What you need to know as UAE markets open on December 5

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

1) The Emirates NBD UAE Purchasing Managers’ Index (PMI) rose to 57.0 in November from 55.9 the previous month, driven by a sharp growth in output and new orders in the non-oil private sector.

2) The GCC region’s economy is expected to grow by 2.5 percent in 2018, backed by stable energy prices, Moody’s Analytics said in a report.

3) Dubai-listed GFH Financial said it has signed a $150 million agreement with Inspired, a global group of premium schools operating in Europe, Africa, Latin America and Australia. Under the agreement, Inspired will acquire part of GFH’s educational portfolio in the GCC. The transaction is expected to have a positive impact on GFH’s financial results of up to $50 million in 2017 and 2018.

4) Dubai Investments, listed on DFM, will build the Riyadh Investment Park project in two stages, starting next year, chief executive Khalid Bin Kalban told CNBC Arabia. The first stage involves building 5 million square meters (sqm), while six million meters will be construction in the second stage, he said.

5) Bahrain-based Khaleeji Commercial Bank (KHCB) has marked December 19 as the date to list its shares on the Dubai Financial Market (DFM), after obtaining approvals from regulatory authorities in Bahrain and the UAE.

6) Abu Dhabi Securities Exchange (ADX) said that UAE-based Al Qudra Holding has listed its shares in the second market, under the symbol ‘Al Qudra.’ Trading on Al Qudra Holding’s shares started on Monday, Dec. 4. The company's capital is AED 808.98 million, with 808.98 million shares at par value of AED 1 per share.

7) Nasdaq Dubai-listed ports operator DP World said it has completed the acquisition of an additional 66.67 percent stake in Empresa Brasileira de Terminais Portuarios (Embraport) from Odebrecht Transport (OTP).

8) Dubai Financial Market (DFM) said it has signed a memorandum of understanding (MoU) with the Sharjah Investment and Development Authority (Shurooq). The agreement aims at streamlining private and family businesses’ access to DFM’s services and realizing the benefits of listing on DFM.

9) Oil futures edged higher on Tuesday, supported by the recent extension to the output cut deal between OPEC and its non-member partners. Brent crude was last up 0.1 percent at $62.51/bbl while WTI crude rose 0.2 percent to $57.57/bbl. 

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