What you need to know as UAE markets open on March 15

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

1) Bahrain’s GFH Financial Group may merge with Dubai-based Shuaa Capital, GFH said on Tuesday. “GFH has been in discussion with several financial institutions, including Shuaa Capital, for potential majority shares acquisitions of those financial institutions and/or mergers,” GFH said in a statement to Dubai bourse, where it is cross-listed.

2) Abu Dhabi-listed Aldar Properties has scheduled a board meeting on March 20 to discuss operational and strategic issues.

3) RAK Ceramics shareholders have approved cash dividend of 15 file for 2016, it said in a statement to ADX.

4) Oil prices rebounded on Wednesday after industry data revealed a decline in US crude stockpiles. Brent crude was last up 1.4 percent at $51.64/bbl and WTI crude rose 1.7 percent to $48.53/bbl.

5) OPEC’s oil output decreased by 140,000 barrels per day (bpd) in February to 31.96 million barrels per day (mbd), with output from Saudi Arabia, the UAE and Iraq showing the largest declines, the producer group said in its monthly report.

6) Asian stocks were mixed towards closing hours as markets awaited outcome of central bank meetings in Japan and the US. Japan's Nikkei225 Index was last down 0.3 percent, while China's CSI300 Index rose 0.1 percent.

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