What you need to know as UAE markets open on December 4

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

1) Dubai Investments, listed on the Dubai Financial Market (DFM), has raised foreign ownership limit in the company from the existing 35 percent to 49 percent, as part of its wider move to open up to international investors.

2) Abu Dhabi-listed Dana Gas, which is pursuing a legal case with regard to its $700 million sukuk, said a Sharjah court has lifted restrictions on its participation in the proceedings in a UK court.

3) Investment Corporation of Dubai, which is Dubai government’s main investment unit, said its net profit reached AED10.3 Billion in the first six months of 2017, an increase of 0.3 percent year-on- year driven by higher oil prices and stronger banking sector.

4) Assets of Islamic banks operating in the UAE amounted to AED 535 billion at the end of October — around 6 percent growth since the beginning of the year — accounting for 20.2 percent of the country’s total banking assets of AED 2.639 trillion, according to UAE Central Bank figures.

5) Oil prices declined on Monday, with Brent crude last down 0.5 percent at $63.43/bbl while WTI crude fell 0.7 percent to $57.98/bbl. Oil futures had closed last week with gains after OPEC and allied non-members agreed to extend production cuts.

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