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

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

1) The UAE Central Bank said it will raise interest rates applied to the issuance of its certificates of deposits, in line with the increase in interest rates on US dollar following the US Federal Reserve's decision to increase the federal funds rate by 25 basis points. The repo rate has also been increased by 25 basis points to 1.25 percent. 

2) Dubai's non-oil foreign trade in 2016 reached AED 1.3 trillion despite the global slowdown, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown price of Dubai and chairman of Dubai Executive Council, said on Wednesday. Imports stood at AED 803 billion, while re-exports and exports accounted for AED 330 billion and AED 143 billion, respectively.

3) Abu Dhabi-listed First Gulf Bank will start distributing 100 percent cash dividends for 2016 starting March 22.

4) Eshraq Properties in its board meeting on March 15 discussed investing in Goldilocks funds and authorized the general manager to resolve on it. The developer also decided to terminate work contract with Intermass Engineering & Contracting for the construction of three towers in Jumeriah Circle, due to economic reasons.

5) Dubai-listed Deyaar Development has called its annual general assembly meeting on April 5. The agenda includes discussion on the board’s proposal to withhold dividends for 2016.

6) Gulf Mineral Water & Processing Industries Co. board has recommended cash dividend for 2016 amounting to 4 percent of company’s paid up capital, it said in a statement to DFM.

7) Gulf Medical Projects Co. said it expects the profit from the sale of Al Zahra Hospital in Sharjah to range between AED 1.6 billion and AED 1.67 billion, after deducting all costs and adjustment amounts.

8) Oil prices extending gains on Thursday after data showed a drawdown in US stockpiles from record highs. Brent crude was last up 0.6 percent at $52.13/bbl and WTI crude rose 0.6 percent to $49.13/bbl.

9) Asian stocks edged up on Thursday after the US Federal Reserve raised interest rates yesterday. Japan's Nikkei225 Index was last up 0.1 percent, and China's CSI300 Index rose 0.4 percent.

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