What you need to know as UAE markets open on May 31

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

1) Dubai-listed Damac Properties will be added to MSCI’s United Arab Emirates (UAE) Index from tomorrow. Also, Gulf General Investment Co. (GGICO) will be deleted from MSCI's small-cap index.

2) Dubai-listed DXB Entertainments said Mohamed Almulla has been appointed as its chief executive officer, in the place of Raed Kajoor Al Nuaimi -- who will continue as a senior executive with DXB Entertainments in the role of managing and executive member of the board of directors.

3) Telecom operator Ooredoo has requested the UK Listing Authority to cancel the listing and admission to trading of its global depository receipts (GDRs) from the London Stock Exchange. Ooredoo is listed in Abu Dhabi and Qatar.

4) Moody's Investors Service has affirmed the long-term ratings of five UAE banks – First Abu Dhabi Bank (FAB) at Aa3, Abu Dhabi Commercial Bank (ADCB) at A1, Al Hilal Bank at A1, Union National Bank (UNB) at A1, and Abu Dhabi Islamic Bank (ADIB) at A2.

The outlook on FAB, ADCB, UNB long-term deposit and ADIB's long-term issuer ratings has been changed to stable from negative.

5) Dubai Financial Market (DFM) said it has distributed AED 12.6 billion in cash dividends for 2016 to 331,000 investors. The dividends have been distributed on behalf of 35 companies listed on the exchange.

6) UAE’s ministry of infrastructure development is currently managing 12 projects across emirates as part of its investment program, at a total cost of AED 1.43 billion.

7) Bloom Properties, a unit of Bloom Holding, said it has awarded five construction contracts worth over AED1 billion since the beginning of 2017.

8) Oil prices declined further on Wednesday amid reports of higher supply from Libya and the US. Brent crude was last trading down 0.4 percent at $51.65/bbl and WTI crude fell 0.6 percent to $49.35/bbl.

9) Asian stocks were mainly negative towards closing hours. Japan’s Nikkei225 Index was last down 0.3 percent, China’s CSI300 Index fell 0.1 percent and Hong Kong’s Hang Seng Index was last trading lower by 0.1 percent. 

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