What you need to know as UAE markets open on March 21
by Nadeshda Zareen
Here are some things you need to know as markets open today in the United Arab Emirates.
1) Abu Dhabi-listed Aldar Properties plans to increase its operational income to AED 2.2 billion in 2020, from the current AED 1.6 billion, news agencies reported.
The firm is also planning to invest AED 1.9 billion to develop new projects on Reem Island and Yas Island in Abu Dhabi as part of its plans to boost recurring revenue, it said in a statement.
2) Nasdaq Dubai-listed global ports operator DP World reported a net profit of $1.13 billion for 2016, an increase of 28 percent year-on- year (YoY). The board of directors has proposed increasing dividends by 26.7 percent YoY to 38 US cents per share.
3) Kuwait’s Warba Bank has listed a $250 million capital sukuk on Nasdaq Dubai.
4) Dubai-listed National General Insurance shareholders have approved the board’s proposal of 12 percent cash dividend for 2016.
5) Foreign traders bought shares valuing AED 21.8 billion at the UAE financial markets in the first two months of 2017, WAM reported. Foreign purchases constituted 42.3 percent of total transactions on Abu Dhabi and Dubai financial markets.
6) Senaat has entered into an agreement with 11 financial institutions to receive a revolving credit facility of $400 million, the Abu Dhabi-based industrial investment holding company said in a statement. BNP Paribas and National Bank of Abu Dhabi acted as joint coordinators on the financing.
7) Oil prices edged higher on Tuesday boosted by indications that OPEC’s output cut deal could be extended beyond the six-month period. Brent crude was last up 0.5 percent at $51.86/bbl and WTI crude rose 0.3 percent to $48.38/bbl.
8) Asian stocks were mixed towards closing hours. China’s CSI300 Index rose 0.4 percent and Hong Kong’s Hang Seng Index gained 0.2 percent. Japan’s Nikkei225 Index, however, fell 0.3 percent as trading resumed after a holiday.