What you need to know as UAE markets open on August 27

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

1) Moody's Investors Service has upgraded Dubai Islamic Bank’s (DIB) local and foreign currency long-term issuer ratings to A3 from Baa1, and has also upgraded its baseline credit assessment (BCA) and adjusted BCA to ba2 from ba3. The outlook on the bank's long-term issuer ratings has been changed to stable from positive.

2) S&P Global Ratings said that UAE’s publically listed insurers posted strong growth in gross premiums written (GPW) and net profits in the first half of 2017, exceeding its expectations.

3) GFH Financial Group on Sunday said its board of directors has discussed the dividend policy, in the light of the group’s good performance in H1 2017. The final decision will be announced after regulatory approvals are received. The firm is listed in Dubai and Bahrain.

4) Dubai-listed Gulf Pharmaceutical Industries (Julphar) has appointed Jerome Carle as general manager.

5) Emirates Glass LLC, a subsidiary of Dubai Investments PJSC, said it won projects worth AED 100 million in H1 2017 across the UAE, Kuwait and Saudi Arabia.

6) The auto market in the UAE is preparing for a disruption following the rise of the electric vehicle revolutions in Europe and the United States, Argaam reported.

7) Oil closed with gains on Friday, with Brent crude up 0.7 percent at $52.41/bbl and WTI crude rising 0.9 percent to $47.87/bbl.

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