Here are some things you need to know as markets open today in the United Arab Emirates.
1) The shares of ADNOC Distribution will be listed on Abu Dhabi Securities Exchange (ADX) today under symbol ADNOCDIST, within the energy sector.
2) Nasdaq Dubai will launch today futures on ADNOC Distribution and Emaar Malls, to enable investors to take positions on movements in the share price of the two companies in coming months.
3) Dubai-listed Emaar Properties said its board of directors has approved the proposal to distribute special dividends of AED 4 billion to its shareholders, from the proceeds of the Emaar Development IPO.
4) Regional e-commerce website Noon, which is backed by Dubai-listed Emaar Properties chairman Mohamed Alabbar, is went live in Saudi Arabia on Tuesday.
5) Abu Dhabi-listed United Arab Bank will hold a general assembly meeting on Jan. 15 to consider and approve an increase in the issued capital to AED 2.06 billion through the issue of 687,516,883 new shares for AED 1 per share.
6) Dubai-listed Mashreq Bank said Ahmed Abdelaal has joined as group head of corporate and investment banking.
7) Abu Dhabi Islamic Bank (ADIB), listed in Abu Dhabi, has expanded its UAE network of ADIB Express branches, opening two new premises in Abu Dhabi and Dubai.
8) The UAE’s non-oil sector growth will increase to 2.8 percent in 2018, up from 1.9 percent this year, before picking up gradually to 3.3 percent in 2019 and 3.5 percent in 2020, according to the International Monetary Fund (IMF) mission chief to the UAE.
9) The Gulf Cooperation Council (GCC) is currently working on linking bank payments between member states, United Arab Emirates state news agency WAM reported, citing GCC Secretary-General Abdullatif Al-Zayani.
10) Oil prices recovered on Wednesday after settling lower in the previous session. Brent crude was last trading up 0.9 percent at $63.91/bbl, while WTI crude rose 0.6 percent to $57.46/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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