What you need to know as UAE markets open on October 22

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

1) Dubai-listed Emaar Properties shareholders have approve transfer of certain assets of real estate business to Emaar Development LLC, while also approving converting Emaar Development into a public joint stock company.

2) Deyaar Development, listed in Dubai, has entered into a strategic partnership with Huawei to provide residents of Deyaar properties with cutting edge technology solutions, including smart home applications and state of the art network facilities.

3) Commercial Bank of Dubai posted a net profit of AED 332 million for Q3 2017, up 54 percent year-on-year on the back of higher operating income.

4) Abu Dhabi-listed Dana Gas said its operations and production in Kurdistan Region of Iraq were continuing as normal, after the Iraqi forces moved to retake of some of the biggest oil fields from Kurdistan’s forces.

5) Abu Dhabi-listed United Arab Bank said UAE’s Tabarak Investment is interested in buying Commercial Bank’s shares in UAB. Commercial Bank is the third largest lender in Qatar.

6) Emirates Telecommunication Group Company (Etisalat) will hold a board meeting on Oct. 25 to discuss Q3 2017 financial reports.

7) Nasdaq Dubai-listed DP World is adding 1.5 million TEU (twenty-foot equivalent units) to Container Terminal 3 at its flagship Jebel Ali Port. The expansion increases the port’s capacity from 18 million TEU to 19.5 million TEU.

8) Crude oil ended last week in the positive zone on signs of a tightening market. Brent crude rose 0.9 percent to close at $57.75/bbl while WTI crude added 0.6 percent to $51.84/bbl. 

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