What you need to know as UAE markets open on June 20

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

1) Dubai-listed Drake & Scull International said it has received an approval from Securities and Commodities Authority (SCA) to initiate final preparation for its 75 percent capital reduction program.

2) French energy firm Engie has bought a 40 percent stake in Dubai-listed National Central Cooling Co. (Tabreed) for AED 2.8 billion. Abu Dhabi-based Mubadala Investment Co. agreed to sell the stake to Engie, while retaining 42 percent share in Tabreed.

3) Goldilocks Investment Company Ltd. said it has acquired 350 million shares in the Abu Dhabi-listed Dana Gas, bringing Goldilocks’ shareholding in the energy firm to 5 percent.

4) Dubai-listed Damac Properties has called a board meeting on June 22 to discuss potential investment opportunities and Damac International Ltd. projects, along with electing board’s chairperson and vice-chairperson.

5) A total of 24 venture capital funds were incorporated by the SCA by the end of 2016, running assets of more than AED2.4 billion, recent statistics from SCA showed.

6) Crude oil prices were mixed on Monday, with Brent crude holding near a seven-month low it hit in the previous session. The benchmark grade was last slightly up at $46.92/bbl, while WTI crude fell 0.1 percent to $44.16/bbl.

7) Stocks in Asia were mixed towards closing hours. Japan’s Nikkei225 Index was up 1.1 percent, while China’s CSI300 Index fell 0.1 percent and Hong Kong’s Hang Seng Index lost 0.1 percent.

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