Here are some things you need to know as markets open today in the United Arab Emirates.
1) Abu Dhabi-listed Dana Gas said the English Court of Appeal has refused its application to appeal a decision allowing fund manager BlackRock to participate in English court proceedings over Dana’s $700 million sukuk.
2) GFH Financial Group, cross-listed in Dubai, said it has acquired a new investment opportunity in the US comprising of two suburban office properties in Chicago. The deal is valued at $150 million. The transaction is expected to have a positive impact on GFH’s financial statements in 2018 with a cash yield exceeding 9 percent per annum.
3) Dubai-listed Takaful Emarat Insurance said it has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all cash transaction that will create the largest takaful group in the UAE based on 2016 gross written contributions.
4) Gulf Cement Company, cross-listed in Abu Dhabi, said it has requested the Kuwait Clearing Company for an exemption from the maximum and minimum trading limits on Boursa Kuwait. The Kuwaiti exchange rules, issued in 2010, stipulate that new listings should have a maximum of 40 percent of shares traded on the bourse, while Gulf Cement currently (which listed in Kuwait in 1990) has 60 percent of its shares trading on Boursa Kuwait.
5) Shares of Bahrain-based Islamic lender Khaleeji Commercial Bank BSC will be listed on DFM today.
6) Dubai-listed United Foods board members at a meeting held on Dec. 14 reviewed the proposed budget for 2018, along with the company’s performance for the period ending Nov. 30, 2017.
7) Dubai Financial Market (DFM) launched Dec. 17 the regulated short-selling service, following the completion of all regulatory and technical preparations. The DFM had earlier secured the approval of the Securities and Commodities Authority.
8) Oil prices edged higher on Tuesday. Brent crude was last up 0.1 percent at $63.47/bbl, while WTI crude rose 0.2 percent to $57.29/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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