What you need to know as UAE markets open on November 29

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

1) Dubai-listed DXB Entertainments said its shareholders have approved reducing the number of board members from nine to seven. The general assembly also approved a related party transaction with majority shareholder, Meraas, for a subordinated loan of AED 700 million (including AED 245.2 million drawn in September).

2) Amanat Holdings, listed in Dubai, said CEO Khaldoun Alhaj Hasan and COO Ranjit Bhonsle have resigned for their positions. For the interim, Shamsheer Vayalil will assume the duties of the chief executive officer and Mohamed Hamade will take on the role of the chief operating officer.

3) Equity markets in the UAE will be closed for a four-day holiday to mark the Prophet's birthday, National Day, and Martyrs’ Day, starting Nov. 30. Work will resume on Monday, Dec. 4.

4) Dubai Land Department (DLD) undertook two roadshows and a number of workshops in Moscow, Russia, on Nov. 24 and 25; two are scheduled in London, UK, on Dec. 3 and 4. The initiative aims to familiarize residents of Russia and the UK with the Dubai property market and its real estate developers.

5) US companies won new orders worth $44 billion from UAE customers during the recently concluded 2017 Dubai Airshow. The orders pertained to commercial aircraft and defense-related equipment and services, WAM reported, citing a statement from the UAE Embassy in Washington.

6) The combined value of the 11,755 active construction projects in the UAE has exceeded $818.2 billion (around AED 3 trillion) in November 2017, WAM reported, citing a a recent study by research firm BNC Network.

7) Oil prices edged lower on Wednesday, with Brent crude last down 0.7 percent at $63.18/bbl while WTI crude fell 0.5 percent to $57.68/bbl.

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