Here are some things you need to know as markets open today in the United Arab Emirates.
1) The board of directors of Emaar Development, the property development business of Emaar Properties, has appointed Mohamed Alabbar and Jamal bin Theniyah as chairman and vice-chairman, respectively. Trading in Emaar Development shares will begin tomorrow, Nov. 22.
2) Dubai-listed contractor Arabtec Holding said its wholly owned subsidiary, Target Engineering Construction Company, has been awarded an AED 950 million contract for the second phase of Forte, a residential development in Downtown Dubai, by Emaar Properties.
3) Dubai-listed Agility Public Warehousing Company, through its subsidiary United Projects for Abiation Services Company (UPAC), announced that Al Farwaniya Property Developments LLC has signed a seven-year senior credit facility for $457 million with a consortium of regional and international banks, in order to finance the development of Reem Mall.
Al Farwaniya is a UAE company responsible for developing the mall, a project that UPAC has invested in through its subsidiary, Al Arfaj Real Estate Company.
4) Abu Dhabi’s ADNOC Distribution has announced that the subscription period for the company's shares will start on Nov. 26 and end on Dec. 6 for individuals and Dec. 7 for institutions. The company will float 10-20 percent of capital, and is expected to be listed on the Abu Dhabi Securities Exchange (ADX) on Wednesday, Dec.13.
5) Oil prices edged up on Tuesday, with Brent crude up 0.2 percent at $62.32 per barrel (bbl), while West Texas Intermediate rose 0.1 percent to $56.47/bbl.
Write to Jerusha Sequeira at jerusha.s@argaamnews.com
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