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MIDEAST STOCKS-Dana Gas may cool ahead of court hearings, QEWC may shine on solar project
September 20, 2017 / 5:50 AM / 2 months ago

MIDEAST STOCKS-Dana Gas may cool ahead of court hearings, QEWC may shine on solar project

DUBAI, Sept 20 (Reuters) - Shares of Dana Gas may take a breather on Wednesday after gains a day earlier, as investors will watch the proceedings of its legal case with its sukuk holders this week.

A London High Court judge on Tuesday adjourned a trial on Dana Gas and its creditors until Thursday after lawyers for the Abu Dhabi-listed company said that it was prevented from taking part in the proceedings because of an injunction by a Sharjah court, while shares of Qatar’s utility company may rise on new solar plant project.

The judge said he might complete it regardless of whether all parties were present.

Shares of Dana rose 1.3 percent on Tuesday, before the news of the adjournment came.

Dubai theme park operator DXB Eenterainments’ board approved an agreement with privately held Meraas Holding and Meraas Leisure and Entertainment for a 245 million subordinated shareholder loan.

The company has been struggling to break even since it opened some of it theme parks last year and its stock price has taken a hit, down nearly 40 percent since the start of the year, significantly underperforming the main index.

Shares of Qatar Electricity and Water may be bid up after it said land has been allocated for the solar power project in Al Kharsaah, which is set to produce 500 to 1,000 megawatt of electricity.

The first phase of the project will cost around $500 million for producing 500 MW of electricity and to be completed by 2020, the company said adding that investors for the solar power project will be named soon.

“Qatar is self-reliant for the fuel or chemicals required to produce electricity and water, because the sector is fully independent and the country depends on its own resources,” the managing director of QEWC said in a statement.

Internationally, Asian stocks were mostly steady on Wednesday after Wall Street again rose to record highs, although movements were limited as a wait-and-see mood prevailed before the Federal Reserve reveals its monetary policy stance later in the day.

Brent crude stayed near recent five-month peaks, trading at $55.29 a barrel. (Reporting by Celine Aswad; Editing by Saeed Azhar)

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