Financial Analysis of Dubai Financial Market

This report analyzes the financial performance and stability of three listed companies in the Dubai financial market. It includes the computation of beta coefficients for Air Arabia, Aramex, and Emaar companies, and provides recommendations for investors and portfolio creation.

Financial analysis
Name of the Student-
[DATE]
[Company name]
[Company address]

Introduction
With the changes in time and due to the sudden market changing factors, every
organization faces business risk in its business functioning. In this report, financial analysis
of the Dubai financial market has been analysed. There are three main listed companies of the
United Arab Emirates has been taken into consideration. In the first part of this report, share
price of these companies have been drawn from the available portal. The share price of these
three companies of last 10 years have been analysed to find the beta coefficient for these
three companies and find out whether these beta coefficients are stable or not. These beta
coefficient have been computed by using monthly stock return data from January 1, 2010 to
August 31, 2018. Therefore, by analysing the share price changes and return available to
shareholders due to the changes in the share price, recommendation have been prepared in the
end, whether investors should invest in these three companies or not. In this report, three
companies named, Air Arabia, Aramex and Emaar Companies have been taken into
consideration.

Background information on the selected companies
Air Arabia
It is Emirati low-cost airline Company which is having its head office in the A1
Building Sharjah Freight Center, Sharjah International Airport. This is indulged in providing
air services to its clients on domestic and international level. This company has increased its
overall revenue by average 24% since last three years Air Arabia., 2019).
Aramex Company
It is an international express, mail delivery and logistics services company based in
Dubai, United Arab Emirates. This company has several business segments and focuses on
the corporate, retail and express business area. This company was founded by Jordanian
Fadi Ghandour and Bill Kingson in 1982. It is the first Arab-based company to be listed on
the NASDAQ stock exchange. This company has increased its overall sales by 18% since last
three year and maintained high financial leverage (Easton, & Sommers, 2018).
Emaar Company
The Emaar Company is diversified real estate investment trust with a property
business portfolio of the predominantly South African assets. This company has been
indulged in operating its real estate business on international level and focused on
securitisation the assets to the investors and managed growing components of the offshore
assets in business. It is located in the United Arab Emirates. It is a public joint-stock
company, listed on the Dubai Financial Market, and has a valuation of US$9.7 billion. The
net income of the company has also increased to ZAR 8015.121 million which is 19% higher
as compared to last three year data
Beta coefficient for the three companies and interpret these values
The beta coefficient of the company shows the changes in the share price of the company as
compared to the changes in the share price value of the FTSE UAE Index (WIUAE.L). This
shows the frequency of the changes in the share price of the company with the changes in the
FTSE UAE Index (WIUAE.L) (Ehrhardt, and Brigham, 2016).

Air Arabia Company
The computation of the beta Coefficient of Air Arabia Company has been given as below
(Haxholli, 2015).
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.220342932
R Square 0.048551008
Adjusted R Square 0.040487881
Standard Error 0.047196873
Observations 120
ANOVA
df SS MS F Significance F
Regression 1 0.013412854 0.013412854 6.021362125 0.015594434
Residual 118 0.262850292 0.002227545
Total 119 0.276263146
Coeffici
ents
Standard
Error t Stat P-value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Interce
pt
0.00362
8461
0.004310
102
0.84185
0412
0.40157
4621
-
0.00490
6714
0.01216
3636
-
0.00490
6714
0.01216
3636
X
Variabl
e 1
0.13386
2001
0.054551
907
2.45384
6394
0.01559
4434
0.02583
4373
0.24188
9629
0.02583
4373
0.24188
9629

- 0 . 2 5 - 0 . 2 - 0 . 1 5 - 0 . 1 - 0 . 0 5 0 0 . 0 5 0 . 1 0 . 1 5 0 . 2
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
f(x) = 0.362694472530634 x + 0.000755221538905436
R² = 0.0485510078429348
FTSE
FTSE
Linear (FTSE)
FTSE
AIRA
After assessing the share price details of Air Arabia Company and making the data
analysis through the regression method, it could be inferred that company has 0.133 beta. It
shows that company will have changes in the share price by 0.133 with the 1 change in the
share price of the FTSE UAE Index (WIUAE.L). This has shown that with the changes in the
share value of the FTSE UAE Index (WIUAE.L by 1% then there will be changes in the
share price of company by .133%. This shows that company less affected by the changes in
the market factors and company is more stable in terms of the other industry rivals in the
market (Malenko, 2018).
Aramex Company
The computation of the beta Coefficient of Aramex Company has been given as below.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.12744468
R Square 0.016242146
Adjusted R Square 0.007905216
Standard Error 0.047991528
Observations 120
(Aramex Company, 2019).
ANOVA

df SS MS F Significance F
Regression 1 0.004487 0.004487106 1.948217 0.1654
Residual 118 0.271776 0.002303187
Total 119 0.276263
(Aramex Company. 2019).
Particul
ar
Coefficie
nts
Standard
Error t Stat
P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercep
t
0.002976
424 0.004433
0.671448
019
0.503
248 -0.0058
0.0117
55 -0.0058
0.01175
5
X
Variable
1
-
0.082994
586 0.059461
-
1.395785
263
0.165
4
-
0.2007
4
0.0347
54 -0.20074
0.03475
4
-0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
0.4
f(x) = − 0.195701276875337 x − 0.0106004406925653
R² = 0.0162421464687049
FTSE
FTSE
Linear (FTSE)
ARMX
FTSE
The share price details of Aramex Company has been done to make the data analysis
through the regression method, it is found that inferred that company has negative beta of -
0.082. It shows that company will have changes in the share price by 0.082 in negative
direction with the 1 point change in the share price of the FTSE UAE Index (WIUAE.L)
(Burns, and Walker, 2015). This has shown that with the changes in the share value of the
FTSE UAE Index (WIUAE.L by 1% then there will be changes in the share price of company
by .082 points in the opposite direction This shows that company has stable market condition
and will be less affected by the changes in the share price movement of the FTTSE index
changes (Emira Funding International Company, 2019)

Emaar Company
The computation of the beta Coefficient of Emaar Company has been given as below (Prasad
Rogoff, Wei, and Kose, 2015).
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.012950298
R Square 0.00016771
Adjusted R Square -0.008305445
Standard Error 0.048382026
Observations 112
ANOVA
df SS MS F Significance F
Regression 1 4.63322E-05 4.63322E-05 0.019793 0.888356
Residual 118 0.276216814 0.00234082
Total 119 0.276263146
Particul
ar
Coefficie
nts
Standard
Error t Stat
P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercep
t
0.003938
677
0.0044186
77
0.891370
215
0.374
545
-
0.0048
1
0.0126
89 -0.00481
0.01268
9
X
Variable
1
0.005937
008
0.0421998
05
0.140688
045
0.888
356
-
0.0776
3
0.0895
04 -0.07763
0.08950
4

-0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2
-0.4
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
0.4
f(x) = 0.0282482729518217 x − 0.0032785154767201
R² = 0.000167710224051598
FTSE
FTSE
Linear (FTSE)
EMAR
FTSE
In order to compute the beta coefficient of Emaar Company, firstly we need to use
the data analysis (Robinson, et al. 2015). The share price details and changes in the share
price since last three years, it is found that Emaar Company has beta of 0.005937 beta. It
shows that company will have changes in the share price by 0.00597with the 1 point change
in the share price of the FTSE UAE Index (WIUAE.L). It is way too fluctuation which
company will have due to the changes in market factors. This has shown that with the
changes in the share value of the FTSE UAE Index (WIUAE.L by 1% then there will be
changes in the share price of company by 0.0057 This company has maintain stable share
price movement in its beta which reflects that company is less affected by the share price
movement of the FTTSE index changes.
Beta values are stable or not
All three companies are assessed in terms of changing in the share price value of three
companies. However, in terms of three companies, the most stable company is Emaar
Company which is reflecting very low variation in its share price with the changes in the
share price of FTSE index (Sanlorenzo, et al. 2015). This company has variation in the share
price by 0.0059 points which reflects that company has very low changes in the share price
due to the marketing factors (Brigham, and Ehrhardt, 2013). In addition to this, Air Arabia
has highly unstable beta value which reflects that the share value of Air Arabia will be highly
unstable. The share price will be changed by .133 points if the share price of the FTSE index
is changed by 1 point. In case of Aramex Company, it is analysed that company has low beta
coefficient and maintaining highly stable share price value in its business. Therefore, in terms

of volatility of the beta coefficient Aramex and Emaar Company have been managing the low
beta (Yahoo finance, 2019).
Recommendation for creating portfolio
The main advice for creating the portfolio for the investors would be based on the
return and risk associated with the particular share value of company. It is advised that if
investors are more inclined towards investing in the capital which offers high return then they
should invest their capital in Air Arabia Company. But at the same time, this company will be
highly risky as it has highly volatility in the share price value. On the other hand, those
investors who want to have low risk and low return then they should invest their capital in
Emaar Company. Nonetheless, for the moderate risk taking investors they should invest their
40% capital in Emaar and 40% in Aramex. After that remaining 20% amount of capital
should be invested in highly risky Air Arabia. In addition to this, aggressive investors could
invest their capital 30% capital in Aramex company and 30% in Air Arabia. After that
remaining 40% amount of capital should be invested in highly risky Emaar Company (Zhu,
2014). The main recommendation for the investment purpose for the investors would be that
all the investors should invest their capital in these companies if they want to create value on
their investment. As these three companies are stable and getting less influenced by the
changes in the share price fluctuation in the market.
Conclusion
After assessing the details of these three companies, it could be inferred that these
three companies are more stable in market as compared to other FTSE companies. Therefore,
it could be inferred that if investors wants to invest their capital in long run then most of the
investment should be made in Aramex and Emaar Company . It is considered that investors
who wants to keep their money in short run invested in these companies then should focus on
investing more capital in Air Arabia. Now in the end, the crux of this report is that investors
should invest their capital in these three companies to create value in business.

References
Air Arabia (2019), annual report, Available from: https://www.google.com/search?
q=air+ariba&oq=air+ariba&aqs=chrome..69i57j0l5.1454j0j7&sourceid=chrome&ie=UTF-8
[Accessed on 11th April 2019].
Aramex (2019), annual report, Available from: mex-announces-record-net-profit-
231045881.html. [Accessed on 11th April 2019].
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice.
Cengage Learning.
Burns, R., and Walker, J. (2015). Capital budgeting surveys: the future is now.
Duchin, R. and Sosyura, D., 2014. Safer ratios, riskier portfolios: Banks׳ response to
government aid. Journal of Financial Economics, 113(1), pp.1-28.
Easton, M., & Sommers, Z. (2018). Financial Statement Analysis & Valuation, 5e.
Ehrhardt, M .C. and Brigham, E.F., 2016. Corporate finance: A focused approach. Cengage
learning.
Emar company (2019), annual report, [online]. Available from:
https://finance.yahoo.com/quote/4220.SR/ [accessed on 23rd April 2019].
Gao, B., & Wong, T. Y. (2017). Long-Term Capital Budgeting and Incentive Mechanism.
Haxholli, B. N. (2015). Zero Based Budgeting in KCS Implementing Zero Based Budgeting
Method in Kosovo Correctional Service.
Malenko, A. (2018). Optimal dynamic capital budgeting. Available at SSRN 1710884.
Prasad, E., Rogoff, K., Wei, S.J. and Kose, M.A., 2015. Effects of financial globalization on
developing countries: some empirical evidence. In India’s and China’s Recent
Experience with Reform and Growth (pp. 201-228). Palgrave Macmillan UK.
Robinson, T. R., Henry, E., Pirie, W. L., and Broihahn, M. A. 2015. International financial
statement analysis. John Wiley & Sons.
Sanlorenzo, M., Wehner, M.R., Linos, E., Kornak, J., Kainz, W., Posch, C., Vujic, I.,
Johnston, K., Gho, D., Monico, G. and McGrath, J.T., 2015. The risk of melanoma in
airline pilots and cabin crew: a meta-analysis. JAMA dermatology, 151(1), pp.51-58.
Yahoo finance, 2019 available at on 11th april, 2019 Available from:
https://in.finance.yahoo.com/[ accessed on 23rd April 2019].
Zhu, J., 2014. Quantitative models for performance evaluation and benchmarking: data
envelopment analysis with spreadsheets (Vol. 213). Springer

Appendix
Date Close(AIRA.DU) Return FTSE UAE Index (WIUAE.L) Return
30/04/2019 1.02 21.435774
31/03/2019 0.94 -0.078431373 17.329813 -0.191547131
28/02/2019 0.948 0.008510638 20.128265 0.16148195
31/01/2019 1 0.054852321 20.178213 0.002481486
31/12/2018 1.02 0.02 20.3447 0.00825083
30/11/2018 1.02 0 18.83633 -0.074140685
31/10/2018 1.02 0 18.721451 -0.0060988
30/09/2018 0.96 -0.058823529 16.032688 -0.14361937
31/08/2018 1.01 0.052083333 15.624702 -0.025447137
31/07/2018 1.07 0.059405941 16.570364 0.060523522
30/06/2018 0.979 -0.085046729 15.403197 -0.070437016
31/05/2018 1.16 0.184882533 18.061272 0.172566448
30/04/2018 1.22 0.051724138 17.204462 -0.047439073
31/03/2018 1.14 -0.06557377 17.196814 -0.000444536
28/02/2018 1.31 0.149122807 17.913422 0.041670975
31/01/2018 1.3 -0.007633588 16.327936 -0.088508271
31/12/2017 1.24 -0.046153846 15.434456 -0.05472094
30/11/2017 1.24 0 14.87734 -0.036095603
31/10/2017 1.24 0 13.936558 -0.063235901
30/09/2017 1.14 -0.080645161 13.848961 -0.006285411
31/08/2017 1.12 -0.01754386 12.637771 -0.087457102
31/07/2017 1.06 -0.053571429 14.176817 0.121781444
30/06/2017 1.02 -0.037735849 14.642928 0.032878396
31/05/2017 1 -0.019607843 15.315712 0.045946002
30/04/2017 1.04 0.04 14.475831 -0.054837868
31/03/2017 1.06 0.019230769 14.401956 -0.005103334
28/02/2017 1.23 0.160377358 15.56607 0.080830271
31/01/2017 1.38 0.12195122 15.545984 -0.001290371
31/12/2016 1.33 -0.036231884 15.540508 -0.000352245
30/11/2016 1.27 -0.045112782 14.716148 -0.053045885
31/10/2016 1.3 0.023622047 14.514395 -0.013709634
30/09/2016 1.36 0.046153846 15.099571 0.040316941
31/08/2016 1.35 -0.007352941 15.681292 0.038525664
31/07/2016 1.45 0.074074074 15.543008 -0.008818406
30/06/2016 1.31 -0.096551724 15.473866 -0.004448431
31/05/2016 1.34 0.022900763 15.644412 0.011021551
30/04/2016 1.24 -0.074626866 15.570663 -0.004714079
31/03/2016 1.23 -0.008064516 15.423162 -0.009473007
29/02/2016 1.34 0.089430894 16.783911 0.088227628
31/01/2016 1.2 -0.104477612 16.83127 0.00282169
31/12/2015 1.36 0.133333333 16.447664 -0.022791269
30/11/2015 1.21 -0.110294118 16.793383 0.021019337
31/10/2015 1.35 0.115702479 15.789377 -0.05978581
30/09/2015 1.4 0.037037037 15.91251 0.007798471

31/08/2015 1.42 0.014285714 16.739227 0.051953903
31/07/2015 1.61 0.133802817 15.913082 -0.049353832
30/06/2015 1.62 0.00621118 15.951196 0.002395136
31/05/2015 1.61 -0.00617284 15.751093 -0.012544702
30/04/2015 1.64 0.01863354 15.550987 -0.012704261
31/03/2015 1.42 -0.134146341 14.50282 -0.06740196
28/02/2015 1.63 0.147887324 15.706479 0.082994824
31/01/2015 1.66 0.018404908 14.70449998 -0.063793993
31/12/2014 1.5 -0.096385542 14.64860231 -0.003801399
30/11/2014 1.49 -0.006666667 14.59270464 -0.003815905
31/10/2014 1.32 -0.11409396 14.53680697 -0.003830522
30/09/2014 1.37 0.037878788 14.4809093 -0.003845251
31/08/2014 1.38 0.00729927 14.42501163 -0.003860094
31/07/2014 1.39 0.007246377 14.36911396 -0.003875052
30/06/2014 1.24 -0.107913669 14.31321628 -0.003890127
31/05/2014 1.38 0.112903226 14.25731861 -0.003905319
30/04/2014 1.32 -0.043478261 14.20142094 -0.00392063
31/03/2014 1.4 0.060606061 14.14552327 -0.003936062
28/02/2014 1.55 0.107142857 14.0896256 -0.003951616
31/01/2014 1.53 -0.012903226 14.03372793 -0.003967293
31/12/2013 1.55 0.013071895 13.97783026 -0.003983095
30/11/2013 1.42 -0.083870968 13.92193259 -0.003999023
31/10/2013 1.45 0.021126761 13.86603491 -0.00401508
30/09/2013 1.37 -0.055172414 13.81013724 -0.004031266
31/08/2013 1.34 -0.02189781 13.75423957 -0.004047583
31/07/2013 1.39 0.037313433 13.6983419 -0.004064032
30/06/2013 1.07 -0.230215827 13.64244423 -0.004080616
31/05/2013 1.11 0.037383178 13.58654656 -0.004097336
30/04/2013 0.979 -0.118018018 13.53064889 -0.004114193
31/03/2013 0.775 -0.208375894 13.47475122 -0.004131189
28/02/2013 0.917 0.183225806 13.41885355 -0.004148327
31/01/2013 0.885 -0.034896401 13.36295587 -0.004165607
31/12/2012 0.835 -0.056497175 13.3070582 -0.004183032
30/11/2012 0.72 -0.137724551 13.25116053 -0.004200603
31/10/2012 0.683 -0.051388889 13.19526286 -0.004218323
30/09/2012 0.66 -0.033674963 13.13936519 -0.004236192
31/08/2012 0.659 -0.001515152 13.08346752 -0.004254214
31/07/2012 0.638 -0.031866464 13.02756985 -0.00427239
30/06/2012 0.595 -0.067398119 12.97167218 -0.004290721
31/05/2012 0.576 -0.031932773 12.91577451 -0.004309211
30/04/2012 0.591 0.026041667 12.85987683 -0.004327861
31/03/2012 0.716 0.211505922 12.80397916 -0.004346672
29/02/2012 0.754 0.053072626 12.74808149 -0.004365648
31/01/2012 0.652 -0.135278515 12.69218382 -0.004384791
31/12/2011 0.586 -0.101226994 12.63628615 -0.004404102
30/11/2011 0.616 0.051194539 12.58038848 -0.004423584

31/10/2011 0.633 0.027597403 12.52449081 -0.004443239
30/09/2011 0.629 -0.006319115 12.46859314 -0.004463069
31/08/2011 0.633 0.0063593 12.41269547 -0.004483078
31/07/2011 0.671 0.060031596 12.35679779 -0.004503266
30/06/2011 0.663 -0.011922504 12.30090012 -0.004523637
31/05/2011 0.707 0.066365008 12.24500245 -0.004544194
30/04/2011 0.741 0.048090523 12.18910478 -0.004564938
31/03/2011 0.76 0.025641026 12.13320711 -0.004585872
28/02/2011 0.796 0.047368421 12.07730944 -0.004606999
31/01/2011 0.781 -0.018844221 12.02141177 -0.004628322
31/12/2010 0.819 0.04865557 11.9655141 -0.004649842
30/11/2010 0.781 -0.046398046 11.90961643 -0.004671565
31/10/2010 0.832 0.065300896 11.85371875 -0.00469349
30/09/2010 0.83 -0.002403846 12.85371875 0.084361711
31/08/2010 0.793 -0.044578313 13.85371875 0.077798497
31/07/2010 0.845 0.06557377 14.85371875 0.072182785
30/06/2010 0.856 0.013017751 15.85371875 0.067323208
31/05/2010 0.855 -0.001168224 16.85371875 0.063076683
30/04/2010 0.943 0.102923977 17.85371875 0.059334086
31/03/2010 0.98 0.039236479 18.85371875 0.05601074
28/02/2010 0.98 0 19.85371875 0.053039934
31/01/2010 0.9 -0.081632653 20.85371875 0.050368398
31/12/2009 0.92 0.022222222 21.85371875 0.047953078
30/11/2009 0.94 0.02173913 22.85371875 0.045758802
31/10/2009 1.12 0.191489362 23.85371875 0.043756555
30/09/2009 1.14 0.017857143 24.85371875 0.041922185
31/08/2009 1.02 -0.105263158 25.85371875 0.040235428
31/07/2009 1 -0.019607843 26.85371875 0.038679155
30/06/2009 0.94 -0.06 27.85371875 0.03723879
31/05/2009 1.01 0.074468085 28.85371875 0.035901849
30/04/2009 0.91 -0.099009901 29.85371875 0.034657578

Date Close(ARMX.DU) Return FTSE UAE Index (WIUAE.L) Return
30/04/2019 4.78 21.435774
31/03/2019 4.74 -0.00837 17.329813 -0.19155
28/02/2019 4.39 -0.07384 20.128265 0.161482
31/01/2019 4.25 -0.03189 20.178213 0.002481
31/12/2018 4.29 0.009412 20.3447 0.008251
30/11/2018 4.25 -0.00932 18.83633 -0.07414
31/10/2018 3.95 -0.07059 18.721451 -0.0061
30/09/2018 4.04 0.022785 16.032688 -0.14362
31/08/2018 4.4 0.089109 15.624702 -0.02545
31/07/2018 4.35 -0.01136 16.570364 0.060524
30/06/2018 3.95 -0.09195 15.403197 -0.07044
31/05/2018 3.77 -0.04557 18.061272 0.172566
30/04/2018 4.05 0.074271 17.204462 -0.04744
31/03/2018 4.4 0.08642 17.196814 -0.00044
28/02/2018 4.55 0.034091 17.913422 0.041671
31/01/2018 4.21 -0.07473 16.327936 -0.08851
31/12/2017 4.3 0.021378 15.434456 -0.05472
30/11/2017 4.89 0.137209 14.87734 -0.0361
31/10/2017 5.12 0.047035 13.936558 -0.06324
30/09/2017 4.98 -0.02734 13.848961 -0.00629
31/08/2017 5.1 0.024096 12.637771 -0.08746
31/07/2017 5.3 0.039216 14.176817 0.121781
30/06/2017 5.18 -0.02264 14.642928 0.032878
31/05/2017 5.1 -0.01544 15.315712 0.045946
30/04/2017 5.29 0.037255 14.475831 -0.05484
31/03/2017 4.95 -0.06427 14.401956 -0.0051
28/02/2017 4.85 -0.0202 15.56607 0.08083
31/01/2017 4.38 -0.09691 15.545984 -0.00129
31/12/2016 4.07 -0.07078 15.540508 -0.00035
30/11/2016 4.09 0.004914 14.716148 -0.05305
31/10/2016 3.54 -0.13447 14.514395 -0.01371
30/09/2016 3.94 0.112994 15.099571 0.040317
31/08/2016 4 0.015228 15.681292 0.038526
31/07/2016 4.1 0.025 15.543008 -0.00882
30/06/2016 3.24 -0.20976 15.473866 -0.00445
31/05/2016 3.23 -0.00309 15.644412 0.011022
30/04/2016 3.4 0.052632 15.570663 -0.00471
31/03/2016 3.39 -0.00294 15.423162 -0.00947
29/02/2016 3.25 -0.0413 16.783911 0.088228
31/01/2016 2.93 -0.09846 16.83127 0.002822
31/12/2015 3.16 0.078498 16.447664 -0.02279
30/11/2015 3.16 0 16.793383 0.021019
31/10/2015 3.09 -0.02215 15.789377 -0.05979
30/09/2015 3.14 0.016181 15.91251 0.007798
31/08/2015 3.2 0.019108 16.739227 0.051954

31/07/2015 3.45 0.078125 15.913082 -0.04935
30/06/2015 3.48 0.008696 15.951196 0.002395
31/05/2015 3.46 -0.00575 15.751093 -0.01254
30/04/2015 3.49 0.008671 15.550987 -0.0127
31/03/2015 3.46 -0.0086 14.50282 -0.0674
28/02/2015 3.31 -0.04335 15.706479 0.082995
31/01/2015 3.27 -0.01208 14.70449998 -0.06379
31/12/2014 3.1 -0.05199 14.64860231 -0.0038
30/11/2014 3.05 -0.01613 14.59270464 -0.00382
31/10/2014 3.16 0.036066 14.53680697 -0.00383
30/09/2014 3.2 0.012658 14.4809093 -0.00385
31/08/2014 3.19 -0.00313 14.42501163 -0.00386
31/07/2014 3.35 0.050157 14.36911396 -0.00388
30/06/2014 3 -0.10448 14.31321628 -0.00389
31/05/2014 3.26 0.086667 14.25731861 -0.00391
30/04/2014 3.14 -0.03681 14.20142094 -0.00392
31/03/2014 3.3 0.050955 14.14552327 -0.00394
28/02/2014 3.16 -0.04242 14.0896256 -0.00395
31/01/2014 3.03 -0.04114 14.03372793 -0.00397
31/12/2013 3.04 0.0033 13.97783026 -0.00398
30/11/2013 2.7 -0.11184 13.92193259 -0.004
31/10/2013 2.71 0.003704 13.86603491 -0.00402
30/09/2013 2.7 -0.00369 13.81013724 -0.00403
31/08/2013 2.59 -0.04074 13.75423957 -0.00405
31/07/2013 2.55 -0.01544 13.6983419 -0.00406
30/06/2013 2.47 -0.03137 13.64244423 -0.00408
31/05/2013 2.41 -0.02429 13.58654656 -0.0041
30/04/2013 2.31 -0.04149 13.53064889 -0.00411
31/03/2013 2.23 -0.03463 13.47475122 -0.00413
28/02/2013 2.16 -0.03139 13.41885355 -0.00415
31/01/2013 2.21 0.023148 13.36295587 -0.00417
31/12/2012 2 -0.09502 13.3070582 -0.00418
30/11/2012 1.94 -0.03 13.25116053 -0.0042
31/10/2012 1.94 0 13.19526286 -0.00422
30/09/2012 1.94 0 13.13936519 -0.00424
31/08/2012 1.77 -0.08763 13.08346752 -0.00425
31/07/2012 1.75 -0.0113 13.02756985 -0.00427
30/06/2012 1.74 -0.00571 12.97167218 -0.00429
31/05/2012 1.8 0.034483 12.91577451 -0.00431
30/04/2012 1.8 0 12.85987683 -0.00433
31/03/2012 1.82 0.011111 12.80397916 -0.00435
29/02/2012 1.93 0.06044 12.74808149 -0.00437
31/01/2012 1.77 -0.0829 12.69218382 -0.00438
31/12/2011 1.8 0.016949 12.63628615 -0.0044
30/11/2011 1.79 -0.00556 12.58038848 -0.00442
31/10/2011 1.8 0.005587 12.52449081 -0.00444

30/09/2011 1.8 0 12.46859314 -0.00446
31/08/2011 1.83 0.016667 12.41269547 -0.00448
31/07/2011 1.79 -0.02186 12.35679779 -0.0045
30/06/2011 1.76 -0.01676 12.30090012 -0.00452
31/05/2011 1.88 0.068182 12.24500245 -0.00454
30/04/2011 1.89 0.005319 12.18910478 -0.00456
31/03/2011 1.8 -0.04762 12.13320711 -0.00459
28/02/2011 1.55 -0.13889 12.07730944 -0.00461
31/01/2011 2.04 0.316129 12.02141177 -0.00463
31/12/2010 2.08 0.019608 11.9655141 -0.00465
30/11/2010 2 -0.03846 11.90961643 -0.00467
31/10/2010 2.07 0.035 11.85371875 -0.00469
30/09/2010 2.2 0.062802 12.85371875 0.084362
31/08/2010 1.72 -0.21818 13.85371875 0.077798
31/07/2010 1.73 0.005814 14.85371875 0.072183
30/06/2010 1.54 -0.10983 15.85371875 0.067323
31/05/2010 1.4 -0.09091 16.85371875 0.063077
30/04/2010 1.66 0.185714 17.85371875 0.059334
31/03/2010 1.727 0.040361 18.85371875 0.056011
28/02/2010 1.573 -0.08917 19.85371875 0.05304
31/01/2010 1.491 -0.05213 20.85371875 0.050368
31/12/2009 1.427 -0.04292 21.85371875 0.047953
30/11/2009 1.436 0.006307 22.85371875 0.045759
31/10/2009 1.491 0.038301 23.85371875 0.043757
30/09/2009 1.609 0.079142 24.85371875 0.041922
31/08/2009 1.482 -0.07893 25.85371875 0.040235
31/07/2009 1.5 0.012146 26.85371875 0.038679
30/06/2009 1.1 -0.26667 27.85371875 0.037239
31/05/2009 1.1 0 28.85371875 0.035902
30/04/2009 0.864 -0.21455 29.85371875 0.034658

Date Close(EMAR.DU) Return FTSE UAE Index (WIUAE.L) Return
30/04/2019 4.97 21.435774
31/03/2019 4.78 -0.038229376 17.329813 -0.19155
28/02/2019 4.9 0.025104603 20.128265 0.161482
31/01/2019 4.31 -0.120408163 20.178213 0.002481
31/12/2018 4.13 -0.041763341 20.3447 0.008251
30/11/2018 4.5 0.089588378 18.83633 -0.07414
31/10/2018 5.1 0.133333333 18.721451 -0.0061
30/09/2018 5 -0.019607843 16.032688 -0.14362
31/08/2018 5.01 0.002 15.624702 -0.02545
31/07/2018 5.28 0.053892216 16.570364 0.060524
30/06/2018 4.92 -0.068181818 15.403197 -0.07044
31/05/2018 5.2 0.056910569 18.061272 0.172566
30/04/2018 5.65 0.086538462 17.204462 -0.04744
31/03/2018 5.66 0.001769912 17.196814 -0.00044
28/02/2018 6.021 0.063780919 17.913422 0.041671
31/01/2018 6.421 0.066434147 16.327936 -0.08851
31/12/2017 6.38 -0.006385298 15.434456 -0.05472
30/11/2017 6.941 0.087931034 14.87734 -0.0361
31/10/2017 7.621 0.097968592 13.936558 -0.06324
30/09/2017 7.805 0.024143813 13.848961 -0.00629
31/08/2017 7.814 0.001153107 12.637771 -0.08746
31/07/2017 7.575 -0.030586127 14.176817 0.121781
30/06/2017 7.152 -0.055841584 14.642928 0.032878
31/05/2017 6.536 -0.086129754 15.315712 0.045946
30/04/2017 6.692 0.023867809 14.475831 -0.05484
31/03/2017 6.711 0.002839211 14.401956 -0.0051
28/02/2017 6.849 0.020563254 15.56607 0.08083
31/01/2017 6.83 -0.002774128 15.545984 -0.00129
31/12/2016 6.555 -0.040263543 15.540508 -0.00035
30/11/2016 6.27 -0.043478261 14.716148 -0.05305
31/10/2016 6.407 0.02185008 14.514395 -0.01371
30/09/2016 6.527 0.018729515 15.099571 0.040317
31/08/2016 6.527 0 15.681292 0.038526
31/07/2016 6.27 -0.039374904 15.543008 -0.00882
30/06/2016 5.7 -0.090909091 15.473866 -0.00445
31/05/2016 5.746 0.008070175 15.644412 0.011022
30/04/2016 6.251 0.087887226 15.570663 -0.00471
31/03/2016 5.534 -0.114701648 15.423162 -0.00947
29/02/2016 5.378 -0.028189375 16.783911 0.088228
31/01/2016 4.698 -0.126441056 16.83127 0.002822
31/12/2015 5.231 0.113452533 16.447664 -0.02279
30/11/2015 5.304 0.013955267 16.793383 0.021019
31/10/2015 5.929 0.117835596 15.789377 -0.05979

30/09/2015 5.939 0.001686625 15.91251 0.007798
31/08/2015 6.205 0.044788685 16.739227 0.051954
31/07/2015 7.262 0.170346495 15.913082 -0.04935
30/06/2015 7.244 -0.002478656 15.951196 0.002395
31/05/2015 7.124 -0.016565433 15.751093 -0.01254
30/04/2015 7.575 0.063307131 15.550987 -0.0127
31/03/2015 6.067 -0.199075908 14.50282 -0.0674
28/02/2015 6.941 0.144058019 15.706479 0.082995
31/01/2015 6.159 -0.112663881 14.70449998 -0.06379
31/12/2014 6.674 0.08361747 14.64860231 -0.0038
30/11/2014 8.589 0.286934372 14.59270464 -0.00382
31/10/2014 8.103 -0.056584003 14.53680697 -0.00383
30/09/2014 9.359 0.155004319 14.4809093 -0.00385
31/08/2014 9.035 -0.034619083 14.42501163 -0.00386
31/07/2014 7.916 -0.123851688 14.36911396 -0.00388
30/06/2014 6.814 -0.139211723 14.31321628 -0.00389
31/05/2014 8.467 0.242588788 14.25731861 -0.00391
30/04/2014 8.029 -0.051730247 14.20142094 -0.00392
31/03/2014 7.329 -0.087183958 14.14552327 -0.00394
28/02/2014 6.703 -0.085414108 14.0896256 -0.00395
31/01/2014 5.893 -0.120841414 14.03372793 -0.00397
31/12/2013 5.628 -0.044968607 13.97783026 -0.00398
30/11/2013 4.641 -0.175373134 13.92193259 -0.004
31/10/2013 4.479 -0.03490627 13.86603491 -0.00402
30/09/2013 4.294 -0.041303862 13.81013724 -0.00403
31/08/2013 4.236 -0.013507219 13.75423957 -0.00405
31/07/2013 4.398 0.038243626 13.6983419 -0.00406
30/06/2013 3.816 -0.132332879 13.64244423 -0.00408
31/05/2013 4.398 0.152515723 13.58654656 -0.0041
30/04/2013 4.132 -0.060482037 13.53064889 -0.00411
31/03/2013 3.771 -0.087366893 13.47475122 -0.00413
28/02/2013 3.904 0.035269159 13.41885355 -0.00415
31/01/2013 3.587 -0.08119877 13.36295587 -0.00417
31/12/2012 2.762 -0.229997212 13.3070582 -0.00418
30/11/2012 2.77 0.002896452 13.25116053 -0.0042
31/10/2012 2.659 -0.040072202 13.19526286 -0.00422
30/09/2012 2.563 -0.036103798 13.13936519 -0.00424
31/08/2012 2.438 -0.048770972 13.08346752 -0.00425
31/07/2012 2.504 0.02707137 13.02756985 -0.00427
30/06/2012 2.063 -0.176118211 12.97167218 -0.00429
31/05/2012 2.144 0.039263209 12.91577451 -0.00431
30/04/2012 2.409 0.123600746 12.85987683 -0.00433
31/03/2012 2.232 -0.073474471 12.80397916 -0.00435
29/02/2012 2.328 0.043010753 12.74808149 -0.00437
31/01/2012 2.018 -0.133161512 12.69218382 -0.00438
31/12/2011 1.893 -0.061942517 12.63628615 -0.0044

30/11/2011 1.996 0.054410988 12.58038848 -0.00442
31/10/2011 2.048 0.026052104 12.52449081 -0.00444
30/09/2011 2.026 -0.010742188 12.46859314 -0.00446
31/08/2011 2.107 0.039980257 12.41269547 -0.00448
31/07/2011 2.121 0.006644518 12.35679779 -0.0045
30/06/2011 2.225 0.049033475 12.30090012 -0.00452
31/05/2011 2.32 0.042696629 12.24500245 -0.00454
30/04/2011 2.423 0.044396552 12.18910478 -0.00456
31/03/2011 2.379 -0.018159307 12.13320711 -0.00459
28/02/2011 1.967 -0.173182009 12.07730944 -0.00461
31/01/2011 2.247 0.142348754 12.02141177 -0.00463
31/12/2010 2.615 0.163773921 11.9655141 -0.00465
30/11/2010 2.667 0.019885277 11.90961643 -0.00467
31/10/2010 2.836 0.063367079 11.85371875 -0.00469
30/09/2010 2.748 -0.031029619 12.85371875 0.084362
31/08/2010 2.401 -0.126273654 13.85371875 0.077798
31/07/2010 2.401 0 14.85371875 0.072183
30/06/2010 2.254 -0.06122449 15.85371875 0.067323
31/05/2010 2.468 0.094942325 16.85371875 0.063077
30/04/2010 2.88 0.166936791 17.85371875 0.059334
31/03/2010 2.946 0.022916667 18.85371875 0.056011
28/02/2010 2.195 -0.254921928 19.85371875 0.05304
31/01/2010 2.261 0.030068337 20.85371875 0.050368
31/12/2009 2.843 0.257408226 21.85371875 0.047953
30/11/2009 2.762 -0.028491031 22.85371875 0.045759
31/10/2009 3.234 0.170890659 23.85371875 0.043757
30/09/2009 2.983 -0.077612863 24.85371875 0.041922
31/08/2009 2.556 -0.143144485 25.85371875 0.040235
31/07/2009 2.018 -0.210485133 26.85371875 0.038679
30/06/2009 2.048 0.014866204 27.85371875 0.037239
31/05/2009 2.556 0.248046875 28.85371875 0.035902
30/04/2009 1.731 -0.322769953 29.85371875 0.034658