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 terminated management and technical support agreements with Nigeria-based Emerging Markets Telecommunication Services Ltd, effective June 30. Termination of agreements on use of Etisalat brand has been deferred to July 21. New agreements are under discussion, the company said.
2) Dubai-listed Gulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter of 2017, an increase of 39 percent compared to AED 6.3 million in the same period last year. The company also said it plans to issue Islamic sukuk, with a total value of $250 million.
3) Abu Dhabi Securities Exchange (ADX) has signed a memorandum of understanding with Dubai Gold and Commodities Exchange and its parent firm Dubai Multi Commodities Center to create the basis for collaboration on a unified clearing house in the UAE.
4) The Abu Dhabi National Oil Co. (ADNOC) plans to float minority stakes in some of its service businesses on local equity markets as it seeks to broaden its investor base and raise capital, ADNOC group CEO Sultan Al Jaber said.
5) The business conditions in Dubai’s non-oil private sector improved in June, supported by faster output and new orders growth, a new survey report showed.
6) Oil prices edged higher on Tuesday. Both Brent crude and WTI cruder were last up 0.4 percent at $47.08/bbl and $44.58/bbl, respectively.
7) Asian stocks were mainly positive towards closing hours, with Japan’s Nikkei225 Index up 0.4 percent, China’s CSI300 Index rising 0.5 percent and Hong Kong’s Hang Seng Index up 1.1 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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