What you need to know as UAE markets open on April 5

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

1) Following the merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), Fitch Ratings, Moody’s and Standard & Poor’s have affirmed NBAD’s ratings at AA-, Aa3 and AA-, respectively. Standard & Poor’s has removed “credit watch negative” and assigned a “stable” outlook to NBAD. All credit ratings on FGB have been withdrawn.

2) Abu Dhabi-listed Gulf Pharmaceutical Industries (Julphar) will open a manufacturing unit in Saudi Arabia’s King Abdullah Economic City (KAEC) on April 20 as it looks to tap into the growing demand for low-cost medicines in the kingdom.

3) Abu Dhabi Islamic Bank has launched the second tranche of Equity Basket Note 3, the bank said on Tuesday. The note is open for subscription until April 23, with a minimum investment of $30,000. The maturity date is April 4, 2018.

4) Abu Dhabi Water and Electricity Authority has raised its stake in Abu Dhabi National Energy Co. (TAQA) to 74 percent from 52.38 percent, Reuters reported.

5) Dubai-listed Gulf Navigation will hold its annual general meeting on April 19. The agenda includes seeking approval for senior unsecured sukuk with a total value of $250 million, to be issued via public offering and redeemable at a profit rate of less than 10 percent.

6) Non-oil private sector growth in the UAE picked up to a 19-month high in March driven by sharper increases in output and new orders, a monthly survey of businesses showed. Emirates NBD UAE Purchasing Managers’ Index rose to 56.2 in March from 56 in February.

7) Crude oil prices extended gains on Wednesday, edging close to the highest in nearly a month. Brent crude was up 0.6 percent at $54.47/bbl and WTI crude rose 0.6 percent to $51.35/bbl, an hour before UAE markets opened.

8) Asian equities were mixed towards closing hours, with China rising ahead of summit meeting between President Xi Jinping and US President Donald Trump. The CSI300 Index was last up 1.1 percent. In Japan, the Nikkei225 Index was last trading slightly lower.

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