What you need to know as UAE markets open on May 28

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

1) Subscription in Dubai-listed Arabtec Holding’s capital increase ends today.

2) Moody's Investors Service changed the rating outlook on the UAE government to stable from negative. At the same time, Moody's affirmed the long-term Aa2 issuer rating.

The rating agency also changed the outlook on the government of Abu Dhabi to stable from negative. Concurrently, the long and short-term issuer ratings were affirmed at Aa2/P-1.

3) Vienna-based oil and gas company OMV said it has reached an agreement with Abu Dhabi National Oil Company (ADNOC) to explore opportunities to support ADNOC’s downstream businesses and the company’s smart growth strategy.

4) Dubai Airport Freezone Authority said it achieved 62 percent of its total annual sales target in Q1 2017, along with an increase of 7 percent in sales revenues over Q1 2016. The freezone also posted a 31 percent year-on-year growth in the number of its registered companies in Q1 2017.

5) The Abu Dhabi Water & Electricity Authority has signed a deal with a consortium of Japan's Marubeni Corp and China's JinkoSolar Holding to build and operate a $3.2 billion solar power plant in Sweihan, set to be the largest in the world.

6) The extension of a global oil output cut deal will help to bring balance to the oil market and encourage investments in the oil sector, UAE energy minister Suhail bin Mohammed Al Mazrouei said in a statement on state news agency WAM.

7) Oil prices closed with gains on Friday, recovering from the sharp drop after OPEC decided to extend the output deal at the levels agreed to last year. Brent crude rose 1.3 percent to close at $52.15/bbl and WTI crude gained 1.8 percent to reach $49.8/bbl.

8) US rig count rose by 7 rigs from the previous week to 908, with oil rigs up 2 to 722, gas rigs up 5 to 185, and miscellaneous rigs unchanged at 1, Baker Hughes data for week ending May 26 showed.

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