Dubai's Deputy Ruler and Minister of Finance, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, announced the launch of the Dubai Future Fund with an allocation of one billion dirhams to invest in startups. Sheikh Maktoum stated on Twitter, according to Reuters, that the aim of the fund is to "support startups in the technology sector and encourage successful digital companies to list in Dubai's financial markets."
On Monday, the Dubai Stock Exchange outperformed its Gulf peers, recording its highest level in nearly four years, supported by strong profits from Emaar Properties. The main stock index in Dubai jumped 2.7%, closing at its highest point since February 2018, bolstered by a 4.1% rise in Emaar's shares after the company announced a significant increase in its quarterly profits.
Dubai Financial Market shares rose 14.7%, marking the ninth gain in eleven days. Among other gainers, Deyaar Development's shares surged 15% after announcing that its quarterly profits nearly doubled, while Amalak Finance's shares closed up 14.9% after turning to quarterly profit.
In Saudi Arabia, the benchmark stock index closed down 0.6%. In Abu Dhabi, the main index fell 0.3%, retreating from record-high levels due to a 0.7% drop in shares of International Holding Company. In Doha, the Qatari index increased by 0.1%.
Outside the Gulf, the leading stock index in Egypt fell 1.4% as most listed stocks in the index declined. Wael Makarem, senior market analyst at Exness, stated that the Egyptian stock market dropped due to inflation concerns, adding that investors might engage in profit-taking in the short term.
