What you need to know as UAE markets open on October 10

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

1) The Emirates NBD Dubai Economy Tracker Index declined to 55.2 in September from 56.3 in August. Almost all components of the index were weaker in September, except for employment which increased to 51 – the highest reading since April.

2) Abu Dhabi-listed Union National Bank will hold board meeting on Oct. 12 to discuss and approve its Q3 2017 financial statements.

3) Dubai-listed Ajman Bank has obtained a $200 million syndicated Murabaha financing, coordinated by Emirates Islamic Bank. Al Hilal Bank, Dubai Islamic Bank and Sharjah Islamic Bank joined as initial mandated lead arrangers and bookrunners.

4) The UAE market does not need a third telecom operator, CEO of du, Osman Sultan, told state news agency WAM. Dubai-listed Emirates Integrated Telecommunications Company (du) is investing nearly AED 2 billion a year on network and infrastructure developments and upgrades, Sultan said.

5) Oil prices edged higher on Tuesday, after OPEC chief said that there are clear signs that the market is rebalancing. Brent crude was last up 0.1 percent at $55.86/bbl while WTI crude rose 0.2 percent to $49.66/bbl.

6) Stock markets in Asia were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.4 percent and Hong Kong’s Hang Seng Index was higher by 0.1 percent, while China’s CSI 300 Index declined 0.6 percent. 

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