What you need to know as UAE markets open on December 6

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

1) Abu Dhabi-listed Gulf Cement Co. will hold a board meeting on Dec. 10 to discuss National Investment Co.’s request, on behalf of Al Khair National for Stocks & Real Estate Co., to search for the available strategic alternatives to dispose its share at Gulf Cement Co.

2) ADNOC Group CEO Sultan Al-Jaber met with US secretary of energy Rick Perry on Tuesday, WAM reported. The discussions focused on strengthening the UAE and ADNOC’s relationship with the United States in the energy sector.

3) Current account balances and deposits of the UAE Central Bank with banks abroad rose 54.7 percent or AED80.8 billion in the first ten months of the year to AED 228.7 billion from AED 147.8 billion in the same period last year, figures released by the Central Bank showed.

4) The UAE Central Bank's reserve of gold bars amounted to AED 1.13 billion by the end of October 2017, a growth of 11.2 percent from AED 1.02 billion by the end of 2016.

5) The UAE and Bahrain have been listed among 17 nations blacklisted by the European Union for being "uncooperative" on tax matters, French Finance Minister Bruno Le Maire said on Tuesday, according to The New York Times.

6) Oil prices declined on Wednesday, under pressure from reports of rising fuel stocks in the US. Brent crude was last down 0.4 percent at $62.6/bbl while WTI crude fell 0.5 percent to $57.36/bbl. 

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