What you need to know as UAE markets open on October 29

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

1) Dubai-listed Emaar Properties said the upcoming IPO of Emaar Development will be similar to the size of Emaar Malls offering when it was listed in 2014. Twenty percent of Emaar Development is expected to be sold and the opening price range of the IPO is expected to be announced next month.

2) Trading on Emirates Investment Bank shares is suspended today starting 12 noon as its board meeting is being held, DFM said.

3) Abu Dhabi-listed Agthia Group’s net profit for Q3 2017 stood at AED 46.5 million, compared to AED 54.8 million in the same period last year.

4) Nasdaq Dubai-listed ports operator DP World has announced its plans to develop Saudi Arabia’s Jeddah Islamic Port, in support of the Saudi Vision 2030 reform program.

5) Term and savings deposits in both local and foreign currency in the UAE banks increased by around AED 16 billion in September to AED 768.3 billion, against AED 752.3 billion in August, according to Central Bank figures.

6) Oil prices rose sharply on Friday, with Brent crude closing above $60 per barrel (bbl) for the first time in two years. The global benchmark rose 1.9 percent to settle at $60.44/bbl, while WTI crude rose 2.4 percent to $53.9/bbl.

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