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‘Sell in May and go away… is the famous financial world adage. But it didn t work with UAE stocks this year.
The saying suggests that stocks tend to underperform in May – this year, however, DFM rallied a stellar 7.37 per cent and ADX gained 8.46 per cent. The gains on DFM were powered by an 8.43 per cent rally for Emirates NBD and an 8.54 increase at Dubai Islamic Bank.
First Abu Dhabi Bank, with a weightage of almost 40 per cent in ADX, jumped 16.43 per cent, helping the index close higher for the month. Reports that First Abu Dhabi Bank s weighting in the MSCI Emerging Markets index could increase helped the rally. A strong rebound in the economy was a significant factor behind the solid performance of UAE equities.
Updated 09 May 2021
May 09, 2021 06:27
DUBAI: Dubai’s long-haul carrier Emirates will begin shipping aid for free into India to help fight a crushing outbreak of the coronavirus, the airline said Sunday.
The offer by Emirates, which has some 95 flights weekly to nine cities, comes as air freight costs have skyrocketed. That’s as air cargo demand has risen to its highest recorded level ever amid the pandemic, which has seen carriers including Emirates fly cargo in otherwise-empty passenger seats.
Emirates made the announcement at Dubai’s International Humanitarian City, already home to a World Health Organization warehouse that’s been crucial to the distribution of medical gear worldwide.
Abu Dhabi: General Holding Corporation (Senaat), part of ADQ and the sole shareholder of Emirates Steel Industries, announced that it has submitted an offer to the Board of Arkan Building Materials Company.
The offer sets out the principal terms and conditions on which Senaat would transfer Emirates Steel, a leading integrated steel producer in the Middle East, to Arkan, a construction and building materials manufacturer in the UAE.
“We believe the combination of Emirates Steel and Arkan presents an excellent opportunity for Arkan’s shareholders, offering increased scale, financial strength, resilience, and value via a best-in-class player with international ambitions,” said Khalifa Sultan Al Suwaidi, Chairman of Senaat.
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