7 things to watch as UAE markets open

1) Abu Dhabi-listed National Bank of Abu Dhabi has placed a 30-year Formosa bond for $621 million with institutional investors. The unsecured, zero-coupon, callable bond will be listed on Taiwan’s Taipei Exchange. Its settlement is expected by October 21.

2) Drake & Scull has appointed Wael Allan as chief executive officer, replacing Khaldoun Tabari, who will continue as the vice-chairman and a member of the board.

3) Dubai-listed Agility Public Warehousing Co. said its Kuwaiti subsidiary, National Aviation Services (NAS), has been awarded a concession to provide VIP passenger services and operate Morocco’s 16 airport lounges across nine airports. The term of the agreement is 10 years with revenues estimated at $250 million.

4) ADX-listed Waha Capital has appointed Alain Dib as chief operating officer, a role that involves leading the company’s investment businesses.

5) Dubai-listed International Financial Advisors said its subsidiary IFA Hotels & Resorts has sold offices in one of its projects in Dubai, valued at AED 39 million, with recognized profit amounting to AED 19.53 million.

6) Abu Dhabi Ship Building PJSC will hold a board of directors meeting on Oct. 16 to discuss its sales pipeline and the company’s strategy.

7) Oil prices slipped on Monday amid ongoing concerns that non-OPEC exporters would fail to agree on a production cut. Brent crude last was down 0.9 percent at $51.49 per barrel (bbl) and WTI crude fell 1 percent to $49.34/bbl. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com