What you need to know as UAE markets open on March 19

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

1) Dubai-listed Damac Properties has scheduled its general assembly meeting on April 16 to discuss and approve the board’s proposal for a cash dividend of 25 percent, or AED 0.25 per share.

2) GFH Financial has appointed Shaikh Ahmed Bin Khalifa Al-Khalifa as the new chairman of its board. Ahmed Al-Mutawa has been appointed vice-chairman.

3) Abu Dhabi Islamic Bank has appointed Khamis Buharoun as acting chief executive, effective March 15, after CEO Tirad Marouf Al Mahmoud went on medical leave.

4) Commercial Bank of Dubai’s shareholders approved 20 percent cash dividends, or AED 0.20 per share, for 2016. The shareholders also approved the update of the bank’s euro medium-term note program worth $3 billion, and the issue of any bonds thereunder.

The request to allow GCC nationals to own a percentage not exceeding 40 percent of the bank’s capital was rejected. The shareholders also rejected the request to increase the bank’s capital by 5 percent.

5) Dubai Investments said its joint venture Emirates District Cooling will provide district cooling services at the Mirdif Hills project, being developed by Dubai Investments Real Estate Company.

6) Saudi Arabia’s energy minister Khalid Al Falih is reported to have said that OPEC members may extend production cuts beyond the six-month period if stockpiles remained above the five-year average.

7) Oil prices closed with slight gains last Friday, after dipping to a three-month low the previous week. Brent crude rose 0.04 percent to $51.76/bbl and WTI crude gained 0.1 percent to reach $48.78/bbl.

8) Asian stocks ended last week on a mixed note, with Japan's Nikkei225 Index down 0.4 percent, and China's CSI300 Index declining 1 percent. Hong Kong’s Hang Seng Index, meanwhile, gained 0.1 percent. 

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