What you need to know as UAE markets open on October 18

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

1) Dubai-listed Damac Properties posted a net profit of AED 719.3 million for Q3 2017, declining from a profit of AED 902 million in the same period last year.

2) Deyaar Development reported a net profit if AED 100 million in the third quarter this year versus AED 167 million in the same period last year. Q3 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties, the Dubai-listed developer said.

3) Dubai-listed Ajman Bank reported a net profit of AED 39.2 million for Q3 2017, as compared to a profit of AED 33 million in the same period last year. Trading on Ajman Bank shares resumes today.

4) Emirates Integrated Telecommunications Co. (du) has launched new divisions to pursue adjacent growth avenues and transformation agenda. The Dubai-listed telco has created: Information and Communications Technology (ICT) solutions division, Digital Lifestyle & Innovation division, and Infrastructure division.

5) Abu Dhabi-listed Eshraq Properties said Khaleefa Yousef AlMheiri has resigned from the company’s board of directors.

6) Abu Dhabi Commercial Bank will hold a board meeting on Oct. 22 to discuss and approve Q3 2017 financial reports.

7) Abu Dhabi Securities Exchange (ADX) has launched its technical short-selling service, as part of its strategy to increase liquidity levels as well as diversify investment and hedging instruments in order to attract more foreign investors.

8) Nasdaq Dubai has signed a license agreement with MSCI, under which the exchange will use MSCI’s regional indices to create derivative products to be traded on the Nasdaq Dubai’s derivatives platform. The exchange initially plans to develop futures contracts based on the MSCI UAE index.

9) Oil prices edged higher on Wednesday, with Brent crude up 0.6 percent at $58.25/bbl while WTI crude rose 0.4 percent to $52.07/bbl.

10) Asian stocks were mixed towards closing hours, with Japan’s Nikkei 225 Index and Hong Kong’s Hang Seng Index slightly lower, while China’s CSI 300 Index rose 0.5 percent.

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