What you need to know as UAE markets open on November 20

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

1) Dubai-listed Emaar Properties issued a clarification on the Dubai Financial Market (DFM) today, saying it received “strong institutional and retail support” for the initial public offering (IPO) of Emaar Development, despite Saudi Arabia’s recent corruption probe. The statement was in response to a Bloomberg report saying the IPO was “almost derailed” by the sweeping arrests in the Kingdom, as local investors reneged on hundreds of millions of dollars in demand on the last day of the sale.

2) Abu Dhabi Islamic Bank’s board of directors has accepted the resignation of group CEO Tirad Mahmoud, the lender said on Sunday. Khamis Buharoon, ADIB’s Vice Chairman, will continue as acting CEO.

3) Abu Dhabi-listed developer Aldar Properties has sold out the second phase of Water’s Edge, its latest waterfront development, bringing the total sales value of all units launched to over AED 800 million.

4) Dubai-listed Aramex has appointed Bashar Obeid as the company’s chief executive with immediate effect, it said on Sunday. Obeid, who currently serves as chief financial officer, will replace Hussein Hachem.

5) Abu Dhabi-listed Dana Gas’ board of directors has approved its three-year business plan and budget for 2018, the company said in a bourse statement.

6) Oil prices were mixed on Monday, with Brent crude edging 0.2 percent lower to $62.60 per barrel (bbl), while WTI crude was last 0.2 percent higher at $56.64/bbl. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com