What you need to know as UAE markets open on October 16

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

1) Dubai-listed Drake & Scull International board of directors reviewed the progress of the company’s restructuring plan in a meeting held on Sunday.

2) Emaar Properties has postponed its general assembly meeting to Oct 21 after lack of quorum for the meeting on Oct 15. The Dubai-listed developer will consider converting Emaar Development LLC into a public joint stock company in the upcoming meeting.

3) Trading on Dubai-listed Mashreq Bank shares will be suspended today starting 11 am as the bank is holding its board of directors meeting.

4) Ajman Bank, listed in Dubai, has rescheduled its board meeting from Oct. 16 to Oct. 17, to discuss and approve Q3 2017 financial reports.

5) Abu Dhabi-listed Sharjah Islamic Bank reported a net profit of AED 87.1 million for Q3 2017, compared to AED 78.8 million in the same period last year.

6) Oman & Emirates Investment Holding Co. said it made a net loss of OMR 1.2 million in first nine months of 2017, against a profit of OMR 2.6 million in the same period last year. The firm is cross-listed in Abu Dhabi.

7) Saudi Arabia's Economic Cities Authority (ECA) and the Dubai Airport Freezone Authority (DAFZA) have signed a strategic memorandum of understanding aimed towards developing proposals that can help drive in more foreign investments to the Gulf region.

8) Oil prices rallied on Monday on conflict between Iraq and Kurdistan forces. Brent crude was last up 1.1 percent at $57.78/bbl while WTI crude rose 0.8 percent to $51.85/bbl.

9) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 0.6 percent, China’s CSI 300 Index rose 0.2 percent and Hong Kong’s Hang Seng Index gained 0.9 percent.

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