What you need to know as UAE markets open on November 7

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

1) Abu Dhabi-listed Ras Al Khaimah Cement Co. reported a net profit of AED 2.3 million for Q3 2017, a sharp increase from AED 747,710 in the same period last year.

2) Commercial Bank International, listed in Abu Dhabi, said its net profit increased 4 percent year-on-year to AED 33 million in Q3 2017.

3) Dubai-listed Amlak Finance reported profit of AED 14 million for Q3 2017, double from the same period last year, mainly due to savings in operating cost, fair value gains recorded on investment properties and lower level of Impairments.

4) National Industries Group swung to net profit of KWD 7.3 million in the first nine months of 2017, compared to a loss of KWD 5.1 million in the same period last year, due to increase in income from investments and lower impairment in value of available for sale investments. The company is listed in Dubai and Kuwait.

5) Abu Dhabi-listed Manazel Real Estate said the first phase of its Al Reef 2 development in Abu Dhabi is nearing completion. Handing over of completed villas is expected by year-end. The project 70 percent complete.

6) Dubai Investments will hold a general assembly meeting on Nov. 29 to amend the shareholding limit for non-UAE nationals to 49 percent, from the current level of 35 percent.

7) Abu Dhabi National Oil Company (ADNOC) on Monday announced the issuance and closing of a $3 billion bond by Abu Dhabi Crude Oil Pipeline LLC, which is a unit of ADNOC.

8) Abu Dhabi Ports and China’s Cosco Shipping Ports broke ground for construction of a new container terminal at Khalifa Port on Sunday. The two also signed an agreement to develop the new container freight station in Abu Dhabi, which is expected to be the largest in the region.

9) Etihad Aviation Group, Alibaba Group Holding Limited and Ant Financial Services Group, have signed a memorandum of understanding to expand their partnership and deliver products and services to Chinese customers, WAM reported.

10) Oil prices edged lower on Tuesday, but maintained the two-year-high levels. Brent crude was last trading down 0.1 percent at $64.19/bbl, while WTI crude slipped slightly to $57.33/bbl.

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