What you need to know as UAE markets open on November 1

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

1) Abu Dhabi Aviation Co. reported a net profit of AED 93.4 million for Q3 2017, compared to a profit of AED 63.2 million in the same period last year.

2) Dubai-listed National Central Cooling Company (Tabreed) said that its stock has become certified as shariah-compliant.

3) Dubai-listed Air Arabia will hold a board meeting on Nov. 5 to review its Q3 2017 financial results.

4) Dubai-based Majid Al Futtaim will fund its new AED 1.4 billion ($381 million) City Center shopping mall in Abu Dhabi through a mix of debt and equity, Reuters reported.

5) The International Monetary Fund (IMF) said on Tuesday it expects economic growth in the Gulf region to ease to its lowest level at 0.5 percent this year, citing OPEC production cuts.

6) Oil prices climbed higher on Wednesday, with Brent crude rising 0.3 percent to $61.15/bbl, while WTI crude rose 0.5 percent to $54.65/bbl. The IMF, which launched its latest Regional Economic Outlook report on Tuesday, maintained its medium-term estimates on oil prices at $53 a barrel.

7) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 1.7 percent and Hong Kong’s Hang Seng Index rose 0.6 percent, while China’s CSI 300 Index was last trading lower by 0.04 percent. 

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