8 things to consider as UAE markets open

Here is what you need to know as the opening bell rings in the United Arab Emirates.

1) Emirates Islamic Bank said trading in its rights issue will close today, with subscription for the new shares ending Dec. 29. The shariah-complaint arm of Emirates NBD announced subscriptions to its AED 1.5 billion rights issue on Nov. 30.

2) Dubai-listed retail and hospitality firm Marka Holding said its chief executive officer Nick Peel had resigned from his position effective immediately, and vice-chairman and managing director Khaled Al Mheiri will assume the CEO’s responsibilities in the interim.

3) Dubai developer Emaar Properties PJSC has signed a deal with Al Marjan Island to develop mixed-use projects, including luxury residential, hospitality, and retail components in Ras Al Khaimah, the company said in a statement.

4) The UAE’s Federal National Council approved the country’s federal budget for 2017, set in late October at AED 48.7 billion. The budget mainly focuses on education, health, and social development. Separately, Dubai approved its 2017 budget with a total expenditure of AED 47.3 billion with more focus on infrastructure spending ahead of Expo 2020.

5) UAE’s Emirates Global Aluminium and GE Power have signed a memorandum of understanding to work on a 100-day program to reduce EGA’s nitrogen oxide emissions under the UAE Government Accelerators program, the companies said in a joint statement.

6) British-Dutch FMCG company Unilever’s manufacturing plant in Dubai Industrial Park – the largest in the region – was inaugurated on Wednesday. The facility will export Unilever products to 80 countries in the Middle East, North Africa and Europe.

.

7) Oil prices climbed on Thursday on optimism over supply cuts. Brent crude was last up 0.3 percent at $54.64 per barrel (bbl) and WTI crude rose 0.3 percent to $52.63/bbl.

8) Asian stocks were mainly negative toward closing hours. China’s CSI300 Index fell 0.3 percent, Hong Kong’s Hang Seng Index was down 0.9 percent and Japan’s Nikkei 225 Index slipped 0.3 percent. 

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