What you need to know as UAE markets open on December 7

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

1) Dubai Investments, listed on the Dubai Financial Market, has announced a 36 percent increase in sub-leasing contracts in its wholly-owned subsidiary Dubai Investments Park [DIP] in the first nine months of 2017 compared to last year.

2) Abu Dhabi National Oil Co. has reduced the price range for the initial price offering of shares of ADNOC Distribution to between AED 2.35 and AED 2.65, from the earlier range of AED 2.35 and AED 2.95, Bloomberg reported.

3) The Cumulative Foreign Direct Investment (FDI) of the UAE rose to $117.9 billion by the end of 2016 from $109 billion by the end of 2015, a growth of 8.2 percent supported by increasing investments in areas of transformational and other heavy industries, WAM reported, citing other recent reports.

4) The UAE has signed a deal with the US to renew their commitment to strategic energy use, WAM reported. The Memorandum of Understanding involves cooperation on technologies related to carbon capture, utilization and storage, civil nuclear and renewable energy.

5) Oil prices edged higher on Thursday, with Brent crude last up 0.3 percent at $61.41/bbl while WTI crude rose 0.3 percent to $56.1/bbl. 

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