What you need to know as UAE markets open on November 27

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

1) GFH Financial said it continues to be the owner of British School of Bahrain, and had earlier entered into a sale-and-leaseback agreement with Promoseven Holdings for the school campus with a value BHD 21 million. GFH is listed in Dubai and Bahrain.

2) Shuaa Capital, listed in Dubai, said its securities brokerage arm, Shuaa Securities, has started operations in the Egyptian market, following approvals from the Egyptian Financial Supervisory Authority.

3) Dubai Financial Market (DFM) has launched the general clearing member service that enables approved local banks to provide brokerage firms with clearing and settlement services, following technical and regulatory arrangements.

4) The interest rates charged by Emirates Inter-Bank Offered Rate (EIBOR) have continued to increase by 1 percent to 5.9 percent since the beginning of November, after the Central Bank raised its interest rates during the first 10 months of 2017 following a similar move by the US Federal Reserve, state news agency WAM reported.

5) Jebel Ali Free Zone (JAFZA) said that trade in steel and building materials reached AED 13.5 billion during 2016, WAM reported.

6) Oil prices edged lower on Monday, although markets remain supported by the possibility that OPEC might decide to extend the output cap deal beyond March 2018 at its meeting on Nov 30. Brent crude was last down 0.1 percent at $63.83/bbl while WTI crude fell 0.4 percent to $58.7/bbl.

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