What you need to know as UAE markets open on September 11

1) Dubai has unveiled its legacy plans for the Expo 2020 site after the mega-event concludes in April 2021, outlining its role as a long-term economic contributor for the United Arab Emirates. Located in the Dubai South area, District 2020 will include 65,000 square meters (sqm) of residential space and 135,000 sqm of commercial space.

2) Abu Dhabi-listed Emirates Telecommunications Group Co. (Etisalat) said it has been notified by Oman’s Telecommunications Regulatory Authority that the bid evaluation process for the sultanate’s third mobile license is expected to continue until Nov. 30.

3) Dubai-listed Emirates Islamic, together with Mashreq Bank, Dubai Islamic Bank and Arab African International Bank, have concluded an AED 370 million syndicated financing facility for Emirates Healthcare Development Company, the owner of Saudi German Hospital, Dubai. Emirates Islamic acted as the coordinating bank as well as investment and security agent 

4) Abu Dhabi-based Al Hilal Bank has issued a $100 million private placement sukuk, the third issuance under its $2.5 billion Euro Medium Term Note (EMTN) program. 

5) Dubai-based developer Nakheel is launching real estate developments worth AED 4 billion at the Cityscape exhibition today. The projects include a beachfront residential project on Palm Jumeirah; a residential, mall, hotel, and health complex at Discovery Gardens; a collection of homes and leisure attractions at Jumeirah Park; a hotel at Jumeirah Village Circle; and six marinas at Deira Islands.

6) The Emirates NBD Dubai Economy Tracker Index (DETI) was unchanged at 56.3 in August. The output and new orders indices remained above 60.0, reflecting a rise in business activity and new work.

7) Oil prices rose on Monday after news that Saudi energy minister Khalid Al Flaih had discussed a potential extension of the oil output deal with his Venezuelan and Kazakh counterparts. Brent crude was last 0.5 percent higher at $54.05 per barrel (bbl), while WTI climbed 0.8 percent to $47.87. 

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