What you need to know as UAE markets open on June 14

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

1) Abu Dhabi-listed Eshraq Properties has entered into agreement to divest the company’s equity, of 4.55 percent, in Ward Holdings Ltd for AED 68 million, the firm said in a bourse statement.

2) Dubai-listed Drake and Scull International has appointed Feras Kalthoum as the acting chief financial officer, effective June 13.

3) S&P Global Ratings has placed its ratings on Ooredoo on CreditWatch Negative, reflecting its recent rating action on Qatar after six Arab countries severed diplomatic and trade ties with the Gulf state. Ooredoo is listed in Qatar and Abu Dhabi.

4) Dubai Investments Real Estate Company, a subsidiary of DFM-listed Dubai Investments, has completed preparation work, including excavation and shoring works, for the first phase of its AED 3 billion Mirdif Hills project in Dubai.

5) Dubai-listed Emirates NBD has appointed Maryam Bahlooq as chief executive officer of Tanfeeth, a fully-owned subsidiary of the Emirates NBD Group.

6) The aviation authorities of the UAE and Saudi Arabia have signed a memorandum of understanding (MoU) to increase the number of weekly flights between the two countries to 86.

7) The Dubai Chamber of Commerce and Industry has signed a MoU with Souq.com to help facilitate cooperation between the two entities and expand Chamber members’ access to the region’s e-commerce.

8) Crude oil prices declined on Wednesday, with Brent crude last down 0.9 percent at $48.28/bbl and WTI crude down 1 percent at $46.27/bbl. OPEC’s crude oil production in May increased by 336,000 bpd from the previous month to average 32.14 million barrels per day, OPEC said in its latest monthly report.

9) Asian stocks were mixed towards closing hours. Japan’s Nikkei225 Index was last up 0.2 percent, while China’s CSI300 Index fell 1.1 percent and Hong Kong’s Hang Seng Index lost 0.3 percent.

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