What you need to know as UAE markets open on September 7

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

1) Abu Dhabi-listed Gulf Pharmaceutical Industries (Julphar) has appointed Laurent de Chazeaux, as acting chief financial officer, effective immediately. Laurent replaces Jerome Carle, who has been appointed general manager of Julphar.

2) International Financial Advisors (IFA) has recorded a profit of nearly KWD 2.9 million after its subsidiary, IFA Hotels and Resorts, sold a stake in Yotel Investment Ltd. Co. IFA is listed in Dubai and Kuwait.

3) UAE-based e-commerce firm Souq.com has entered into a definitive agreement to buy Wing.ae, a marketplace for merchants and couriers, the company said today in a statement.

4) The UAE total non-oil foreign trade volume reached approximately AED 401 billion in Q1 2017 against AED 388 billion during the same period last year, a growth of 3.2 percent, according to statistics released by the Federal Customs Authority.

5) The net income of Abu Dhabi-based commercial banks amounted to AED 9 billion during Q2 2017, a growth of 4.1 percent from AED 8.64 billion during the corresponding period in 2016.

6) Oil prices edged lower on Thursday. Brent crude was last down 0.4 percent at $54.02/bbl while WTI crude fell 0.2 percent to $49.07/bbl.

7) Stock markets in Asia were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 0.2 percent, Hong Kong’s Hang Seng Index gained 0.1 percent and China’s CSI 300 Index added 0.01 percent.

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