What you need to know as UAE markets open on October 26

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

1) First Abu Dhabi Bank (FAB) reported a net profit of AED 8.09 billion for the first nine months of 2017, a growth of 2 percent year-on-year (YoY). FAB Group's net profit during Q3 2017 rose 2 percent against the previous quarter due to improved cost optimization levels, in addition to merger-related benefits.

2) Abu Dhabi-listed Emirates Telecommunication Group Co. (Etisalat Group) said its consolidated net profit after federal royalty increase year-on-year by 29 percent to AED 2.4 billion in Q3 2017.

3) Abu Dhabi Islamic Bank (ADIB) has signed an MoU to partner on escrow services with the Saadiyat Development Investment Company (SDIC), which is developing a luxury beach-side residential development on Saadiyat Island in Abu Dhabi, the bank said in a statement.

4) Dubai-listed Gulf Navigation Holding posted a net profit of AED 12 million for Q3 2017, compared to a profit of AED 116.8 million in the same period last year.

5) Amusement parks operator DXB Entertainments said its board members have approved the drawdown of an additional AED 454.8 million under the existing subordinated shareholder loan agreement with Meraas Holding LLC and Meraas Leisure and Entertainments LLC.

6) Abu Dhabi National Energy Co. (TAQA) on Wednesday said its $500 million bond was retired at maturity on Oct. 25, 2017. The retirement was funded from a drawdown under TAQA's existing revolving credit facility, which carries a lower interest rate.

7) Oil prices edged lower on Thursday, with Brent crude last down 0.1 percent at $58.37/bbl, while WTI crude declined 0.2 percent to $52.1/bbl.

8) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.2 percent and China’s CSI 300 Index added 0.8 percent, while Hong Kong’s Hang Seng Index fell 0.2 percent.

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