Here are some things you need to know as markets open today in the United Arab Emirates.
1) GFH Financial Group said its Dubai-based subsidiary, GFH Capital Limited, has sold one of the properties in its diversified US residential portfolio in Atlanta, with a sale value exceeding $43 million dollars. The transaction is expected to have a positive impact on Q3 2017 financial results. GFH is listed in Dubai and Bahrain.
2) Dubai-listed National Central Cooling Co. said it has elected four new members to the company’s board of directors. The four new members are all senior executives at Engie Group.
3) Dubai-listed Damac Properties is looking to expand its land bank in Saudi Arabia, and will focus on completing its hotels projects in capital city Riyadh, senior vice-president Niall McLoughlin told Argaam.
4) Sharjah-based real estate developer, Arada sold more than 300 residential units of the recently launched AED 24 billion Aljada project at Cityscape Dubai on Monday, chairman Sheikh Sultan bin Ahmed Al Qasimi told Argaam.
5) Oil prices edged lower on Wednesday, with Brent crude down 0.3 percent at $54.11/bbl and WTI crude down 0.1 percent at $48.2/bbl. Crude oil production from OPEC members decreased by 79,000 barrels per day in August to 32.76 million barrels per day, OPEC said in its monthly report.
6) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.5 percent, while Hong Hong’s Hang Seng Index fell 0.3 percent and China’s CSI 300 Index was last down 0.02 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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