What you need to know as UAE markets open on Sept. 27

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

1) Dubai-listed Drake & Scull International (DSI) has obtained regulatory approval for its 75 percent capital reduction and the issuance of 500 million new shares to Tabarak Investment, it said in a bourse filing.

2) The Abu Dhabi Securities Exchange (ADX) will suspend trading on Dana Gas shares today, pending the disclosure of some price-sensitive information following the company’s board meeting. Trading will be suspended from 11am until the disclosure of the information.

Dana Gas will report on its ongoing sukuk litigation during today’s meeting, it said earlier this week. The company announced in June that its $700 million Islamic bonds were unlawful and unenforceable under UAE law, as they are no longer sharia-compliant.

3) Qatari telco Ooredoo, listed in Abu Dhabi and Qatar, announced that Indosat Ooredoo has accepted the resignation of its CEO Alexander Rusli. Indosat Ooredoo will hold an extraordinary general meeting in November to appoint a new chief executive for the company.

4) Abu Dhabi-based Mubadala plans to sell the executive-jet business of Italy’s Piaggio Aerospace to a Chinese consortium, Reuters reported Tuesday, citing a source familiar with the matter.

5) The UAE has been named the top economy in the Arab World in terms of global competitiveness, according to a new report issued by the World Economic Forum. The country ranked 17th on the Global Competitiveness Index (GCI), falling one place but retaining its spot in the top 20.

6) Oil prices traded higher on Wednesday, after the American petroleum Institute (API) reported a draw of 761,000 barrels in US crude oil inventories. Global benchmark Brent crude was last 0.4 percent higher at $58.68 per barrel (bbl), while West Texas Intermediate rose 0.6 percent to $52.17/bbl. 

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