6 things to watch as UAE markets open

Here is what you need to know as markets open in the United Arab Emirates.

1) National Bank of Abu Dhabi (NBAD) said that a UK court has ordered British energy firm BP to pay the lender $68.9 million, plus interest, in a case stemming from Morocco's Samir refinery closure in 2015.

NBAD, however, added that this was an initial sentence and could be appealed under UK laws.

2) Dubai-listed Al Ramz Corporation has launched its investment management services division. The asset management division will be headed by newly-appointed chief investment officer Shehzad Janab.

3) DFM-listed Gulf Navigation Holding has signed a strategic contract with Deloitte Consulting, which will provide advisory support for the acquisition of a “huge” maritime fleet, it said in statement. Further details of the transaction have not been disclosed.

4) Abu Dhabi Global Market and FinanceMalta, the organization behind Malta’s financial center, have signed a memorandum of understanding to enable collaboration on joint initiatives and efforts to boost the growth of the financial markets in Abu Dhabi and Malta.

5) Oil prices fell on Monday, following a sharp decline last week, as concerns over an OPEC output deal remained. Brent crude and WTI crude were down 0.4 percent each at $47.04/bbl and $45.86/bbl, respectively, an hour before markets opened in the UAE.

6) Asian stocks were mixed towards their closing hours on Monday, with Japan’s Nikkei 225 Index down 0.4 percent, while China’s CSI300 Index gained 0.6 percent.

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