Dubai’s stock index edged up 0.5 per cent in relatively thin trade while Abu Dhabi’s bourse was up 1.6 per cent.
The decision to sell the business was due to the bank’s review of “strategic alternatives and operational priorities”, a statement said.
Abraaj did not give a reason for its withdrawal from the bidding process, but said the orderly and transparent process had underlined growing investor interest in Egypt.
The purchase will be financed through a syndicate of Saudi banks, to be announced later and conditional on Takween shareholders’ approval, a statement said.
Oman has been considering a range of spending cuts and tax rises, including a levy on the remittances of foreign workers.
The DFM General Index tumbled 5.4 per cent, the steepest retreat since December 16.
The identity of the buyer of CBK’s holding in Boubyan was not immediately clear.
Songbird’s management earlier this month said an offer from Qatar undervalued the London based-developer.
Unnamed government official denies comments on social media about the government mulling a reduction in public expenditure.
The bank said that it will give a dividend of 35 halalas per share, down from 80 halalas from the same period last year.
Dubai’s index tumbled 5.0 per cent as most stocks declined.
The 2015 budget is around 23.44 per cent larger than the previous year, a senior official said in a statement.
The firm sold off its 100 per cent stake in the hotel to a UAE-based investment firm for $95 million.
Dubai’s index fell 0.7 per cent after jumping 2.6 percent on Sunday.
Deputy chairman Talal Mohamed Reda Yousef Behbehani will take over the position of chairman for the bank.
For the 2015 budget, announced on Thursday, four analysts’ oil price estimates are in a range of $55 to $63.
UAE-based private equity firm Abraaj has been battling Kellogg since last month, when the U.S. group scuppered its deal to snap up Bisco Misr.
Dubai Investments is seeking to profit from a market recovery in the emirate after one of the world’s worst property crashes during the financial crisis in 2008.
An official said that the regulator continues to expect the market to open to foreign investors in the first half of next year, though no specific date has been set.
The proposed figure is marginally higher than the SAR0.64 per share which the bank paid for the corresponding period of 2013.
At present, the surplus petrodollars of the world’s top oil exporter are mostly invested abroad by its central bank.
A ministry statement said the government could cover the deficit with its huge fiscal reserves, but Alassaf told media that borrowing might also be used.
Alassaf said everybody expected prices to rise eventually but there was a difference over when.
Bank liquidity may be affected by oil prices, says HBSC debt-capital markets head for MENA.
The stock market rose in the minutes after the announcement, trading 0.9 per cent higher.
Kellogg’s latest bid, for 89.86 Egyptian pounds ($12.57) per share, followed an offer earlier by Abraaj for 88.09 pounds.
A majority of UAE’s non-resident Indians save to support their children and parents, a new study showed.
The deal is expected to give Etihad greater access to the fourth largest travel market in Europe.
In a brief statement describing discussions at the board meeting, the central bank did not elaborate on how the study would be conducted.
Dubai’s main index was up 2.2 per cent at 3,802 points with property stocks dominating trade.