What you need to know as UAE markets open on August 17

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

1) Dubai-listed National Central Cooling Co. (Tabreed) has announced the completion of the investment by French energy firm Engie to acquire 40 percent stake in Tabreed for approximately AED 2.8 billion.

2) The 110 listed companies in the UAE recorded profits worth AED 31.9 billion during H1 2017, against AED 32 billion in the corresponding period last year, WAM reported.

3) Abu Dhabi-based Etihad airline said that Germany’s Air Berlin, in which Etihad holds a stake, has filed for insolvency. “Air Berlin’s business has deteriorated at an unprecedented pace, preventing it from overcoming its significant challenges,” Etihad said.

4) Jebel Ali Free Zone (Jafza) attracted 267 new companies from 48 countries in the first half of 2017, marking a growth of 6 percent compared to the same period last year.

5) UAE’s holdings of US Treasuries reduced by $1.6 billion to $58.9 in June, new data released by the US Treasury showed.

6) Oil prices swung up on Thursday, recovering slightly from previous session losses. Brent crude was last up 0.5 percent at $50.52/bbl and WTI crude rose 0.3 percent to $46.91/bbl.

7) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.01 percent while China’s CSI 300 Index rose 0.4 percent.

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