What you need to know as UAE markets open on March 2

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

1) Emaar Properties has scheduled a board meeting on March 6. The agenda includes discussion on dividend distribution for the fiscal year 2016. The Dubai-listed company distributed 15 percent cash dividend in 2015.

2) GFH Financial shareholders have approved distribution of 10 percent cash dividend and 10 percent bonus shares. They also approved the board’s proposal to increase the authorized capital to $2.5 billion.

The shareholders meeting endorsed GFH’s strategy to acquire financial institutions and infrastructure investments by share-swapping through issuing new shares, which will be done by increasing issued and paid up capital from $597.99 million to $1.49 billion.

3) Dubai-listed Deyaar Development’s board has bank facilities for the Midtown and Barsha Hotel projects, it said in a statement. The firm has called its annual general meeting on April 5.

4) Damac Properties said it has awarded a contract worth AED 200 million for main works at Merano Tower, located in Business Bay area of Dubai, to Commodore Contracting Co. LLC.

5) Most GCC insurance companies will likely face moderate to high credit risk over the next 12 to 18 months, Moody's Investors Service said in a report.

6) Oil headed lower on Thursday, after Energy Information Administration data pointed to a rise in US stockpiles – for the eighth straight week. Brent crude was last down 0.4 percent at $56.13/bbl and WTI crude fell 0.5 percent to 53.57/bbl.

7) Asian stocks were higher towards closing hours, trailing overnight gains in US equities. Japan's Nikkei 225 Index was up 1 percent and Hong Kong’s Hang Seng Index gained 0.4 percent. China's CSI 300 Index was down 0.1 percent. 

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