8 things to watch as UAE markets open

Here is what you need to know as the opening bell rings in the United Arab Emirates.

1) The UAE cabinet approved a general federal budget of AED 248 billion for the next five years. The cabinet also approved a budget of AED 48.7 billion for 2017.

2) Abu Dhabi-listed Eshraq Properties said its managing director Sulaiman Mohammed Al Dhalaan had resigned. Eshraq did not provide a reason for the resignation.

3) Commercial Bank International swung to net profit of AED 32.1 million in the third quarter this year, compared to a net loss of AED 28.6 million in Q3-2015, the bank said in a statement to ADX. The improvement was attributed to growth in bank’s wholesale and retail businesses, lower provisions, higher customer deposits and better expense management.

4) Telecom firm Ooredoo posted a 51 percent year-on-year (YoY) decline in third-quarter net profit at QAR 370 million. The firm is listed in Abu Dhabi and Qatar.

5) Subscription in the capital increase of DFM-listed Al Ramz Corporation Investment and Development will start today.

6) The recently issued bankruptcy law in the UAE could encourage banks to increase lending to SMEs as it sets out a framework for insolvency proceedings and debt restructuring, Fitch Ratings said in a note.

7) OPEC reportedly approved the group's long-term strategy, indicating that the cartel is working towards approaches that might lead to stabilizing global oil markets. Brent crude was last up 0.5 percent at $48.86/bbl and WTI crude rose 0.1 percent to $46.91/bbl.

8) Asian markets were mixed Tuesday, following better-than-expected data on growth in China’s manufacturing sector. China’s CSI300 index last was up 0.3 percent, while Japan’s Nikkei fell 0.1 percent.

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