What you need to know as UAE markets open on December 10

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

1) The fuel distribution unit of Abu Dhabi National Oil Company’s (Adnoc) initial public offering (IPO) has raised AED 3.1 billion, the company said in a statement. Adnoc Distribution sold 1.25 billion shares, or 10 percent of its share capital at AED 2.50 per share, compared with a revised indicative range of AED 2.35 - AED 2.65 set last week.

2) Emaar Properties will hold a board meeting on Dec. 12 to discuss a proposal to distributed special dividends to shareholders.

3) Dubai-listed Mashreq Bank said it has hired Arif Usmani as the group head of risk management.

4) Al Khaleej Investment will hold a board meeting on Dec. 14. The agenda includes proposing updates of properties redevelopment plan.

5) The UAE expects to be removed from the European Union’s (EU) blacklisted tax haven list once it complies with the EU’s transparency criteria by October next year, the government said in a statement.

6) The interest rates charged by Emirates Inter-Bank Offered Rate (EIBOR) set for one-night period has posted a rise of 108 percent over the past 11 months, while one-month rates increased by 52.6 percent, according to UAE Central Bank figures.

7) Oil prices closed last week with gains, driven by rising demand in China. Brent crude was up 1.9 percent at $63.4/bbl while WTI crude rose 1.2 percent to $57.36/bbl.

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