What you need to know as UAE markets open on October 12

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

1) Dubai Islamic Bank’s net profit for third quarter this year rose to AED 1.1 billion, against AED 876.3 million in the same period last year, driven by core business growth and efficient cost management.

2) Shuaa Capital Saudi Arabia and Abu Dhabi-based hotel chain Rotana have opened Centro Waha Riyadh Hotel. The 290-room project was developed by the sharia-compliant Shuaa Saudi Hospitality Fund I, under the Centro by Rotana brand in the Saudi market.

3) Abu Dhabi Commercial Bank (ADCB) has mandated ANZ and Nomura to arrange a potential multi-tranche bond deal denominated in Australian dollars, Reuters reported. The Abu Dhabi-listed bank is said to be considering a five-year fixed or floating rate bond, and a 10-year fixed rate senior unsecured transaction.

4) Dubai-listed Deyaar Development has rescheduled its audit committee meeting, which will now be held on Oct. 17, to review its Q3 2017 financial statements.

5) Abu Dhabi’s $10 billion triple-tranche international bond offering was three times oversubscribed, with the orderbook closing above $30 billion, state news agency WAM reported.

6) The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) has launched operations in the UAE to provide health insurance products, general manager Shady Al Mahameed said. Medgulf obtained the required license last December.

7) Oil prices eased on Thursday, after climbing in the previous session following OPEC monthly report that forecast higher demand in 2018. Brent crude was last down 0.6 percent at $56.62/bbl while WTI crude fell 0.5 percent to $51.05/bbl.

8) Asian equities were mainly positive towards closing hours, with Japan’s Nikkei 225 Index last up 0.4 percent, China’s CSI 300 Index higher by 0.1 percent, and Hong Kong’s Hang Seng Index up 0.3 percent. 

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