What you need to know as UAE markets open on September 18

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

1) Dubai-listed Emaar Properties will hold a board meeting on Sep. 20 to approve the conversion of Emaar Development LLC into a public joint stocks company to be listed on DFM, with an offer of up to 30 percent of its shares to the public. The board members will also discuss a new financing arrangement with First Abu Dhabi Bank.

2) The Dubai Electricity and Water Authority (DEWA) has awarded an AED 14.2 billion solar energy contract to a consortium comprising Saudi Arabia’s ACWA Power and China’s Shanghai Electric.

3) Emirates NBD, Dubai’s biggest bank by assets, is looking to expand in Saudi Arabia next year as it seeks permission to open 20 additional branches in the Kingdom.

4) Nasdaq Dubai-listed DP World Limited said that the company has decided not to renew its operating contract for PT Terminal Petikemas Surabaya in Indonesia at the end of the agreement in 2019.

5) Sheikh Hamdan bin Rashid Al Maktoum, deputy ruler of Dubai and UAE minister of finance, has approved an AED1.3-billion contract for drainage system for districts around the Al Maktoum International Airport, Expo Dubai 2020 and near urban centers.

6) Oil prices edged higher on Monday, with Brent crude last up 0.2 percent to $55.69/bbl while WTI crude rose 0.04 percent to $49.91/bbl.

7) Stock markets in Asia were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 0.5 percent and China’s CSI 300 Index was also higher by 0.5 percent.

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