FTSE 100 hovers near record highs as investors monitor tariffs, rate path
The blue-chip FTSE 100 was up 0.4% as of 1105 GMT, while the domestically oriented FTSE 250 index added 0.3%.
AstraZeneca added 1.4% after the pharmaceutical giant said its experimental drug baxdrostat succeeded in lowering high blood pressure in a late-stage study of people whose condition was hard to control or treat.
Associated British Foods rose about 3% after brokerage Panmure Liberum upgraded the retailer to "buy."
The European Union and South Korea said they were working on trade deals with the U.S. that would soften the blow from looming tariffs as Washington threatens hefty duties from August 1.
Meanwhile, Britain's labour market cooled sharply in June and the number of people available for work jumped at the fastest pace since the COVID-19 pandemic, according to data also watched by the Bank of England.
The BoE is expected to cut interest rates next month for the fifth time since last August, with traders betting on an 89% chance of a 25 bps deduction, as per data compiled by LSEG.
The country's inflation figures, due on Wednesday, will offer fresh cues on the central bank's rate path.
Investors will look out for fresh notes on the nation's fiscal health when finance minister Rachel Reeves, alongside BoE Governor Andrew Bailey, gives the annual Mansion House speech to London's financial sector on Tuesday.
Among other stocks, Ashmore gained 2.2% after the emerging markets-focussed asset manager reported slower quarterly net outflows.
The FTSE 100 index logged its biggest weekly percentage gain in two months on Friday, led by mining and healthcare stocks.
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Zawya
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Mideast Stocks: Most Gulf bourses rise on US data, trade talks
Most stock markets in the Gulf ended higher on Tuesday after data showed a smaller than expected rise in core U.S. inflation and talks between Washington and major trading partners continued. U.S. President Donald Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30% duties on imports from the European Union and Mexico from August 1. U.S. consumer prices picked up in June, likely marking the start of a long-anticipated tariff-induced increase in inflation that has kept the Federal Reserve cautious about resuming its interest rate cuts. However, the increase was in line with expectations and the core reading rose less than forecast. The Fed's actions have a significant impact on the Gulf region's monetary policy, as most regional currencies are pegged to the U.S. dollar. Dubai's main share index advanced 1%, buoyed by a 5.2% surge in top lender Emirates NBD and a 1.8% increase in blue-chip developer Emaar Properties. In Abu Dhabi, the index gained 0.7%, with Abu Dhabi Commercial Bank jumping 7.6%, its biggest intraday rise since April 2020. The lender posted second-quarter net profit of 2.32 billion dirham ($631.65 million), exceeding analysts' consensus estimate, according to data compiled by LSEG. The upbeat results boosted sentiment across the banking sector, with both Abu Dhabi and Dubai benefiting from renewed investor confidence in financials, said George Pavel, general manager at Middle East. "Dubai's market also drew strength from its real estate sector, adding to the positive momentum," he added. The Qatari index closed up 0.5%, led by a 1.7% increase in the Gulf's biggest lender Qatar National Bank . Saudi Arabia's benchmark index declined 1.1%, hit by a 1.3% fall in Al Rajhi Bank. Elsewhere, oil giant Saudi Aramco fell 1.1%. Oil prices - a catalyst for the Gulf's financial markets - were little changed after Trump's lengthy 50-day deadline for Russia to end its Ukraine war and avoid sanctions eased immediate supply concerns. Outside the Gulf, Egypt's blue-chip index gained 0.6%. SAUDI ARABIA dropped 1.1% to 11,095 Abu Dhabi rose 0.9% to 10,151 Dubai gained 1% to 5,914 QATAR added 0.5% to 10,770 EGYPT was up 0.6% to 33,935 BAHRAIN edged 0.1% up to 1,953 OMAN dropped 0.3% to 4,613 KUWAIT declined 0.3% to 9,341
The National
an hour ago
- The National
My Dubai Salary: ‘I did not take a salary for seven and a half years as a tech start-up founder'
Sophie Smith recalls how she decided to never be financially dependent on anyone while growing up in the UK. However, as the founder and chief executive of Nabta Health, a UAE-based healthcare platform for women, she has not drawn a salary in all but several months over the past eight years. As her company is fully backed by angel investors, the Briton, 36, does not feel comfortable receiving monthly pay and instead takes an incentive every quarter. She's currently financially dependent on her husband since moving to Dubai in 2016. Before founding Nabta Health, Ms Smith owned four companies in three years – a doctor-finding, appointment-booking platform in Pakistan, a plastic recycling company in Sierra Leone, a health tech consultancy and a software development company, both in the UK. Nabta Health combines digital and traditional health care to offer preventive care to women. 'Our platform supports in diagnosing chronic health conditions and navigating specific stages as a woman, for example, support with fertility and family planning, after birth, and menopause,' she says. 'To date, my company has been entirely backed by angel investors. We have 68 angel investors in total, most of whom invested through special purpose vehicles, but with investments ranging from $1,000 up to $1 million.' The company has raised $4 million to date and opened a pre-series A funding round of $6 million to expand the platform and acquire new clinics in the UAE. Ms Smith lives with her four children and husband, a lawyer, in a villa in Al Barsha South. She has an MA Cantab (masters in history) from the University of Cambridge and an MBA from the Quantic School of Business and Technology. What was your first job and salary? I started as an analyst with Accenture and worked there for four years before leaving to found my first company. I started on a salary of £32,000 ($43,348) per year and it came with a golden handshake of £5,000, which felt like an absolute fortune for a new graduate in 2010. I was promoted to consultant after 14 months and was on track to be promoted to manager when I quit. I left because I wanted to chart my own growth curve. I had put part of my salary into Accenture's stock programme and by the time I left, I had about £25,000 saved. I took that money and put it into my first company, a health tech consultancy. What is your salary now? When I started work on Nabta Health, I closed down the businesses I had in the UK and was dependent on my husband and the salary he was drawing from his new job in Dubai in 2017. Nabta was self-funded in very small parts by me and my founding investor, to the tune of $92,000 over 15 to 18 months. Since we have raised capital in non-traditional ways, we've never had a significant amount of runway, and I have never felt comfortable with the notion of taking a salary because the company needs the money. I didn't take a salary for the first seven-and-a-half years of Nabta's life until we'd achieved product-market fit in July 2024. I attached myself to the company as the general manager and started to take a salary of Dh33,300 ($9,067) per month after we closed our first $1 million investment, plus an additional Dh12,200 per month which accrues and is paid out quarterly only if we hit our revenue targets. I took the salary for two months before reverting to 100 per cent accrual to support our runway. Not taking a salary has placed a huge financial strain on our family. When we came to the UAE, we had no children and now we have four. Our costs as a family have increased 300 per cent. Do you manage to save and invest? I had savings before I started my first business. But since then, I've put every penny into my companies. I have a small cryptocurrency account, a couple of savings accounts and a few investments in different start-ups that are mostly through sweat equity. I'm a firm believer in having a diversified portfolio of investments and putting your capital to work, especially as a woman. If I had more liquidity, I'd have a more structured investment portfolio. I would also invest into stocks, bonds and safer and more traditional asset classes. I hope to be able to invest in real estate at some point. In the next couple of years as Nabta continues to grow and stabilise us financially, when I'll be able to start taking a regular salary, I hope to put aside probably 10 per cent of that every month to invest into different asset classes. Do you have any debt? We have a couple of credit cards as a family and try to pay them off every month. 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Alba appoints Sohaila Rahman as Chief Legal and Governance Officer
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Sohaila Rahman holds a 2:1 LLB Law degree from the University of Reading, UK, and completed her Legal Practice Course at the Oxford Institute of Legal Practice. She is an exclusive contributor to LexisNexis Middle East on Employment Law in Bahrain and was a winner of the Author Award in 2019. About Aluminium Bahrain B.S.C. (Alba) [Ticker: ALBH] A Global Aluminium Leader: At plus-1.62 million metric tonnes per annum (mtpa) (2024), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development. Trusted Partner: A cornerstone of the Bahrain's economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 280 customers globally. With sales' offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), Saudi Arabian Mining Company (Ma'aden) (20.62%) and General Public (10%). Alba prioritises the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity management), ASI Performance and Chain of Custody Standards, and a top 1% Platinum sustainability rating from EcoVadis. Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain's thriving downstream aluminium sector, contributing significantly to the Kingdom's GDP. Committed to social responsibility, Alba employs a workforce that is 87% Bahrainis (2024) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom. Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba's first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, Power Station 5 Block 4 Project, and the upcoming +6 MW Solar Farm Project are tangible initiatives aligned with Bahrain's Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. Specifically, Alba's PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. Block 4 has increased the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and is reducing the Company's overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced. In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAlTM, its new line of low-carbon aluminium products. Launched in June 2025, EternAl offers two product series with multiple variations to meet diverse customer needs: one featuring recycled content, and the other integrating verified in-house carbon offsets. Safety First, Always: Guided by the motto "Safety First, Safety Always," Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 37 million safe working hours without a lost-time injury in June 2025. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA's Lifetime President and President Awards (10+ Gold Medal Awards), the British Safety Council's International Safety Award with Merit along with 4-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC). Alba Stakeholder Engagement Plan Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues. Alba's External Grievance Mechanism Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba's Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at
