What you need to know as UAE markets open on April 11

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

1) Damac Properties on Monday said that its luxury hotel and serviced residences project in Dubai, Damac Towers by Paramount Hotels & Resorts, is more than 85 percent complete.

2) Trading is suspended on Dubai Islamic Bank shares today as its board meeting is being held. The meeting is expected to discuss Q1 earnings.

3) Dubai Investments shareholders have approved 12 percent cash dividend (AED 0.12 per share) and 5 percent bonus shares (1 share for every 20) for 2016.

4) Dubai-listed Amanat Holdings has called its general assembly meeting on April 25. The agenda includes discussion on the board’s recommendation of 1.5 percent cash dividend (1.5 fils per share) for the fiscal year 2016.

5) Abu Dhabi-listed United Arab Bank shareholders have approved the board’s decision to withhold dividends for 2016.

6) Abu Dhabi-listed Dana Gas has will hold its general assembly meeting on April 13, as quorum was not met for April 8 meeting.

7) Dubai-based Emirates National Oil Company (ENOC) has signed an agreement with Rotary Engineering Fujairah FZE to construct 12 new storage tanks, as part of its $1 billion plan to expand the capacity of its Jebel Ali refinery by 50 percent.

8) The Emirates NBD Dubai Economy Tracker Index rose to 56.6 in March from 56.2 in February, on the back of stronger output and new work growth.  The index for Q1 2017 averaged 56.7, indicating the fastest rate of growth since first quarter of 2015.

9) Oil prices eased on Tuesday from the one-month high reached in the previous session. Brent crude was last down 0.1 percent at $55.91/bbl and WTI crude fell 0.2 percent to $52.96/bbl.

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