ADNOC Distribution shares gained 5.57 per cent after the parent company concluded a $2.7 billion deal with Apollo Global Management to sell a 49 per cent stake in Abu Dhabi Property Leasing Holding Co., an ADNOC unit. The company has seen strong interest from global investors interested in high quality infrastructure projects. Traditionally, winter has always been associated with the onset of flu season. Going forward, the progression of disease will be a big factor in how the equity markets will move. A second wave might not be as impactful as the first one in economic terms, but still it can diminish the consumer confidence.
Over the course of last 18 months, there have been at least five management rejigs at the top. Since 2016-17, DSI had been scaling down operations as it tries to get rid of non-performing projects and pare expenses. The firm had also appointed a number of debt advisory firms in order to get things back to normal. The appointment of new CEO comes as DSI brought in Aaronite Partners for its government-backed debt restructuring. With total debt of approximately Dh4.8 billion, the work is cut out for the management.