What you need to know as UAE markets open on September 5

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

1) Nasdaq Dubai-listed DP World said it has started construction work on a $1 billion deep-water port at Posorja, Ecuador. The facility will have a capacity of 750,000 TEU (twenty-foot container equivalent).

2) Dubai-listed Drake & Scull International (DSI) has postponed its general assembly meeting to September 9. The agenda includes discussion on the firm’s capital reduction plan.

3) Abu Dhabi-listed Aldar Properties on Monday announced the launch of a new waterfront development on Yas Island. Prices at Water’s Edge development start from AED 480,000; and one building will be released for sale on September 11.

4) Dubai-based developer Nakheel is planning to launch a range of projects, with a collective value of more than AED 3.2 billion, at Cityscape Global 2017 next week. 

5) Rents in Dubai’s office segment are expected to pick up pace in the second half of this year, after average office rents across the emirate fell 4.5 percent in the year to June, according to a recent report by property consultancy Knight Frank.

6) Oil prices were mixed on Monday as some refineries in the US started coming back online after Hurricane Harvey. Brent crude was last down 0.4 percent at $52.15/bbl while WTI crude rose 0.2 percent to $47.4/bbl.

7) Asian equities were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.7 percent, while Hong Kong’s Hang Seng Index rose 0.2 percent and China’s CSI 300 Index gained 0.4 percent.

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