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🏘️ 🎆 Emaar Celebrates H1 Success!
July 12, 2024
Hala,
🇺🇸🗣️ At the NATO Summit, Biden's gaffes had everyone talking, confusing Kamala Harris with Donald Trump and Vladimir Putin with Volodymyr Zelenskyy.(1) Calls for him to step aside are growing louder. Maybe he needs a GPS for his speeches! 😆
amana’s Take
- Yen pares gains as USD strengthens on rising Treasury yields. JPY volatility persists with potential Japanese intervention after weak US CPI data. Traders watch Michigan Consumer Sentiment Index and PPI for further US economic insights.
- Slight US CPI decline fuels speculation of BoJ response to Yen's weakness. BoJ may revise growth forecast, maintain inflation target, and evaluate JGB purchase reduction. Fed officials, including Powell, call for more data to confirm inflation outlook, highlighting labor market concerns.
- Yen has twice bounced back from the 50-day moving average, around 157.70, establishing support. Diverging monetary policies of the Fed and BoJ remain primary drivers of the USD/JPY trend.
Stock Market Update
📈📉 US stocks played seesaw on Thursday as investors cashed in on high-flying tech darlings like Nvidia and Meta Platforms. The catalyst? The lowest CPI reading in over three years! The S&P 500 dipped 0.88% to 5,584.54, the Nasdaq 100 tumbled 2.24% to 20,211.36, while the Dow eked out a 0.08% uptick to 39,753.75.(2) Seems like even Wall Street goes through playground rides! 🎢🛝
↗️🆙 Meanwhile, Gulf stocks rose, with Abu Dhabi adding 0.1% to 9,151 and Dubai gaining 0.3% to 4,091.(3) ⏫🔼
🏗️🌟 Emaar Celebrates H1 Success!
Dubai's real estate giant, Emaar Properties, has laid the foundation for a monumental year, with their first half of 2024 showing impressive growth. Celebrating their achievements like, well, a master builder showcasing a skyscraper, Emaar successfully completed 30 launches, resulting in the sale of 8,400 units, marking a 56% increase over last year.(4) Shine on, Emaar! 🚀🏘️
🧱📊 Key Building Blocks:
- Unit Sales: 8,400 units sold in H1 2024, a 56% increase.
- Agent Network: 995 agencies and 5,945 agents trained via Emaar Academy.
- Rapid Sales: Address Residences Zabeel and Palace Residences Dubai Hills Estate sold 2,500 units each in a week.
- Contracts Awarded: 50 construction contracts worth AED8.7 billion ($2.36 billion).
- Foot Traffic: Dubai Mall footfall increased by 8% compared to H1 2023. 🏆📈
🏢🌟 Emaar's Vision for Tomorrow
With the second half of 2024 on the horizon, Emaar’s blueprint includes more innovative projects and continued commitment to quality and customer satisfaction. As they lay each brick with precision and purpose, Emaar remains focused on creating a legacy of excellence that will stand the test of time. Did you know you can trade Emaar shares at ZERO cost with amana? Be part of their growth journey. 🌟🔨
Closer to Home
- 🏦 Nasdaq Dubai rolled out the red carpet for Sharjah Islamic Bank's $500 million Sukuk, oversubscribed 3x with $1.5 billion in orders, emphasizing the global appeal of the UAE’s capital market.(5) 💥
- 🤝 First Abu Dhabi Bank secured$800 million through a five-year green Formosa bond, led by Credit Agricole Taipei branch and Standard Chartered Bank (Taiwan).(6) Green projects, brace yourselves! 🪴
- 💰 The Central Bank of the UAE’s balance sheet rocketed to AED789.82 billion ($215 billion) in April 2024, up 25% from last year. Month-on-month, it jumped 2.4% to AED771.23 billion in March, and it's been on a 9.6% growth spree since January.(7) 💸
What Else Is Trending
- 🔻 June saw a rare dip in the US CPI by 0.1% from May, putting the annual rate at 3%, nearing its lowest in over three years. The all-items index also dropped from May's 3.3%, adding fuel to the rate-cut argument!(8) 🫢
- 💹 In a surprise twist, the dollar slid 2% versus the yen on Thursday, also spurred by the softer US inflation data. The yen climbed to 158.55 against the dollar, notching its biggest daily gain since late 2022.(9) 🚀
- 🛢️ Meanwhile, oil prices climbed on easing inflation, boosting expectations for Fed rate cuts. WTI advanced 0.63% to $82.62 per barrel while Brent gained 0.38% to $85.40.(10) ⛽
💬Quote of the Day
"We are not just managing businesses; we are shaping legacies and transforming communities for a prosperous future." — Mohamed Alabbar, founder of Emaar Properties
Sources:- (1) News 18, (2) (8) (9) (10) CNBC, (3) Reuters, (4) (5) (6) (7) Zawya
