What you need to know as UAE markets open on March 9

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 slipped slightly in February to 56.2, from the previous month high of 57.1. The tracker data signaled an improvement in overall business conditions across Dubai’s private sector economy, underpinned by increase in output and incoming new work, the report said.

2) Etisalat’s board members have proposed a final dividend of 40 fils per share, for the second half of 2016, taking the full-year dividend to 80 fils. The Abu Dhabi-listed telecom firm has called for a shareholders meeting on April 9.

3) The maximum potential net value of Dana Gas key assets – including resources and reserves in Kurdistan Region of Iraq, UAE and Egypt; arbitration awards; and pending damages claims expected to be resolved by the end of 2017 – stand at around $29 billion, the Abu Dhabi-listed energy firm revealed after its board meeting Wednesday.

4) Esharq Properties has scheduled a board meeting on March 15 to discuss investment in new projects, among other issues.

5) Aldar Properties is set to open a 2.4-km-long canal running through the Shams development on Reem Island, Abu Dhabi. The final testing and commissioning work is underway, ahead of its scheduled flooding in early April, the ADX-listed developer said.

6) Union National Bank announced the completion of a 12-year aircraft financing term loan facility for the acquisition of an Airbus A380 aircraft by Baz Aircraft Leasing One L.T.D, in which UNB acted as mandated lead arranger.

7) Dubai Investments board members have proposed 10 percent cash dividend and 5 percent bonus shares for 2016. The annual general meeting has been scheduled for April 10.

8) Takaful Emarat shareholders have approved cash dividend of 7 percent of its paid-up capital for 2016, the Dubai-listed firm said.

9) Oil recovered slightly on Thursday after it plunged 5 percent in the previous session on higher US stockpiles. Brent crude was trading up 0.8 percent at $53.53/bbl and WTI crude was up 0.6 percent at $50.59/bbl, an hour before UAE markets opened. 

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