Here are some things you need to know as markets open today in the United Arab Emirates.
1) The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE rose to 57.3 in August from 56.0 in July, driven by faster new order and output growth.
2) First Abu Dhabi Bank said Arif Shaikh has been appointed group chief risk officer, after the retirement of Abhijit Choudhury.
3) Abu Dhabi-listed Dana Gas said the Kurdistan Regional Government (KRG) has paid $1 billion, in relation to the recent settlement agreement. The sum was received by Pearl Petroleum Co., in which Dana holds 35 percent stake.
4) Dubai-listed Shuaa Capital said its real estate asset management division will be managing the development of an AED 1.5 billion new mixed-use skyscraper on Sheikh Zayed Road, Dubai.
5) Emirates Integrated Telecommunications Co (EITC), the holding company behind Dubai-listed telco du, officially launched Virgin Mobile on Tuesday, bringing the first fully digital mobile service to the country.
6) Oil prices were subdued on Wednesday, following the disruption from Hurricane Harvey. Brent crude was last down 0.4 percent at $53.17/bbl while WTI crude fell 0.2 percent to $48.56/bbl.
7) Asian equities were mainly lower towards closing hours. Japan’s Nikkei 225 Index was last down 0.2 percent, Hong Kong’s Hang Seng Index fell 1 percent and China’s CSI 300 Index declined 0.4 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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