Here are some things you need to know as markets open today in the United Arab Emirates.
1) Dubai-listed Emaar Properties has signed an agreement with Saudi Arabia’s Jabal Omar Development Co. to manage its new hotel in Makkah.
2) Abu Dhabi-listed Dana Gas said it has obtained an injunction from Sharjah Federal Court of First Instance pending determination Dana’s application to have its sukuk, dated May 8, 2013, declared unlawful and unenforceable. An initial hearing is scheduled for December 25.
3) Dubai-listed DXB Entertainments said its strategy and business development will be incorporated into a newly structured finance function, as part of its new management structure. The company has appointed John Ireland as chief financial officer.
4) The UAE Central Bank has raised its key interest rate by 25 basis points to 1.50 percent, following the US Federal Reserve's decision to hike rates.
5) UAE Ministry of Economy has issued a new decision to regulate mergers and acquisitions of UAE-based joint stock companies. The decision, which will be effective following its publication in the official gazette, includes details on acquisition rules, definitions of mergers and takeovers, surveillance procedures, and control, inspection and penalties.
6) Crude oil prices were mixed on Thursday, with Brent crude recovering slightly from the drop to a six-month low in the previous session. Brent was last up 0.1 percent at $47.06/bbl, while WTI crude was marginally lower at $44.71/bbl.
7) Asian stocks were mainly negative towards closing hours. Japan’s Nikkei225 Index was last down 0.3 percent, China’s CSI300 Index fell 0.3 percent, and Hong Kong’s Hang Seng Index declined 1 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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