What you need to know as UAE markets open on July 9

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Dubai’s non-oil foreign trade grew 2.7 percent to reach AED 327 billion in the first quarter of 2017, compared with AED 318 billion in the same quarter of 2016, according to the data published by Dubai Customs.

2) The general record number for construction costs in Dubai during 2016 rose 0.06 percent to 100.66, compared to 2015, a recent report by the Dubai Statistics Centre showed. The growth was attributed to an increase in the record number of raw material.

3) Emaar Properties is the largest weighted company on Dubai Financial Market (DFM), at 22.69 percent. Dubai Islamic Bank follows at 16.75 percent.

4) Eshraq Properties board has ratified the sale of company’s shares in Ward Holdings Ltd. The board members also approved the liquidation of investments in Saudi stocks. The board also approved the sale of property in the US, at best opportunity.

5) Abu Dhabi-listed Dana Gas plans notify proposed terms of a restructured sukuk issue in coming weeks, Reuters reported, citing chief executive Patrick Allman-Ward.

6) Abu Dhabi Islamic Bank, listed in Abu Dhabi, said it has launched a second tranche of its healthcare pharmaceuticals equities basket note. The shariah-compliant note matures in one year.

7) Crude oil fell nearly 3 percent at close on Friday as oversupply concerns continue to weigh. Brent crude was down 2.9 percent at $46.71/bbl and WTI crude fell 2.8 percent to $44.23/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com