What you need to know as UAE markets open on September 4
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by Nadeshda Zareen
Here are some things you need to know as markets open today in the United Arab Emirates.
1) The Kurdistan Regional Government and a consortium that comprises Abu Dhabi-listed Dana Gas, Crescent Petroleum Co., and Pearl Petroleum Co., have agreed to settle their disputes and work on developing the gas fields in the Kurdistan region, WAM reported. The arbitration and related court proceedings have been stopped and all remaining claims between them have been released.
2) International Financial Advisors (IFA) said its subsidiary IFA Hotels and Resorts has completed the sale of assets of an associate, with recognized profit amounting to KWD 5 million. The financial impact will reflect in Q3 2017. IFA is listed in Kuwait and Dubai.
3) Abu Dhabi-listed Eshraq Properties Co. is considering a potential strategic investment to acquire the entire business and assets of Reem Investments, the two companies said in a joint statement.
4) Nasdaq Dubai-listed DP World said it has completed Phase 2 North expansion project designed to increase container throughput at Prince Rupert's Fairview Container terminal in Canada.
5) Gold will continue to outperform oil next year, with crude expected to make a comeback in 2019 as a deficit in the global oil market will likely drive stronger price gains in West Texas Intermediate (WTI) crude, BMI Research said in a recent commodities update.
6) Oil prices were mixed on Monday, with Brent crude last down 0.4 percent at $52.55/bbl while WTI crude rose 0.3 percent to $47.42/bbl.
7) Asian equities were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.9 percent and Hong Kong’s Hang Seng Index fell 0.5 percent. China’s CSI 300 Index, meanwhile, was up 0.1 percent.