UAE news

(Photo credit: Arabianeye - Reuters)
01:08 AM ADNOC to cut Asia crude supply in June
Abu Dhabi – Mubasher: Abu Dhabi National Oil Co (Adnoc) has notified Asian buyers that it will reduce June's supply the three grades of Murban, upper Zakum, and Das by 10%, according to Reuters. Adnoc had cut May's supplies of Murban and Das by …
(Photo credit: Arabianeye - Reuters)
28 April 08:30 PM US oil rigs rise for 15 week in row
Mubasher: The number of US oil-rig count has increased last week, according to data revealed by Baker Hughes on Friday. Oil rigs added nine to reach 697 rigs, up from 572 rigs last week. Brent crude futures grew 0.31% to the level of $51.98 per …
(Photo credit: Company Website)
28 April 02:18 PM MubasherTrade sets Orascom Construction PT at AED 6.5/shr
Cairo – Mubasher: MubasherTrade Research set its price target (PT) for Orascom Construction Ltd at AED 6.5/shr, with a "Hold" recommendation. The research firm commented on the company's financial performance, saying that the firm turned to …
(Photo credit: Arabianeye - Reuters)
28 April 11:14 AM Oil prices rise on Friday
Mubasher: Crude oil prices went up on Friday, but it tends to record weekly losses for the second week in a row. Oil prices were supported by OPEC Secretary-General Mohammad Barkindo, who said on Thursday that the oil market was moving towards a …
Photo Credit: Arabianeye-Reuters
27 April 04:50 PM Shuaa shrinks stake in Bahraini bank
Mubasher: Shuaa Capital has reduced its stake in Bahrain-based Khaleeji Commercial Bank to stand at 13.9%, according to a bourse statement issue don Thursday. The bank has executed two selling transactions on Shuaa’s stake, with a total of about …
(Photo Credit: Arabianeye-Reuters)
27 April 04:50 PM DFM drops 1.5% in week; blue chips weigh
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 27 April, in the red, pressured by its leading sectors, particularly real estate and investment. The DFMGI shed 1.53% or 53.11 points to reach …
(Photo Credit: Muscat Daily newspaper)
27 April 04:18 PM Rotana to open 9 hotels in Oman by 2020
Mubasher: Rotana for hotel management plans to open nine hotels in Oman by 2020, adding more than 1,600 rooms to its existing inventory of 400 rooms, according to Muscat Daily. The agreement for a 250-room hotel was signed between Golden Group …
(Photo Credit: Arabianeye-Reuters)
27 April 03:32 PM Emirates NBD REIT to distribute dividends late June
Dubai – Mubasher: Nasdaq Dubai-listed Emirates NBD REIT (ENBD REIT) on Thursday said it expects to pay the first dividend post listing on 30 June 2017.  “The REIT aims to regularly distribute a semi-annual dividend with a target of achieving a …
Turnover amounted to AED 814.8 million this week (Photo Credit: Arabianeye-Reuters)
27 April 03:12 PM ADX suffers losses in week
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a negative performance in the week ended 27 April, amid higher trades. The general index fell 0.19% or 8.7 points to reach 4,512.91 points. Turnover amounted to AED 814.8 million …
Mubadala Petroleum's headquarter (Photo Credit: Company Website)
27 April 02:50 PM Mubadala Petroleum invests $450m in oil and gas field
Abu Dhabi – Mubasher: Mubadala Petroleum is expected to invest approximately $450 million in the development plan for the Cá Rồng Đỏ (CRD, or Red Emperor) oil and gas field in Block 07/03 offshore Vietnam, according to a statement. The company has …
Photo Credit: Arabianeye-Reuters
27 April 02:15 PM Dana Gas to pay dividends from Egypt, Kurdistan compensation
Mubasher: Dana Gas will distribute cash dividends when it achieves sustainable profits or obtains large sums of money as part of the arbitration compensation by the Iraqi Kurdistan region or from its dues in Egypt, according to a bourse statement …
One of Dana's projects (Photo Credit: Company Website)
27 April 02:02 PM Dana Gas seeks to reach deal with sukukholders
Abu Dhabi – Mubasher: Dana Gas will work to reach a “standstill” agreement with the holders of its outstanding sukuk before their maturity date, according to a bourse statement. The company has some $700 million in outstanding sukuk that will …
Photo Credit: Arabianeye-Reuters
27 April 01:48 PM Swicorp advises Saudi firm on Agthia takeover deal
Mubasher: Swicorp has acted as the exclusive financial advisor for the Jeddah-based Delta Marketing Company in the divestment of its bottled water business to Agthia Group, a leading Abu Dhabi-based food and beverage company. Swicorp, a leading …
One of UP's meetings (Photo Credit: Mubasher)
27 April 01:38 PM UP sees higher profits in Q1 – Chairman
Dubai – Mubasher: Union Properties (UP) posted a 0.71% year-on-year rise in its profits in the first quarter of 2017, chairman Khalid bin Kalban told CNBC Arabia. Profits reached AED 42.4 million in Q1-17, compared to AED 42.1 million in Q1-16. …
(Photo Credit: Arabianeye-Reuters)
27 April 01:23 PM ADX sheds early gains, retreats 0.62% Thursday
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) erased its morning gains to close in the red zone on Thursday, pressured by a decrease in five sectors, led by telecom, banks, and real estate. The general index fell 0.62% or 28.13 …
Traders at Dubai's bourse (Photo Credit: Arabianeye-Reuters)
27 April 01:12 PM Blue chips pressure DFM down Thursday
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Thursday, weighed down by the fall of blue chips. The general index declined 0.64% or 22.12 points to reach 3,416.71 points. The market was weighed …
(Photo Credit: Arabianeye-Reuters)
27 April 01:04 PM Moody's affirms AFNIC financial strength rating
Mubasher: Moody's Investors Service on Thursday affirmed the insurance financial strength rating (IFSR) of Al Fujairah National Insurance Company (AFNIC) at "Baa1", according to a statement. Moody's has changed the outlook of AFNIC to "Stable" …
(Photo Credit: Company website)
27 April 12:46 PM DP World to expand in Latin America, Russia
Dubai – Mubasher: DP World will expand its operations in the Latin American and Russian markets in 2017, according to Al Khaleej newspaper, citing the group’s CEO. It is expected that the terminal operator will increase the capacity of its …
Traders at Dubai's bourse (Photo Credit: Arabianeye-Reuters)
27 April 12:22 PM Emaar stock rises on news of project tender
By: Mahmoud Gamal Dubai – Mubasher: Emaar Properties’ stock rose on Thursday, backed by news of relaunching the tender for Project Star, an analyst told Mubasher. In collaboration with Dubai World Trade Center (DWTC), the company will offer the …
(Photo Credit: Arabianeye-Reuters)
27 April 11:36 AM DSI falls 1.6% ahead of meeting over restructure plan
Dubai – Mubasher: Drake & Scull International’s (DSI) stock fell 1.6% ahead of the shareholders’ meeting over the company’s restructure scheme. The stock fell to AED 0.442 by 12:22 am UAE time, generating AED 9.04 million from the exchange 20.35 …
(Photo credit: Company's website)
27 April 10:23 AM Orascom Construction turns profitable in FY16
Cairo – Mubasher: Orascom Construction posted on Thursday a consolidated net profit of $53 million for fiscal year 2016, against a consolidated net loss of $334.4 million. However, the company suffered a standalone net loss of $31.5 million in …
Emaar's founder and chairman Mohamed Alabbar (Photo Credit: Press Release)
27 April 10:15 AM Emaar enters digital transformation era - Chairman
Dubai – Mubasher: Emaar Properties has entered the era of digital transformation, the founder and chairman Mohamed Alabbar said. The company is leveraging the potential of digital technology to improve its efficiency, productivity, and customer …
(Photo Credit: Arabianeye-Reuters)
27 April 09:56 AM NBAD boosts ADX early Thursday
Abu Dhabi - Mubasher:  The Abu Dhabi Securities Exchange (ADX) saw a bullish performance in Thursday’s early trades, supported by an increase in six stocks, led by the National Bank of Abu Dhabi (NBAD). The general index went up 0.05% or 2.19 …
The market saw trading of 53.13 million shares by 10:50 am UAE time (Photo Credit: Arabianeye-Reuters)
27 April 09:52 AM DFM loses 10.73 pts in Thursday’s early trades
Dubai – Mubasher: The Dubai Financial Market (DFM) opened Thursday’s trading session in the red, weighed down by the fall of five sectors led by real estate and investment. The DFMGI fell 0.31% or 10.73 points to reach 3,428.10 points by 10:50 am …
(Photo Credit: Arabianeye-Reuters)
27 April 09:33 AM UAE building material prices change in March
Abu Dhabi – Mubasher: Average prices of 15 groups from the key building materials changed in March 2017 compared to the same period of 2016, according to a statement by Statistics Centre - Abu Dhabi (SCAD). The average prices of the ‘diesel’, …