What you need to know as UAE markets open on October 19

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

1) Oman’s Telecommunications Regulatory Authority (TRA) has cancelled the award process for the Sultanate’s third mobile license, Abu Dhabi-listed Etisalat said in a statement.

2) Abu Dhabi-listed National Bank of Umm Al-Qaiwain posted a net profit of AED 285.9 million for Q3 2017, up 9 percent year-on-year due to increase in interest income and higher fee income, along with effective recovery  strategies.

3) Abu Dhabi National Insurance Company (ADNIC) said it is expanding into the UK market and has opened a representative office in London, under the name ADNIC International Ltd. The office will facilitate reinsurance across industrial sectors including energy, property, power, engineering and construction, marine hull and cargo.

4) Takaful Emarat, the DFM-listed shariah-compliant insurance provider, said that its CEO Wael Al Sharif has been appointed to a new strategic board advisory role.

5) Dubai-listed Mashreq Bank said it has closed a $50 million two-year syndicated term facility for Stanbic Zambia Bank - a subsidiary of the Standard Bank Group. The transaction closed nearly two times oversubscribed.

6) Investment Corporation of Dubai (ICD) has listed a $200 million bond on Nasdaq Dubai. The issuance was made under ICD’s Euro Medium Note Program of $2.5 billion.

7) Dubai-based Emirates airline on Wednesday said it will receive its 100th A380 aircraft on November 3.

8) Oil prices were slightly lower on Thursday, with Brent crude down 0.1 percent at $58.12/bbl while WTI crude fell 0.1 percent to $51.98/bbl. The US Energy Information Administration on Wednesday said US crude inventories fell by 5.7 million barrels to 456.5 million barrels, in the week ending Oct. 13.

9) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.3 percent, while Hong Kong’s Hang Seng Index fell 0.1 percent and China’s CSI 300 Index was down 0.3 percent.

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