trillion, while oil-related activities contributed Dh434 billion to the overall bin Touq Al Marri, Minister of Economy, emphasised that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise non-oil sectors accounting for 75.5 percent of the UAE's GDP by the end of last year, Al Marri emphasised that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging Marri said, 'Under the leadership of [UAE] President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, [UAE] Vice President, Prime Minister and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to Dh3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.'Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development transport and storage sectors emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147.8 million passengers—an increase of approximately 10 building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 the real estate sector recorded a 4.8 percent the non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP.
Al Etihad
02-06-2025
- Business
- Al Etihad
Central Bank of the UAE imposes Dh3.5m financial sanction on exchange house
2 June 2025 16:07 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its financial sanction of Dh3,500,000 has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Al Etihad
29-05-2025
- Business
- Al Etihad
ADX market cap crosses Dh3 trillion mark again
29 May 2025 23:07 REDDY (ABU DHABI)The combined market capitalisation of all companies listed on the Abu Dhabi Securities Exchange (ADX) crossed the Dh3 trillion mark once again on the ADX market cap surpassed this milestone on February 10, 2025. At the close of trading on Thursday, the total market cap of companies listed on both the main and growth markets of ADX stood at Dh3.007 exchange first crossed the Dh2 trillion mark in June 2022, and it took nearly three years to reach the next significant threshold in February 2025. However, after briefly staying above Dh3 trillion, the market cap retreated due to volatile conditions triggered by tariff wars and geopolitical tensions. The recent rally in the markets has now pushed the valuation past the Dh3 trillion mark once has witnessed substantial growth in recent years, driven by a strong economy, increasing foreign investment, and a surge in initial public offerings (IPOs). In 2024 alone, 28 new securities were listed, bringing the total to 187. In the first quarter of 2025, information technology firm Alpha Data made its market debut following a successful IPO, amid growing optimism that Abu Dhabi's flagship airline, Etihad Airways, may also launch an IPO this 2024, ADX ranked among the top five global exchanges by IPO proceeds, with offerings raising approximately $3.35 billion. It captured 38% of all IPO proceeds in the Middle East and 80% of those within the UAE, according to a Wam report on the year's its position as the second-largest exchange in the region, ADX also held its place among the world's top 20 stock markets. Its consistent global ranking reflects a well-regulated, investor-friendly environment. 'This milestone enhances the exchange's reputation and boosts investor confidence, paving the way for sustained growth and further capital market development in the UAE,' said Samer Mardini, Chief Investment Officer at Yorklyn Asset Management.
