7 things to consider as UAE markets open

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

1) Dubai-listed banks saw an 11 percent rise in aggregate credit provisions to AED 5.1 billion for the first nine months of 2016, compared to AED 4.5 billion in year earlier period, analysis by Argaam showed.

2) The Emirates NBD Purchasing Managers’ Index for the United Arab Emirates declined to a six-month low of 53.3 in October, indicating a slowing in momentum in the non-oil private sector last month.

3) Dubai-listed Damac Properties has awarded an AED 554 million contract to China State Construction Engineering Corporation (Middle East) to build the Paramount Residences at its Paramount Tower Hotel and Residences in Dubai.

4) Abu Dhabi-listed Aldar Properties will hold its board meeting on Nov. 7 to review and approve the financial statements for the third quarter of this year.

5) Mubadala Development Co., the investment vehicle of the Abu Dhabi government, is said to be in talks with SoftBank Group Corp. to invest in the $100 billion technology fund formed by the Japanese firm and Saudi Arabia’s Public Investment Fund.

6) Oil prices edged up on Thursday, with Brent crude rising 1.1 percent to $47.39/bbl and WTI crude up 0.9 percent at $45.73/bbl. OPEC’s board of governors finalized its new long-term strategy at a meeting in Vienna on Wednesday. The document will be submitted for approval at the next OPEC meeting to be held on Nov. 30.

7) Asian stock markets were mixed on Thursday, following overnight declines in US equities. Japan’s Nikkei fell 1.8 percent and China’s CSI300 index rose 0.7 percent towards closing hours.

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