What you need to know as UAE markets open on September 12

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

1) Dubai-listed Union Properties (UPP) on Monday announced plans for an AED 8 billion project at its flagship MotorCity development, signing a memorandum of understanding with China State Construction Engineering Corporation as the master builder.

2) Dubai-listed Drake & Scull International will hold a board meeting today to elect chairman and vice-chairman. On Sunday, DSI announced that chairman of the board, Majid Saif Al Ghurair, had resigned from the post for personal reasons.

3) Dubai-listed Deyaar Development has unveiled a premium residential, serviced apartment and hotel property, called South Bay and valued at AED 1 billion, located in Dubai’s Business Bay area.

4) DXB Entertainments, listed in Dubai, will hold a board meeting tomorrow to appoint new board member.

5) Firms have submitted revised bids for the engineering, procurement and construction (EPC) work of Abu Dhabi Company for Onshore Petroleum Operations’ (Adco) Bab field expansion project, MEED reported.

6) Oil prices edged lower on Tuesday, with Brent crude down 0.2 percent at $53.75/bbl and WTI crude down 0.1 percent at $48.01/bbl.

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