What you need to know as UAE markets open on August 29

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

1) Al Naboodah Construction Group has been awarded the contract for Creekside 18, a waterfront residential project in the Creek Harbor that is being developed by Dubai-listed Emaar Properties in a joint venture with Dubai Holding. The contract comprises the construction of two 37-storey residential towers.

2) Dubai-listed Shuaa Capital said that it has formally started discussions with Egyptian regulators for reintroducing its securities business into the Egyptian market.

3) Dubai-based airline flydubai reported a loss of 142.5 million dirhams ($38.8 million) in the first six months of the year, weighed down by lower yields and rising costs.

4) A total of AED 151 billion was invested by foreigners in Dubai property market in 18 months to June 2017, according to the Dubai Land Department.

5) Oil prices edged up on Tuesday, with Brent crude last higher by 0.4 percent at $52.07/bbl and WTI crude up 0.5 percent at $46.78/bbl. The Hurricane Harvey on the Texas Gulf Coast will affect oil markets worldwide, with a mixed impact expected on energy prices in the near term, Dubai-based Emirates NBD said.

6) Asian shares were mainly negative towards closing hours, after North Korea fired a ballistic missile over Japan. China’s CSI 300 Index was down 0.2 percent, while Japan’s Nikkei 225 Index fell 0.6 percent.

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