What you need to know as UAE markets open on Sept. 24

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

1) Dubai-listed Emaar Properties’ board of directors has approved murabaha facilities worth $1.5 billion from First Abu Dhabi Bank for Emaar Development LLC, the developer said in a bourse statement. Emaar Properties will provide a temporary corporate guarantee during the transfer of certain assets to Emaar Development, which will soon be listed on the Dubai Financial Market.

2) Abu Dhabi-listed Dana Gas and its partner Crescent Petroleum have started arbitration proceedings against MOL Group over their recent settlement agreement with Iraq’s Kurdistan Regional Government (KRG), Dana Gas said in a statement.

3) State-run Abu Dhabi National Oil Co. (ADNOC) is mulling an initial public offering (IPO) of a minority stake in its shipping business as part of a broader strategy to attract more investments to the emirate, Bloomberg reported on Wednesday, citing unnamed sources with knowledge of the matter.

4) The UAE has approved the funding of a number of infrastructure and urban development projects across various emirates at a total cost of AED 1.2 billion ($327 million), state news agency WAM said.

5) Oil prices closed higher on Friday following the meeting between OPEC and non-OPEC oil producing nations. Brent crude was up 0.8 percent at $56.86 per barrel (bbl), while West Texas Intermediate settled 0.2 percent higher at $50.66/bbl.

6) OPEC and non-OPEC countries achieved a conformity level of 116 percent with their pledged oil output cuts in August, their highest ever conformity, according to the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC). 

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