Here are some things you need to know as markets open today in the United Arab Emirates.
1) Abu Dhabi-listed Etisalat said it has been asked to transfer its 45 percent stake in Emerging Markets Telecommunication Services Ltd (Etisalat Nigeria) to a Nigerian banks syndicate, after the parties could not reach a deal on debt restructuring.
Etisalat Nigeria has been trying to restructure a $1.2 billion loan after it missed repayments and Nigerian banks declared default.
2) Finance House PJSC, listed in Abu Dhabi, said it has bought 10 million shares in Insurance House PJSC, taking its total stake in Insurance House to 44.38 percent.
3) Dubai-listed Arabtec Holding said its rights issue has been fully subscribed and the board has approved the increase of its share capital from AED 4.6 billion to AED 6.1 billion. The new shares will be listed on the Dubai Financial Market, and begin trading today.
4) Abu Dhabi Ports has signed a 35-year concession to develop and manage the Port of Fujairah, state news agency WAM said. Abu Dhabi Ports will be investing in Fujairah Ports’ infrastructure, including deepening of berths to 16.5 meters, and building a storage yard and a 1 kilometer quay.
5) UAE markets will close for Eid Al Fitr holidays starting June 24. Trading will resume either on June 28 or June 29, depending on the first day of Eid.
6) The UAE Central Bank's foreign currency assets increased 1.5 percent to AED 322.4 billion in May from AED 317.44 billion in April, according to statistics released Tuesday by the bank.
7) Oil prices declined further on Wednesday, with Brent crude slipping below $46-mark. The benchmark grade was last down 0.2 percent at $45.94/bbl while WTI crude fell 0.1 percent to $43.48/bbl.
8) Stock markets in Asia were mixed towards closing hours. Japan’s Nikkei225 Index was down 0.3 percent and Hong Kong’s Hang Seng Index fell 0.4 percent. China’s CSI300 Index was last trading higher by 0.4 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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