What you need to know as UAE markets open on June 18

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

1) Dubai-listed Emaar Properties on Sunday confirmed that it has signed an agreement with Saudi Arabia’s Jabal Omar Development Co. to manage its new hotel in Makkah.

2) Abu Dhabi-based industrial conglomerate, Senaat, is considering an initial public offering with plans to raise about $1 billion, Bloomberg reported. The listing expected to be on Abu Dhabi stock exchange.

3) Dubai-listed Arabtec Holding has scheduled a board meeting on June 19 to discuss its recapitalization program update, it said in a bourse statement.

4) Abu Dhabi-listed Dana Gas said it was granted an additional injunction from the commercial division of the High Court of Justice in the British Virgin Islands (BVI) on June 13, restraining any enforcement action against Dana Gas’ BVI assets.

The injunction also protects the company's position pending the outcome of the UAE court’s action to have its sukuk al mudaraba, dated May 8, 2013, declared unlawful.

5) Saudi billionaire Prince Alwaleed bin Talal’s investment vehicle, Kingdom Holding Co., has acquired a 7.11 percent stake in Dubai-based ride-hailing company Careem.

6) Oil prices closed in the green on Friday. Brent crude was up nearly 1 percent at $47.37/bbl and WTI crude rose 0.6 percent to $44.74/bbl.

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