What you need to know as UAE markets open on June 11

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 declined to 55 in May, from a 26-month high of 57.7 in April.  The survey pointed to strong but slower growth in Dubai’s economy last month, which is consistent with the UAE and Saudi Arabia PMI surveys for May, Emirates NBD said on Sunday.  

2) Dubai-listed Emaar Properties plans to launch the initial public offering (IPO) of its real estate development business by November, chairman Mohamed Alabbar told Al Arabiya TV.

3) 4) P&O Maritime, a fully-owned subsidiary of Nasdaq Dubai-listed DP World, said it has acquired Reyser – a Spanish maritime company. The transaction value is below 5 percent of DP World’s net asset value, WAM reported, citing a P&O Maritime statement.

4) The total capital of local public joint stock companies listed with Abu Dhabi Securities and Commodities Authority (SCA) stands at AED 295.2 billion, of which AED 87.1 billion is the capital of firms listed with Abu Dhabi Securities Exchange (ADX), according to SCA statistics.

The total capital of companies listed on Dubai Financial Market (DFM) is AED 109.7 billion, with the capital of companies not listed on a stock exchange at around AED 98.4 billion.

5) International Petroleum Investment Company (IPIC) said it made a net profit of $403.8 million in 2016, compared to a loss of $2.6 billion in 2015. The company’s revenues stood at $33.8 billion in 2016, compared to $35.8 billion in 2015, primarily impacted by lower oil prices.

6) Banks and other financial institutions in the UAE have been instructed to freeze any accounts, deposits or investments held by individuals or entities designated as terrorists or terrorist organizations, according to a circular issued by the Central Bank of the UAE.

In another circular, the Central Bank advised the financial institutions to apply “enhanced customer due diligence” for any accounts they hold belonging to six Qatari banks – Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf al Rayan, Qatar National Bank, and Doha Bank.

7) Crude oil prices were positive at close on Friday. Brent crude gained 0.6 percent to close at $48.15/bbl and WTI crude rose 0.4 percent to $45.83/bbl.

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