What you need to know as UAE markets open on Oct. 2

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

1) Abu Dhabi-listed developer Aldar Properties has awarded an AED 745 million contract to Construction Group Contracting House (CGCH) for The Bridges project on Reem Island, it said on Sunday.

2) Nasdaq Dubai-listed DP World is looking to develop an infrastructure and logistics blueprint for Mali, in order to unlock the country’s economic potential. The plan includes a transportation and logistics strategy with electronic customs processes, replicating DP World’s model with Dubai Trade at its flagship Jebel Ali Port and Freezone in Dubai.

3) Dubai-listed Mashreq Bank plans to halve the number of its branches over the next three years as it focuses on digital banking services, CEO Abdul Aziz Al Ghurair told Reuters on Sunday. The downsizing will result in a 15-20 percent reduction of the bank’s staff in retail services, including employees working at branches and back office personnel.

4) Abu Dhabi-based United Arab Bank said its chief financial officer Anthony Murphy has resigned and is no longer with the lender as of Sept. 28.

5) DFM-listed Dubai Refreshment, which manufactures and distributes various soft drink brands, has signed a distribution agreement with Froneri Ice Cream Egypt, making it the exclusive UAE distributor of Nestle ice cream products. The deal represents Dubai Refreshment’s first attempt at diversifying outside beverages and into frozen products.

6) Dubai-based school operator GEMS Education plans to raise a loan of over $1 billion to refinance some existing debt, before a planned initial public offering (IPO) in London, Reuters reported on Sunday, citing sources familiar with the matter.

7) Abu Dhabi National Oil Company (ADNOC) will trim crude allocations by 5-15 percent for different grades in November, UAE energy minister Suhail Al Mazrouei said. The oil producer will reduce supplies of its flagship Murban crude by 15 percent for November, while Das and Upper Zakum crude supplies will be cut by 10 and 5 percent, respectively.

8) Oil prices traded lower on Monday, with Brent crude down 0.4 percent at $56.56 per barrel (bbl), while WTI shed 0.3 percent to $51.52/bbl.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com