What you need to know as UAE markets open on June 13

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

1) Foreign investors' buy value of shares in ADX amounted to around AED 2.3 billion in May, claiming 61 percent of the total value of traded stocks. Foreign sales for the same period valued at AED 2.1 billion. The net foreign investment value stood at around AED 204 million.

2) Mohamed Alabbar, chairman of Dubai-listed Emaar Properties, was the highest paid of the 30 top executives in Dubai and Abu Dhabi listed companies in 2016. The Emirati billionaire earned AED 98.38 million in compensation for managing the parent firm and its subsidiaries.

3) The inflation rate in consumer prices in the UAE during the first five months of 2017 stood at 2.2 percent, according to Statistics Centre- Abu Dhabi.

4) The UAE General Civil Aviation Authority has reiterated its ban on all Qatari aviation companies and aircraft registered in Qatar from landing at the UAE’s airports or transiting its airspace. The decision excludes companies and aircraft not registered in the UAE or Qatar.

5) The Dubai Electricity and Water Authority (DEWA) has awarded a AED 58 million consultancy contract for the pumped-storage hydroelectric power station at Hatta Dam to French electric utility company EDF.

6) Dubai-based real estate firm Five Holdings has launched an AED 2.1 billion real estate investment trust (REIT), reportedly the region’s first hospitality-focused REIT. The REIT will be regulated by Abu Dhabi Global Market and Financial Services Regulatory Authority. It will include Five Holdings’ AED 4.3 billion Viceroy Dubai Palm Jumeirah, and other future projects.

7) Crude oil prices edged higher on Tuesday, with both Brent crude and WTI crude up 0.4 percent at $48.5/bbl and $46.27/bbl, respectively, an hour before UAE markets opened.

8) Asian stocks were mixed towards closing hours. Japan’s Nikkei225 Index was last down 0.1 percent, while China’s CSI300 Index rose 0.2 percent and Hong Kong’s Hang Seng Index added 0.5 percent.

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