What you need to know as UAE markets open on November 26

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Abu Dhabi National Oil Company (ADNOC) set the indicative price range for ADNOC Distribution’s initial public offering (IPO) of AED 2.35 and AED 2.95.

2) Abu Dhabi-listed Manazel Real Estate had announced that expansion plans for Middle East and North African markets, noting that it there is demand in the middle income housing segment in countries such as Saudi Arabia.

3) Dubai Investments said it has led a consortium of investors to fully acquire Kent College Dubai campus, through its subsidiary Al Mal Capital, in a sale and leaseback transaction. Dubai Investments is the anchor shareholder in the transaction.

4) Abu Dhabi-listed National Bank of Fujairah said it reviewed and approved its three-year strategic plan and budget for 2018 at its board meeting held on Nov 23.

5) Nasdaq Dubai and The Nairobi Securities Exchange have signed a memorandum of understanding (MoU) to facilitate the creation of a sukuk sector in Kenya.

6) The UAE Central Bank has returned to pumping liquidity into the market after it opted to withdraw excess since the beginning of the year. The apex bank pumped AED 7.9 billion in October, which resulted in a decrease of certificates of deposit to AED 118.7 billion from AED 126.6 billion in September.

7) Crude oil prices closed last week on a positive note, with Brent crude up 0.5 percent to $63.86/bbl while WTI crude rose 1.6 percent to $58.95/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com