What you need to know as UAE markets open on December 14

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

1) The UAE Central Bank said that effective today it will raise interest rates for issuance of its certificates of deposits in line with the increase in interest rates on US dollar, following the US Federal Reserve Board’s decision to increase the federal funds rate by 25 basis points.

2) Dubai-listed Emaar Malls said it has appointed Mohammed Hadi Ahmed Al Hussaini as chairman in place of Mohamed Alabbar, who will continue as board member. The move in is line with the Companies Law requirement that restrict a person from holding the position of chairman or vice-chairman in more than two companies in a country.

3) Abu Dhabi-based ADNOC Distribution is aiming to build presence in Dubai and Saudi Arabia next year, Saeed Mubarak Al Rashdi, chief executive officer, told CNBC Arabia.

4) Dubai-listed DXB Entertainments has appointed Abdulla AlHabbai as chairman of the board. Abdul Wahab Al Halabi has been elected the vice-chairman.

5) The UAE and Saudi Arabia are considering issuing tradable digital currency to facilitate cross-border transactions and payments, UAE's central bank governor Mubarak Al Mansouri said on Wednesday.

6) The pharmaceutical market in the UAE is expected to grow from AED 9.61 billion in 2016 to AED 14.11 billion by 2020, driven by increased healthcare expenditure, mandatory health insurance, and growing medical tourism, WAM reported.

7) Oil prices edged higher on Thursday, with Brent crude last trading up 0.5 percent at $62.77/bbl, while WTI crude rose 0.2 percent to $56.69/bbl.

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