Here are some things you need to know as markets open today in the United Arab Emirates.
1) Dubai-listed Emaar Properties’ board of directors has approved murabaha facilities worth $1.5 billion from First Abu Dhabi Bank for Emaar Development LLC, the developer said in a bourse statement. Emaar Properties will provide a temporary corporate guarantee during the transfer of certain assets to Emaar Development, which will soon be listed on the Dubai Financial Market.
2) Abu Dhabi-listed Dana Gas and its partner Crescent Petroleum have started arbitration proceedings against MOL Group over their recent settlement agreement with Iraq’s Kurdistan Regional Government (KRG), Dana Gas said in a statement.
3) State-run Abu Dhabi National Oil Co. (ADNOC) is mulling an initial public offering (IPO) of a minority stake in its shipping business as part of a broader strategy to attract more investments to the emirate, Bloomberg reported on Wednesday, citing unnamed sources with knowledge of the matter.
4) The UAE has approved the funding of a number of infrastructure and urban development projects across various emirates at a total cost of AED 1.2 billion ($327 million), state news agency WAM said.
5) Oil prices closed higher on Friday following the meeting between OPEC and non-OPEC oil producing nations. Brent crude was up 0.8 percent at $56.86 per barrel (bbl), while West Texas Intermediate settled 0.2 percent higher at $50.66/bbl.
6) OPEC and non-OPEC countries achieved a conformity level of 116 percent with their pledged oil output cuts in August, their highest ever conformity, according to the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC).
Write to Jerusha Sequeira at jerusha.s@argaamnews.com
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