UAE shares dropped for a third day as oil traded near its lowest in five months, with the Dubai benchmark stock index sliding 0.6 per cent to close at 4,715.73 and the Abu Dhabi bourse slipping 0.2 per cent to 4,350.68 points.
Dubai Islamic Bank (DIB) and Emirates NBD, the country’s biggest bank by assets, lost 1.8 per cent each to Dh7.04 and Dh10.80 respectively while Al Mazaya Holding Co was the biggest loser with a fall of 12 per cent to Dh11.
The country’s largest publicly listed Islamic lender, DIB said it is set to acquire with two other companies a 52-per cent stake in Industrial Development Bank, a Jordanian bank listed on the Amman Stock Exchange.
This is part of a proposed agreement between DIB, Jordan Dubai Capital and Dubai International Capital LLC to re-launch the Jordanian bank as a world-class Islamic financing institution, DIB said in a statement.
Air Arabia, the first and largest budget carrier in the Middle East and North Africa, was flat at Dh1.52 as it launched a daily service to Hyderabad, India from its hub in the UAE emirate of Sharjah starting October 27.
It will be the airline’s 12th destination in India and the 43rd globally.
(Khaleej Times & Zawya)