What you need to know as UAE markets open on June 12

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

1) The Emirates NBD Dubai Economy Tracker Index (DETI) slipped to 55 in May, from a 26-month high of 57.7 in April, the bank said in its latest report. Output (58) and new work (59) were lower month-on-month, but the May readings pointed to a strong expansion in business activity and new orders.

2) Dubai Investments has awarded Dubai-listed Arabtec Construction the contract for earth works grading and leveling of the roads for its The Palisades mixed-use project in Dubai Investments Park.

3) A former chief executive of Dubai-listed Drake & Scull International, Khaldoun Tabari, has sold his stake in the contracting firm to Tabarak Investment, Zawya reported, citing sources.

4) Trading on the shares of United Insurance Co., listed in Abu Dhabi, will be suspended temporarily from June 15, in anticipation of finalizing the capital restructuring procedures. The trading will resume after obtaining the required approval from Securities and Commodities Authority for the capital restructuring procedures.

5) Dubai-listed Emirates Refreshments Co. has appointed Mourad Tarzi as its general manager, effective immediately.

6) Abu Dhabi-listed Fujairah Cement Industries will start delivering dividend checks for 2016 to its shareholders starting today.

7) Crude oil prices edged up on Monday. Brent crude was last up 0.6 percent at $48.42/bbl and WTI crude added 0.6 percent to $46.08/bbl.

8) Asian stocks were mainly negative towards closing hours. Japan’s Nikkei225 Index was last down 0.6 percent, China’s CSI300 Index fell 0.1 percent, and Hong Kong’s Hang Seng Index declined 1.2 percent.

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