What you need to know as UAE markets open on October 23

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

1) Abu Dhabi Commercial Bank posted a net profit of AED 1.1 billion, an increase of 9 percent year-on-year (YoY) driven by higher income.

2) Abu Dhabi Islamic Bank net profit for Q3 2017 increased by 10.8 percent to AED 563.9 million, compared to AED 508.9 million in Q3 2016.

3) Dubai-listed Emaar Properties said it expects to offer 20 percent shares in its real estate development unit, Emaar Development. The realtor’s shareholders have approved share sale of up to 30 percent in Emaar Development

4) Eshraq Properties, listed in Abu Dhabi, swung to net profit of AED 685,000 in Q3 2017, compared to a loss of AED 48.5 million in the same period last year.

5) Abu Dhabi-listed National Bank of Fujairah reported a net profit of AED 120 million for Q3 2017, up 4 percent YoY on higher operating profit.

6) Dubai-listed Shuaa Capital said it has approached the shareholders of Kuwait’s Global Investment House to acquire a stake.

7) UAE-based Meraas Holding Co. has signed a six-month non-binding memorandum of understanding with Saudi Arabia’s Jabal Omar Development Co. The agreement allows two firms to study cooperation to develop real estate projects in Saudi Arabia.

8) First Abu Dhabi Bank will hold a board meeting on Oct. 25 to approve Q3 2017 financial statements.

9) Dubai-listed DXB Entertainments will hold a board meeting on Oct. 25 to discuss current working capital requirements, among other matters.

10) Crude oil prices climbed further on Monday on signs of a tightening market. Brent crude was last up 0.2 percent at $57.89/bbl, while WTI crude rose 0.5 percent to $52.09/bbl. 

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