What you need to know as UAE markets open on July 5

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

1) Dubai-listed Union Properties (UPP) said it has not received any official offer from Dubai Investments to acquire UPP’s stake in Emirates District Cooling LLC (Emicool).

2) Dubai-listed Arabtec Holding said its wholly owned subsidiary, Target Engineering Construction Co., has been awarded four projects amounting to AED 289 million.

3) Emirates Investment Bank, listed in Dubai, has appointed Imad Bou Khouzam as chief financial officer.

4) Dubai-listed Amlak Finance has promoted Muhammad Azam Razzak to the position of chief financial officer.

5) Dubai has launched a new AED 5 billion business district, Emirates Towers Business Park, which will be planned and developed by Dubai Holding along with Dubai International Financial Center (DIFC).

6) Dubai-based private equity firm The Abraaj Group said it has bought Java House Group, East Africa-based casual dining chain, from private equity firm Emerging Capital Partners and Java House founder-chairman Kevin Ashley.

7) Abu Dhabi's gross domestic product rose 17.7 percent year-on-year during Q1 2017, due to growth across non-oil economic platforms, according to Statistics Centre-Abu Dhabi.

8) The UAE will narrow its fiscal deficit to 1.9 percent of GDP this year as a result of spending measures and higher oil prices, before returning to surplus level in 2019, Moody’s Investors Service said.

9) Crude oil prices declined slightly on Wednesday. Brent crude was down 0.1 percent at $49.55/bbl and WTI crude fell 0.2 percent to $46.99/bbl, an hour before UAE markets opened.

10) Asian stocks were mainly positive amid geopolitical concerns after North Korea launched a long-range missile. China’s CSI300 Index was last up 0.3 percent and Hong Kong’s Hang Seng Index gained 0.4 percent. Japan’s Nikkei 225 Index added 0.03 percent towards closing hours.

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