What you need to know as UAE markets open on November 28

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

1) The Abu Dhabi National Oil Co. (ADNOC) has received approval from the UAE’s Supreme Petroleum Council to spend over AED 400 billion ($109 billion) over the next five years, as it undertakes upstream and downstream expansion and growth projects.

The SPC has also given the green light for ADNOC to explore and appraise Abu Dhabi’s unconventional gas resources, in addition to pursuing international downstream investments.

2) Qatar-based Ooredoo, which is also listed in Abu Dhabi, said its wholly owned subsidiary Ooredoo International Finance Limited will pay interest to holders of its Global Medium Term Note on Dec. 11 and Dec. 22. The company will pay $23.6 million in interest on Dec. 11, and $9.4 million on Dec. 22.

3) The English High Court ruling that the purchase undertaking attached to Abu Dhabi-listed Dana Gas’ sukuk is valid and enforceable under English law, is credit positive for the energy firm’s investors, Moody’s Investors Service said on Monday. The ruling is also credit positive for the Islamic finance industry generally, the ratings agency added.

4) Dubai-listed Shuaa Capital is no longer pursuing its acquisition of a stake in Kuwait-based Global Investment House, it said in a bourse statement. The reason for the firm’s change of plans was no disclosed.

5) Dubai-listed Amlak Finance announced on Monday that it had redeemed an additional AED 100 million of its Mudaraba instrument this month. A total of AED 309 Million (21 percent) of the instrument has been redeemed till date against its expected conversion in 2026.

6) Oil prices traded lower on Tuesday, amid uncertainty that major oil producers will reach a deal to extend crude output cuts at OPEC’s meeting this week. Also weighing on prices were expectations of higher supply, as the Keystone pipeline carrying crude from Canada to US resumes operations. Brent crude was last 0.3 percent lower at $63.65 per barrel (bbl), while WTI fell 0.6 percent to $57.76/bbl.

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