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04:47 of losses recorded in the third quarter of the past year of 10.4 million dirhams.
04:54 The cost of financing for securities had reached 11.4 million dirhams.
05:00 In general, we should point out that as a result of the securities held over the nine months,
05:05 we had unprecedented exceptional profits.
05:07 They were not in the nine months of the year 2022, which is about 9.6 million dirhams.
05:15 In general, the share is now closed at a rate of about 2.2%.
05:19 The share held for the nine months reached 11.3 billion dirhams,
05:24 and the third quarter's profits reached 4.14 billion dirhams,
05:29 which is about 4.14 billion dirhams.
05:32 As we have seen, the share is closed at a rate of 4.14 billion dirhams.
05:34 Dubai, for today's news, is not concerned with the results,
05:37 but with the acquisition of an additional share of Moneyment, the digital currency in Britain.
05:43 The additional share is about 7.6%,
05:46 which raises the share of Dubai to invest in this bank to about 17%.
05:53 Today, the share recorded a rise of 14%.
05:57 One of the news that we are following in the UAE telecommunications sector
06:00 is a statement from the E-End group that the new guidelines for the application of the United Nations
06:07 will be implemented from January 2024 to December 2026.
06:13 The company, Do, confirmed that the total annual amount
06:16 worth drawing the United Nations Exclusive Right and the tax imposed on the companies
06:21 should not be less than 1.8 billion dirhams.
06:24 E-End today has risen 17%.
06:27 Do has recorded some of the returns.
06:29 We move to the Saudi market, and the most prominent results that we followed,
06:33 starting with Addis Al-Qabida, rose by a net profit of 283%,
06:38 reaching 87.4 million dirhams.
06:41 We are talking about the results of the third quarter.
06:44 The revenues rose 82.8%, reaching 1.8 billion dirhams.
06:50 We had an increase in the number of public mining platforms in the third quarter,
06:56 even though the company suffered as a result of the rise in funding costs.
07:00 If we look at the results of Addis Al-Qabida in nine months,
07:03 we had a net profit of 60.8%, reaching 283 million dirhams.
07:09 The company's revenues also rose by 83%.
07:14 Today's share is under pressure at almost 1.6%.
07:18 Zain Al-Saudia has excellent results.
07:21 In the third quarter, the net profit rose 235%, reaching 285 million dirhams.
07:29 The company recorded net revenues that it had never recorded in its history,
07:34 reaching 2.5 billion dirhams.
07:36 The increase in revenues, if we compare it annually in the third quarter,
07:41 reached 239 million dirhams.
07:44 The reason is that we had a growth in 5G services,
07:47 a growth in digital services and wholesale sales,
07:50 and a growth in the revenues of Tamam, a financial company.
07:53 All these combinations helped the company achieve net revenues,
07:57 and the shareholder welcomes these results,
08:00 and the company's revenues rose by almost 4.3%.
08:03 This time, we will move to the Kuwaiti market,
08:06 and we will also follow the results of the children of Ali Al-Ghanim.
08:10 The net profit rose by 53.5% in nine months,
08:13 reaching 21 million dirhams.
08:15 In the third quarter, the net profit rose by 55.5%,
08:18 but as we can see, there is a sale pressure on the share at almost 1.7%.
08:24 As for Aluminum, it recorded a rise in revenues in the first quarter,
08:30 meaning in the financial year,
08:32 the revenues exceeded 1.6 billion dirhams,
08:38 and the share of increases was a record,
08:40 up to now, 8% of the increases we record for Aluminum.
08:46 In a meeting with CNBC Arabia,
08:48 the head of the investor relations in Dana Gas,
08:51 Mr. Mohamed Mbaydine,
08:53 said that the company is committed to a pressure of between 80 and 100 million dollars
08:57 as investments in Egypt,
08:59 as well as digging 11 new wells in the Delta region of Egypt.
09:04 Let's listen.
09:05 For Egypt, our operations are concentrated in the Delta region of the Nile.
09:19 It is known that the natural reduction in the production of coal in the Delta region of the Nile
09:24 is about 20%,
09:26 if we do not make permanent investments and dig new wells.
09:30 For example, our production dropped by about 14% in nine months,
09:35 from about 26,000 barrels per day to 23,000 barrels.
09:40 We have now reached an agreement with EGAS
09:45 to merge our current advantages in Egypt
09:50 within new economic conditions.
09:52 This will enable us to reach non-economic priorities
09:56 within the current conditions.
09:58 The pressure of investments from 80 to 100 million dollars
10:01 in the next two years will dig about 11 new wells.
10:05 We expect that this will have a positive effect
10:08 on the company's priorities in Egypt and also its production.
10:12 God willing, we will be able to reduce production.
10:14 The agreement has reached its final stage.
10:16 We are waiting for the approval of the Egyptian Parliament, God willing,
10:19 this year.
10:20 This will have a very positive effect.
10:22 We will be back after a short break.
10:28 For more information, visit www.fema.gov
10:33 [Music]
11:01 Mr. Fadi Al-Oughtais, the founder and CEO of The Accounter,
11:05 joins us.
11:06 Welcome, Mr. Fadi.
11:07 Since we have a series of results from UAE companies
11:11 from the third quarter.
11:12 First, how do you rate the market interaction,
11:15 whether it is the Dubai market or Abu Dhabi market,
11:17 with the results of the business?
11:18 I think, first of all, the banking sector, as we are used to,
11:22 is a pioneer in announcing results.
11:24 Most of the sectors announced results.
11:28 There was a clear growth in net profit for companies,
11:33 even in terms of interest rate or revenue in terms of interest.
11:38 This is logical, of course, to increase the interest rate.
11:40 But, as I mentioned before, and I can confirm it,
11:44 if we look at most of the major banks that have announced,
11:48 we find that the cost of revenue is still increasing
11:56 in terms of banks.
11:58 For example, if we take ADCP,
12:00 we are talking about a year ago when the net interest was 71% of the income.
12:08 Now, we are talking about only 40%.
12:10 In FAB, which is the largest bank,
12:13 the net interest was 64% of the income.
12:20 Now, in this quarter, it recorded 28%.
12:23 We are talking about 50% of the income,
12:29 which is a year ago.
12:33 In Dubai, the same situation,
12:35 we were talking about 75% and now we are talking about 50%.
12:38 Let's focus on the banking sector.
12:41 Today, in general, we heard about Amanat,
12:43 Al-Alamiyya Al-Qabida, Dana Gas.
12:46 Today, the market closed after eight consecutive sessions of rising prices.
12:52 We are hearing about the results of the companies.
12:54 How did you see the interaction of the results of the companies with the Dubai market indicator?
12:59 If we look at the Dubai financial market,
13:01 we are talking about 4200 points, which were important points.
13:09 It failed to exceed them and fell to 3700 points.
13:12 I mentioned that 3700 points are important points for the market.
13:16 I think it is logical that the market fell to 4000 points.
13:23 It is the first correction that the market recorded since July 2022.
13:29 It is the first correction that the market recorded during this period.
13:34 It is very logical.
13:36 The correction was rapid, with a high decline from 4200 to 3700.
13:42 I think that the market is still difficult to continue with the same momentum.
13:49 I think we can go back to the 3800 points and see the 3650 points in the Dubai financial market.
13:56 If we look at the Abu Dhabi financial market,
13:58 it is the same situation.
14:00 The Abu Dhabi financial market was moving horizontally.
14:04 It recorded two heads and two shoulders during the past period.
14:08 It was confirmed in August 2023.
14:13 At the same time, it started to decline.
14:15 The target for the heads and shoulders is 8850 points.
14:24 We are about 100 points away from it.
14:27 I think that this is the target for the Abu Dhabi financial market.
14:32 If we look at the number of companies that announced their results,
14:37 Dana Gas was one of the most prominent.
14:40 I think that Dana Gas had the most merit with the Egyptian government and the Iraqi government.
14:49 We saw that there was a kind of pressure on the share market.
14:53 What is your assessment of the results and your expectations of Dana Gas?
14:57 This is a long story.
15:02 The credit card is still valid for the share market.
15:06 The horizontal movement is clear.
15:08 The share market is at its lowest level.
15:12 I think that it recorded a positive process and a good accumulation process
15:17 at the levels it started at,
15:19 starting from the beginning of October 2023 until the end of November.
15:29 We are talking about a month and a half of accumulation.
15:31 I think that we can see the share price at 83 to 85 Pounds during the coming period.
15:37 We closed at 81 Pounds today.
15:40 We have an upside.
15:42 We can see 83 Pounds.
15:44 Up to 85 Pounds.
15:45 Today, we see that the oil prices are continuing to decline.
15:48 This is clear for Brent or even WTI.
15:51 Brent is at 80 Pounds.
15:54 Is this affecting the region's market share?
15:58 I think that the oil movement between 70 to 85 Pounds is not reflected in the market.
16:07 We should not forget that some of the oil stocks are in a reverse movement.
16:18 But in general, I think that between 75 to 85 Pounds is a logical movement.
16:24 If it exceeds this gap, it can be affected.
16:27 But if we pay attention, I think that the relationship between the market and the oil movement
16:34 is clear from the beginning of the year.
16:36 It is clear that the market is starting to separate.
16:39 As we mentioned, the oil movement between these points does not affect the contributors.
16:44 Thank you very much, Mr. Fahad Al-Ighteis, the founder and CEO of The Accounter.
16:49 You are welcome.
16:51 [The Accounter]
16:59 The most important news that we follow is the announcement of the Russian Ministry of Finance
17:03 that the budget deficit has reached or has reached a peak on October 21
17:08 due to the rising oil prices, the weak rubles and the separate tax payments.
17:12 The budget deficit reached 13 billion dollars in the first ten months of this year
17:17 and 17.1% of the total local product compared to 1% of the total local product a month ago.
17:24 Due to the sharp increase in spending due to the war in Ukraine,
17:28 spending will form in the defense sector about a third of the total budget spending in 2024
17:36 according to the financial plans published in September and last January.
17:43 Uber has expected to increase its profits during the holiday season
17:48 by more than what analysts expect after the slow growth of its business between July and September
17:53 due to accounting adjustments.
17:55 The change in the accounting system of some of the company's wills
17:59 on the growth of its main business related to delivering passengers and food
18:03 has reached 8 percent.
18:05 The third quarter's wills came without expectations,
18:08 as the company achieved wills worth 9.3 billion dollars
18:13 in exchange for expectations worth 9.5 billion dollars.
18:17 According to data from the London Stock Exchange, Uber is expected to reach
18:22 the main profits for the fourth quarter between 1.18 billion dollars and 1.240 billion dollars.
18:30 Let's follow the movements, starting with oil prices.
18:36 The oil prices are under pressure with a fear of rising.
18:39 According to the American Petroleum Institute,
18:42 the price of oil in the US stores was 12 million barrels higher than last week.
18:47 This is a big boost to prices.
18:50 On the other hand, it is clear that the US production this year
18:55 will increase by more than previously expected.
18:59 The demand is declining, according to the Energy Information Agency.
19:03 The Energy Information Agency says that demand has declined 300,000 barrels per day
19:09 during this year, and has adjusted its expectations for demand until the end of the year.
19:15 It said that demand will continue to decline until the end of the year,
19:19 while previous expectations indicated that demand will increase.
19:25 In any case, the Chinese economic data that was released
19:29 has affected some investors' fears,
19:33 especially in terms of exports.
19:37 Exports have declined more than expected,
19:41 which has affected investors' moods.
19:44 If we look at the currency markets, we can see the US dollar index.
19:48 Yesterday, we had a strong dollar, which also affected oil prices.
19:51 We continue to see this strength in the US dollar index at 105.77.
19:56 We see a rise in the daily market by 20 points,
19:59 as the euro, sterling and Australian dollars are doing,
20:02 and the US dollar is declining.
20:05 Even the yen is declining.
20:08 The most prominent were the statements we heard yesterday by Neil Kashkari,
20:13 who said that the fight against inflation has not ended yet,
20:17 which has negatively affected the stocks.
20:20 We saw some stability in the US dollar,
20:23 because the Fed is trying to put pressure on market expectations
20:28 that indicated that the Fed would start to decrease interest rates
20:32 from the first half of this year.
20:35 Some of the statements made by Neil Kashkari show that there are fears that this may not happen.
20:39 This is the situation for emerging currencies.
20:42 The US dollar is strong across the board,
20:45 even against the Russian ruble.
20:48 In any case, with the decline in oil prices,
20:51 the Norwegian crown is also on the decline.
20:54 The Australian dollar is also under pressure,
20:57 with the knowledge that the Australian Central Bank raised interest rates by 25 points yesterday.
21:01 What is under pressure are the weak Chinese economic data that we have seen.
21:06 Let's take a look at the European stocks, how they are moving in this session today.
21:10 We have a kind of a balance in performance.
21:13 Most of the European indexes are on the decline.
21:19 Yesterday, we had economic data on the industrial sector in Germany,
21:25 which was less than expected and greatly reduced the risk of decline.
21:30 Notice that the profits, even on the Kaka Gantt, the FTSE MIB and the British FTSE, are very light.
21:36 In Britain, we had share sales yesterday,
21:39 which came below average for the last three months and below average for 12 months.
21:44 This also brought light to the British economy,
21:47 with the knowledge that the British Central Bank had maintained interest rates without any change.
21:54 Only the Australian Central Bank raised interest rates by 25 points yesterday.
22:00 The market sees that what we have seen from the Australian Central Bank as a rise in interest rates will be the last.
22:06 The Australian Central Bank indicated that in the coming period,
22:09 the focus will be very heavily on the data.
22:13 Let's take a look at gold. Where is gold moving?
22:16 The gold that was under pressure yesterday because of the US dollar's clear strength,
22:20 the pressure is still there, since 1963.
22:24 If we look at the US bond yields, the 10-year bond yields are at 4.6%,
22:31 and the 2-year bond yields are at 4.94%,
22:36 and we have rises of almost two points.
22:38 Gold is closely related to what is happening to the US dollar.
22:43 Therefore, the dollar continues to be under pressure on gold.
22:48 As for the rest of the metals, we also notice a pressure on platinum and platinum,
22:53 and we even have a pressure on silver with more than one hundredth point.
22:57 This is the end of the market. Thank you for watching.
23:11 See you next time.
23:13 [Music]
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