What you need to know as UAE markets open on July 10

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

1) The UAE Securities and Commodities Authority is considering several requests of initial public offerings (IPOs), Al Khaleej newspaper reported, citing acting CEO Obaid Saif Al Zaabi.

2) Abu Dhabi National Company for Building Materials (BILDCO) said its shareholders approved using legal reserve of the company to write off the accumulated losses until 31 March 2017.

3) Kuwait-listed Zima Holding said it plans to list its shares on the Dubai Financial Market.

4) Abu Dhabi has officially inaugurated its new AED 170 million Delma Port, which located on the eastern side of Delma Island. The port can handle cargo, passenger ferries, and fishing vessels.

5) Dubai plans to have a new deep-tunnel sewerage system costing around AED 30 billion by 2025 as part of the emirate's efforts to accommodate future growth and meet long-term needs for used water collection, treatment, reclamation and disposal, WAM reported.

6) OPEC and other major oil producers have taken ambitious measures to rebalance the oversupplied oil market, but their efforts aren’t enough, Morgan Stanley said.

7) Oil prices edged up on Monday, recovering slightly from the 3 percent decline in the previous session. Brent crude was last up 0.8 percent at $47.08/bbl and WTI crude rose 0.8 percent to $44.57/bbl.

8) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei225 Index rose 0.7 percent and Hong Kong’s Hang Seng Index gained 1.1 percent. However, equities in China were pressure, with the CSI300 Index last down 0.02 percent.

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