What you need to know as UAE markets open on November 23

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

1) Abu Dhabi National Oil Company (ADNOC) will announce the price range of its fuel distribution business, ADNOC Distribution, on November 26.

2) The board of directors of Dubai-listed Amanat Holdings has elected Hamad Abdulla Alshamsi as chairman and Shamsheer Vayalil as vice-chairman and managing director.

3) Al Ramz Capital, a subsidiary of Al-Ramz Corporation Investments and Developments, has been granted the technical short-selling license from Abu Dhabi Securities Exchange (ADX).

4) Banks operating in the UAE posted profits of AED 28.8 billion during the first nine months of 2017, a growth of 8 percent over the corresponding period last year, WAM reported.

5) The UAE Central Bank said the money supply aggregate M1 increased 0.6 percent month-on-month to AED 492 billion at the end of October 2017. The M2 decreased by 1 percent from AED 1257.2 billion at the end of September to AED 1244.1 billion in October. The M3 increased 0.6 percent month-on-month in October.

6) The Crescent Enterprises, a multinational company headquartered in the UAE, has launched a venture capital arm with plans to invest $150 million over the next three years, WAM reported. The firm said half the fund would be allocated to companies in the Middle East and North Africa region.

7) Oil prices edged lower on Thursday, with Brent crude last down 0.3 percent at $63.15/bbl while WTI crude fell 0.2 percent to $57.9/bbl.

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