September 1 (Reuters) – Dubai stocks rallied in early trading on Wednesday, boosted by rising real estate inventories, while other major Gulf markets were mixed.
Major stock index of Dubai (.DFMGI) added 0.1%, due to blue chips from developer Emaar properties (EMAR.DU) an increase of 1%, while its Emaar Malls division (EMAA.DU), operator of luxury shopping malls in the Middle East, added 1.5%.
Emaar Properties is considering selling the fashionable e-commerce business Namshi, which may include overseas listing through SPAC, Reuters reported Tuesday, citing three sources familiar with the matter. More details
A direct sale of Namshi could generate between $ 600 million and $ 700 million in revenue, one source said, while listing through a Specialized Acquisition Company (SPAC) could be more lucrative.
SPACs are banned from the UAE exchanges, prompting companies to look for alternative venues. More details
However, oil prices, a key catalyst for the financial reserves of the Persian Gulf, surged ahead of the OPEC + meeting and the Energy Information Administration report.
Other losers include Abu Dhabi National Hotels. (ADNH.AD) retreated by another 5%.
Abu Dhabi State Holding Company ADQ has withdrawn its proposal to merge Abu Dhabi National Hotel Company (ADNH) with Abu Dhabi National Exhibition Company (ADNEC). More details
(1 dollar = 0.7269 pounds)
Reporting by Ateeq Shariff in Bangalore; Rashmi Aych editorial board
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