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

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

1) The Dubai Gold and Commodities Exchange, the Dubai Multi Commodities Centre and RAK Bank have signed a memorandum of understanding for developing bullion product, following which the exchange is considering a new spot gold contract for retail investors and traders.

2) National Bank of Abu Dhabi (NBAD) has called a general assembly meeting on April 24 to seek approval for its new name ‘First Abu Dhabi Bank.’ NBAD merged with First Gulf Bank on April 1.

3) The value of new work project awarded in GCC in January and February came to about $11.3 billion, down 50 percent from $23.7 billion worth of deals awarded in the same period in 2016, according to a new whitepaper by MEED Projects.

4) Oil prices edged up last week after US air strike on Syria stoked fears of supply disruption. Brent crude gained 0.6 percent to reach $55.24/bbl and WTI crude added 1 percent to $52.24/bbl.

5) Asian stocks ended last week mainly positive. China’s CSI300 Index rose 0.1 percent to 3,517 points and Japan’s the Nikkei225 Index gained 0.4 percent to 18.665 points.

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