What you need to know as UAE markets open on July 26

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

1) Surplus reserves at UAE banks and other financial institutions surged to AED 42.8 billion by the end of June, a growth of 77.6 percent from AED 24.1 billion in January, according to UAE Central Bank statistics.

2) Nasdaq Dubai-listed port operator DP World said its gross container volumes rose by 10.4 percent year-on-year (YoY) on a like-for-like basis and 10.7 percent on a reported basis in Q2 2017.

3) Abu Dhabi-listed Insurance House said it made net profit of AED 215,014 in Q2 2017, compared to a loss of AED 2.2 million in the same period last year.

4) Telecom firm Ooredoo has appointed Ahmad Abdulaziz Al-Neama as group chief technology officer. Ooredoo is listed in Abu Dhabi and Qatar.

5) Hussain Sajwani, chairman of Dubai-listed Damac properties, said he sees Malta as a favorable investment destination and would explore expansion opportunities there.

6) Dubai Investments will hold a board meeting on July 30 to discuss its Q2 financial statements.

7) Dubai-listed Aramex will hold a board meeting on July 31 to discuss its Q2 financial results.

8) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.4 percent and Hong Kong’s Hang Seng Index added 0.03 percent. China’s CSI300 Index was lower by 0.8 percent.

9) Crude prices extended gains on Wednesday, boosted by OPEC’s call for strict compliance to its output limit deal. Brent crude was last up 0.8 percent at $50.6/bbl, while WTI crude rose 1 percent to $48.38/bbl. 

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