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Monday, 4 September 2017

MIDEAST STOCKS-UAE mostly quiet as Dana Gas soars on Iraqi Kurdistan deal

MIDEAST STOCKS-UAE mostly quiet as Dana Gas soars on Iraqi Kurdistan deal:

"Stock markets in the United Arab Emirates were mostly quiet on Monday as they resumed trading after a long holiday weekend for Eid al-Adha, but Abu Dhabi-listed Dana Gas soared after it agreed on overdue payments from Iraqi Kurdistan’s government. Dana jumped 14.1 percent to 0.73 dirham, its highest level since early July, and was by far the market’s most heavily traded stock, accounting for over half of the day’s volume in Abu Dhabi. Iraqi Kurdistan agreed to immediately pay Dana’s gas production consortium $1 billion, including $400 million that will be used for investment in the region; Dana will receive 35 percent of the money."



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MIDEAST STOCKS-Dana Gas soars on Kurdistan deal, rest of UAE quiet

MIDEAST STOCKS-Dana Gas soars on Kurdistan deal, rest of UAE quiet:

"Shares in Abu Dhabi-listed Dana Gas soared early on Monday after it agreed on overdue payments from Kurdistan’s government, while United Arab Emirates stock markets were generally quiet and other regional bourses remained closed for Eid holidays. Dana jumped 14.1 percent. Kurdistan, an autonomous, independence-seeking region of northern Iraq, agreed to immediately pay Dana’s gas production consortium $1 billion, including $400 million that will be used for investment in the region; Dana will receive 35 percent of the money. In addition, $1.24 billion will be reclassified from debt owed by the government to outstanding costs to be recovered by the consortium from future revenues as it operates in Kurdistan."



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London-listed NMC Healthcare to join FTSE 100 this month - The National

London-listed NMC Healthcare to join FTSE 100 this month - The National:

"NMC Healthcare, one of the largest healthcare providers in the UAE, will be included in the FTSE 100 on the London stock exchange later this month, becoming one of the first Middle Eastern companies to be added to the prestigious stock index. The Abu Dhabi-based company will join the largest London-listed companies on September 18 after its quarterly review, the stock exchange said last week. “We take great pride in this positioning as it signifies NMC is rightfully recognised as a leader in the healthcare industry, and of added value to customers, businesses, communities, and most importantly, investors,” said Saeed Al Qubaisi, the largest shareholder in NMC."



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