What you need to know as UAE markets open on November 6

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

1) Dubai-listed Air Arabia posted a net profit of AED 376 million for Q3 2017, a year-on-year (YoY) increase of 27 percent driven by cost control measures and the company’s growth strategy.

2) Shuaa Capital, listed in Dubai, reported a net profit of AED 23 million for Q3 2017, improving from a net loss of AED 35 million in the same period last year on the back of the company’s expansion strategy.

3) Al Mazaya Holding reported a net profit of $8.9 million for Q3 2017, holding stable at the earnings level in the same period last year. The company is listed in Dubai and Kuwait.

4) The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE rose to 55.9 in October as output and new orders increased at a sharp rate last month, the bank said.

5) Abu Dhabi National Oil Co (ADNOC) plans to launch a share sale of a stake in its network of fuel service stations and retail convenience stores in December, Reuters reported citing unnamed sources.

6) Oil prices maintained their positive momentum as markets reopened on Monday. Brent crude, which crossed $62-mark last week, was last trading up 0.3 percent at $62.27/bbl, while WTI crude climbed 0.2 percent to $55.75/bbl.

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