What you need to know as UAE markets open on June 7

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

1) Dubai-listed Emaar Properties said it plans to list its UAE real estate development business in order to create significant value for its shareholders. Subject to market conditions, Emaar will offer up to 30 percent of its UAE real estate development business through a share offering on the Dubai Financial Market (DFM).

2) The total monetary aggregate issued in the UAE amounted to AED 78.3 billion during the first third of 2017, an increase of AED 790 million over the end of 2016, according to UAE Central Bank statistics.

3) The UAE Central Bank is preparing guidelines for UAE banks on Qatar-related transactions after it held a meeting on Tuesday to discuss its response to the regional diplomatic rift, Reuters reported citing sources.

4) Dubai-listed GFH Financial said it has appointed Nicholas Polley as its general counsel, who will be responsible for a wide range of corporate, commercial, investment and financing matters, in addition to working with external, local and international counsel.

5) Dubai Electricity and Water Authority has signed a 12-year operating plant service agreement (OPSA) with German company Siemens, worth AED 1.7 billion. The contract includes providing maintenance, spare parts and gas turbine rehabilitation at Jebel Ali Power and Desalination Station, and at Al Aweer Power Station.

6) Oil edged lower on Wednesday, with Brent crude last trading down 0.1 percent at $50.06/bbl and WTI crude down 0.2 percent to $48.12/bbl.

7) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei225 Index was up 0.2 percent and China’s CSI300 Index rose 1.2 percent. Hong Kong’s Hang Seng Index was last trading marginally higher.

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