What you need to know as UAE markets open on March 20

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

1) International Financial Advisors Co. has won the project for developing and expanding the sewage treatment plant in Umm Al-Hayman by Kuwait Authority for Partnership Projects.

2) RAK Properties shareholders approved 5 percent cash dividends (5 fils per share) for the fiscal year 2016.

3) Abu Dhabi-listed Gulf Pharmaceutical Industries (Julphar) shareholders approved 16 percent cash dividend and 3 percent bonus shares.

4) Abu Dhabi Commercial Bank raised $230 million through the sale of a five-year Formosa bond, its second issuance sold in Taiwan this quarter, Reuters reported, citing sources.

5) Infrastructure projects said to be valued at AED 235 million have been approved by the Abu Dhabi Executive Committee at the Executive Council.

6) Oil retreated as markets reopened Monday, following Baker Hughes data that showed US rig count rose by 21 for week ending March 17. Brent crude fell 0.6 percent to $51.45/bbl and WTI crude declined 0.8 percent to $48.39, an hour before UAE markets opened.

7) Asian stocks started the week mixed, with China's CSI300 Index down 0.1 percent while Hong Kong’s Hang Seng Index rose 0.6 percent towards closing hours. 

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