7 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) Dubai economic growth is forecast at 3.1 percent this year, Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Economic Development Committee in Dubai, said. The emirate also plans to provide an economic outlook twice a year.

2) National Central Cooling Co. (Tabreed) has acquired a district cooling plant from International Capital Trading, as the Dubai-listed firm attempts to strengthen its portfolio to 71 district cooling plants throughout the GCC.

3) Dubai-listed Mashreq Bank will hold its board of directors meeting on Jan. 25 to review and approve the financial reports for 2016.

4) Arabtec Holding has scheduled a board meeting on Jan. 23 to discuss updates on group’s business and projects.

5) Abu Dhabi National Hotels said Ahmed Abdul Fattah Odeh has resigned from his post as acting chief financial officer, effective Dec 18.

6) Oil prices edged up on Thursday, with Brent crude up 0.9 percent at $54.38/bbl and WTI rising 0.8 percent to $51.49/bbl, an hour before UAE markets opened. OPEC in its monthly report said it expected demand to rise in 2017 in the wake of its output deal.

7) Asian stocks were mainly positive towards closing hours, after US dollar strengthened following Federal Reserve chief Janet Yellen’s speech. Japan’s Nikkei 225 Index was last up 0.7 percent and China CSI300 Index climbed 0.1 percent. 

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