What you need to know as UAE markets open on March 12

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

1) Dubai-listed Damac Properties said it has awarded 121 construction, supplier and consultancy contracts, valued at AED 1.4 billion, in Dubai during January and February.

2) Abu Dhabi-listed RAK Bank has called its annual general assembly on April 5. The agenda includes approving increase in the amount of the medium-term notes that the bank can issue from $1 billion to $1.5 billion.

3) Nasdaq Dubai and Bourse de Tunis have signed a memorandum of understanding to explore collaboration possibilities, including initiatives regarding existing and future issuers and listings on the two exchanges.

4) The UAE’s banking sector leads the Gulf region in terms of asset volume, with a total value of about $711 billion in 2016, according to statistics from the Central Bank of the UAE.

5) Saudi officials told US independent oil firms in a closed-door meeting last week to not assume that OPEC will extend production cuts to offset higher output from American shale producers, Reuters reported.

6) Oil fell to a three-month low last week on concerns that supply glut could persist despite OPEC-led output cuts. Both Brent crude and WTI crude closed lower by 1.6 percent at $51.37/bbl and $48.49/bbl, respectively.

7) Stock markets in the US closed with gains on Friday, amid stronger indications that the Federal Reserve could raise interest rates in the next meeting. Dow Jones Industrial Average rose 0.2 percent and Nasdaq Composite Index gained 0.4 percent.

In Asia, Japan’s Nikkei 225 Index rose 1.5 percent and China’s CSI300 Index added 0.03 percent.

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