Category
🗞
NewsTranscript
00:00Translated by Dima Kamal Masri
00:16Welcome again to the market from CNBC Arabia.
00:19Today, the markets have started in a positive way in light of the blockade
00:23and a relative reduction of geopolitical tensions.
00:26This gives the markets some leeway to catch their breath and continue to perform positively.
00:33The UAE markets have been at this stage throughout this session,
00:36but at the end of the blockade, both markets have returned and receded.
00:40Today, the UAE markets were in harmony with each other.
00:43The Dubai market and the Abu Dhabi market were both on the rise,
00:47and both closed with the red candle and the red color in this round.
00:51The Dubai market and the Abu Dhabi market had less than 10 points of return,
00:55and the Abu Dhabi market had a quarter of a point of return.
00:59This is the general outlook.
01:01Let's take a look at the most important headlines in this round.
01:06The most important headlines in this round.
01:15With the aim of raising 375 million dollars,
01:18and starting to follow 25% of the company's capital,
01:21and with the announcement of the proposed prices,
01:24the market value of the company will reach 5.5 billion dirhams.
01:32The Central Bank of the UAE is issuing a notice to all banks and financing companies
01:36about the possibility of postponing the payment of personal loans and car loans
01:40to customers who are affected by the weather conditions.
01:46In the results of Kuwaiti companies, the highest profit was MBK in the first quarter
01:51at 9.2% on an annual basis,
01:54with a clear increase in operating will and a reduction in losses and a reduction in value.
02:02In an interview with CNBC Arabia,
02:04the vice president of the headquarters of the Gulf Company for Cables and Electrical Industries,
02:08Badr Al-Khrafi,
02:10reveals that the operating business supported the company
02:13by expanding and operating in Jordan and Iraq,
02:16and describes the decision of equalization between Gulf and Kuwaiti companies as unfair.
02:24In the first quarter of this year,
02:26the price of the company's shares in Kuwaiti companies
02:29has increased by 1.5 billion dirhams.
02:33In the first quarter of this year,
02:35the price of the company's shares in Kuwaiti companies
02:38has increased by 1.5 billion dirhams.
02:41So, the director of Dubai stock market,
02:43who started positively in this round,
02:45and with a high mood,
02:47quickly made a review,
02:49and even reached the middle of this session,
02:51and tried to adjust the price of some of the middle of the session,
02:55and indeed he did,
02:56but in the end,
02:57he closed these light reviews in a round
03:00consistent with this day,
03:02with a total of 4,166 points.
03:05As we mentioned,
03:07the mood was positive at the beginning of this round,
03:09in harmony with the positive mood of all the markets in the region,
03:13with a relative review of the geopolitical tensions
03:17that always affect the markets.
03:20The biggest activity in Dubai,
03:21except for the real estate union,
03:22was all about the rises.
03:24Today, it is the same with construction,
03:26with 1 in 100,
03:28and always when construction smiles,
03:30the market laughs.
03:32He is the Islamic Bank of Dubai,
03:34the market laughs at them,
03:35but today it is the same with the rises,
03:37in addition to other reviews of the companies,
03:39a kind of balance has also happened in the market,
03:41and made it not to go down in clear reviews.
03:44Diyar, the quarter of the 100th point,
03:45Ajman bank,
03:46is also one of the most active in the market.
03:50If we follow the winners and losers in Dubai,
03:53we find that the international national level
03:55shows a 9% loss in the Dubai market
03:57compared to the UAE today.
03:59Such stocks also contribute to slow down the market movement,
04:03considering that they are self-weighted stocks,
04:05especially if the reviews are large,
04:06with 3.7% in the UAE today.
04:09The holding list is shrinking in this round.
04:12The cooling is hot today,
04:14with 2.3% in the 100th point,
04:15and the real estate union is losing the other 2%.
04:18The profit margin in the Dubai market today
04:23is 4.9% in the 100th point.
04:26In Dubai, some banks are trying to make a balance
04:29with 3% rises.
04:31Al-Qabida Al-Salam Al-Bahrain and Al-Khalili Al-Milaha
04:34are sailing towards the 1% profit margin.
04:37In Abu Dhabi, the quarter of the 100th point,
04:39there are more sharp reviews in the Dubai market,
04:41despite the green start for both markets,
04:43and the market started with a positive mood,
04:45and continued on this course until the middle of this session,
04:48but at the end of the round,
04:49there are sharp reviews in the quarter of the 100th point,
04:53and thus, this round ended with the red color.
04:57The biggest activity in Abu Dhabi is different
04:59between the red and the green.
05:01The investment is not bright today,
05:03in any case,
05:043% reviews,
05:05a group of Phoenix Green,
05:06Multiply, at Danagas heights,
05:08with 11.7 points,
05:10among the most active companies in the market,
05:12and Al-Aqari lost with 11.3 points,
05:16in this round.
05:18If we go to the list of the most profit and loss
05:21in the Abu Dhabi market,
05:22today, we find ESG,
05:23releasing the losers' scene,
05:25with 5.4 points,
05:26SudaTel,
05:27after releasing the winners' scene yesterday,
05:29returned and reviewed with 4.4 points.
05:32The investment is bright,
05:33Ismanta Al-Khaliq,
05:34Americana,
05:35has restaurants today,
05:36with 12.7 points.
05:38Palms,
05:39in its full physical fitness,
05:41today, with 9.5 points,
05:42Fawad Kul Khaliq,
05:43Life Insurance Investment,
05:45and Iron Emirates,
05:46Arcan,
05:47with 3.5 points,
05:48have risen.
06:41The Central Emirates Bank has issued a notice
07:07to all banks and financing companies
07:09regarding the possibility of postponing
07:11the payment of personal loans and car loans
07:13to the affected clients,
07:14due to the weather conditions
07:16in the UAE last week,
07:18for six months,
07:20without any additional interest,
07:22profit,
07:23or increase in the original loan amount
07:25to the client,
07:26in exchange for postponing the payment of loans.
07:28The UAE witnessed heavy rains last week,
07:31the biggest in 75 years.
07:37Waddah Al-Taha,
07:38member of the National Consulting Council
07:40of the CISI Institute in the UAE.
07:43Welcome, Mr. Waddah.
07:46Welcome.
07:48Before we read the UAE's market
07:52in this round,
07:54let's take a look at this news
07:56that we read a little while ago,
07:58regarding this guidance for companies
08:00to pay off their loans,
08:02especially the banks.
08:05What are its effects?
08:09In fact,
08:11the UAE Central Bank
08:13has made an unexpected turn.
08:19The main goal
08:21is to reduce the damage
08:23of the floods and storms
08:25that have passed the country
08:27in the past few days,
08:29whether on individuals
08:31or on companies.
08:33There are two directions.
08:35The first direction
08:37is to postpone loans
08:39without benefits
08:41for six months
08:43for the victims.
08:45This is what I expected.
08:49The second issue
08:51is that as long as
08:53the insurance agency
08:55follows the Central Bank,
08:57the guidance
08:59in general
09:01for insurance companies
09:03for buildings,
09:05properties,
09:07and cars
09:09comes from the Central Bank.
09:11If the policies
09:13include
09:15the so-called
09:17public coverage,
09:19the police
09:21should compensate.
09:23On the other hand,
09:25some police
09:27are more precise
09:29and call for
09:31the so-called
09:33force majeure
09:35in the UAE.
09:41These dangers
09:43under the force majeure
09:45such as earthquakes,
09:47floods,
09:49earthquakes,
09:51and the like
09:53are outside
09:55the insurance coverage.
09:57We have noticed
09:59in the past few weeks
10:01that there have been
10:03contradictions
10:05in the coverage
10:07of insurance companies
10:09by the police.
10:11Yes, but the Central Bank
10:13has decided
10:15on comprehensive insurance
10:17especially for cars.
10:19Is it a cut?
10:23The concept of comprehensive insurance
10:25does not necessarily include
10:27all the dangers
10:29including the exception
10:31I mentioned.
10:33Comprehensive insurance
10:35includes
10:37the insurance
10:39against the third party.
10:41When an accident happens,
10:43the insurance
10:45pays
10:47the third party
10:49to pay
10:51the insurance
10:53against the third party
10:55and also
10:57the owner
10:59of the insurance company.
11:01When an accident happens
11:03and you are the cause
11:05of the accident,
11:07comprehensive insurance
11:09pays
11:11the victim
11:13of the accident
11:15and pays you
11:17to repair
11:19the car
11:21or other damages
11:23to the car or other properties.
11:25This is the concept.
11:27But the question
11:29is
11:31does it include
11:33the events I mentioned?
11:35There is a gap
11:37in comprehensive insurance.
11:39Do we expect a legal record
11:41affecting the insurance sector?
11:43Excuse me?
11:45Do we expect a legal record
11:47between the parties?
11:49Exactly.
11:51This is an important point.
11:53I expect that
11:55some companies
11:57that make sure
11:59that their insurance
12:01is accurate
12:03especially when it comes
12:05to cars,
12:07if the car insurance
12:09is a bigger part
12:11than the insurance
12:13and this applies to many
12:15insurance companies,
12:17many of which
12:19will not
12:21stay with limited capital
12:23as you know.
12:25Limited capital was created
12:27in the 80s and 90s
12:29in the past century
12:31and is still used
12:33in the way of
12:35re-insuring
12:37European insurance companies
12:39in general.
12:41Let's
12:43go back to the markets
12:45in the region.
12:47What is the market
12:49like in Dubai
12:51and in Abu Dhabi?
12:53What is the market
12:55like in Dubai
12:57and in Abu Dhabi?
12:59I noticed
13:01that there is a
13:03combination of
13:05influential factors.
13:07We are affected by
13:09more than one factor.
13:11Sometimes internal factors
13:13usually
13:15affect
13:17the American markets
13:19in particular,
13:21but the combination of factors
13:23means that there is a decrease
13:25in the American markets
13:27and a rise
13:29in geopolitical risks.
13:31This may
13:33put pressure on indicators.
13:35The issue of interest
13:37and the possibility of not decreasing
13:39from the federal level,
13:41all of these factors
13:43combined
13:45led to pressures.
13:47However,
13:49I do not think
13:51that there is a big worry
13:53that there is no
13:55sale.
13:57The decline
13:59is limited,
14:01so the recovery
14:03is possible during this week.
14:05Thank you, Mr. Taha.
14:07You are a member of the National Consultative Council
14:09of the United Arab Emirates.
14:11Thank you very much.
14:39Thank you very much.
15:09Thank you very much.
15:39Thank you very much.
16:09Thank you very much.
16:39In the next episode,
16:41we will start the analysis
16:43of the company's shares
16:45in Dubai financial market
16:47We will be back
16:49shortly after.
16:51This is Masal Al Sook
16:53for CNBC Arabi.
17:09In the end, Badr Al-Khurafi, the vice-president of the board of directors of the Gulf Coalition for Cable and Electricity Industries, told CNBC Arabia that the board of directors succeeded in turning the company into a holding company,
17:29where it made successful investments in companies such as Molath, Folath, Kuwait Stock Exchange and national investments to achieve good profits.
17:39Thanks to the strategy of the board of directors, we were able to turn the Gulf Cable Company into a holding company.
17:47Our investments have proven to be successful. Many of the companies we invested in have been successful, such as Folath, Borsa, and the national investment company.
18:00Also, thanks to God, in terms of manufacturing and operations, our production was good and we were able to work in Jordan, Iraq, and of course the main market, which is Kuwait.
18:13When will this impact on the company's performance appear?
18:22Yes, the impact will not be on the P&L, but on the balance sheet. It will be equal to the market price. It will appear in the first quarter.
18:38What are your expectations for the performance of the Gulf Cable Company in 2024?
18:44We expect that the state-sponsored role will move faster. As you can see, there is no lack committee, and there is a delay in some projects.
18:57We hope that with the new government, the new direction, and the support from all parties, the pace will move faster.
19:08We see that there will be many projects in Kuwait, and God willing, we will have the lion's share in them.
19:14What is the impact of the inflation and rising prices of raw materials and raw materials on the work of a company such as the cable company?
19:22Of course, the price will rise, and do not forget that there is a financing cost, but God willing, as we see, it may remain as it is if it does not fall back in a certain period, and this will be positive for all companies and markets.
19:41As for raw materials, of course, they are changing, and any rise will affect the price of the product, so it has an impact, but the impact will be on us and the consumer as well.
19:59In your opinion, in the direction of the state of Kuwait to give equal treatment between Gulf companies and local companies, what is your opinion in this direction?
20:10Of course, the impact will be negative on all manufacturing companies in Kuwait, and I think it is not fair that there is equality in the Kuwaiti product with the Gulf product, unless we treat it as such.
20:27Today, I do not see that there is any country in the Gulf that we are treating as the local product in these countries. I will not mention a specific country, but I will talk about it in general.
20:39Is it less today that I have a company that has more than 600 to 700 employees that pay for business support, the Kuwait Institute of Science and Technology, Zakat, electricity and water.
20:59Of course, the industrial land is from the state, but I do not have the opportunity to enter other markets under the same conditions, but I only focus on the Kuwaiti market and I cannot enter the Gulf countries,
21:26and I find Gulf countries entering my market. This is unacceptable. We need a Kuwaiti business ratio and commitment to business support. All of this is supposed to be on us and not on others.
21:40I believe that there is no equality, and of course, it has a negative impact on all manufacturing companies, not only in the Gulf. Any product made in Kuwait, whether from small companies or the main consumer products in Kuwait, will be affected.
22:00In your opinion, why has this been done, even though it has not been applied in other Gulf countries? Why has this equality and superiority been given, even though other Gulf countries give superiority to their manufacturers and companies?
22:12This is a question for the decision makers, but we ask the same question. What we understand is that there are Gulf agreements, but the Gulf agreements should be for all, and there should be an agreement.
22:28What has been shown today, and there are official books and messages that prove that there is no such agreement, or that there is no such deal. If we do not deal with each other, the same thing will happen to us in Kuwait.
22:44We will also follow the results of the National Bank of Kuwait in the first quarter through this show.
22:59In spite of what the markets were watching for the results of the companies' business in the first quarter of the current year, specifically for the banking sector, we are talking about the national Kuwaiti results for the first quarter of 2024,
23:15which saw an increase of more than 9% over the first quarter, compared to the first quarter of 2023, which exceeded 146 million Kuwaiti dinars. This is at the level of profits.
23:28On the other hand, we had an increase of 11% over the first quarter, which exceeded 300 million Kuwaiti dinars. Here we compare the performance of the first quarter of this year with the first quarter of last year.
23:47The bank returned the main reasons for the increase in profits to a decrease in value losses by 9% and, on the other hand, there was a decline in credit specifications, which the bank had done during the past period, but there was a decline in these specifications during the past period, which led to support and growth in profits, as well as revenues during the first quarter.
24:13Let's look at the results, which also showed growth at 5% compared to the first quarter of 2023. These are perhaps the most prominent data announced by the bank.
24:25On the other hand, we also observed, in terms of private movements, the dividends of customers, which we saw an increase of more than 9% compared to the national Kuwaiti bank, which exceeded 22 billion Kuwaiti dinars.
24:41We have seen a continuation of dividends and an increase in interest rates, which are still high for Kuwait, according to the latest developments that the Kuwaiti Central Bank has seen in terms of the rate of interest rates.
24:58As for the performance of the share that we have seen and observed over the past period, we are talking about a growth of more than 6% in the first quarter of 2024, and we are talking about a 3.3-fold increase in profits compared to the share of the bank.
25:16These were the most prominent results of Kuwait in the first quarter of the current year.
25:28This was the most prominent news in the market from CNBC Arabia. Goodbye.