What you need to know as UAE markets open on March 28

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

1) Dubai-listed Emaar Malls, the retail unit of Emaar Properties, confirmed that it has submitted a bid of $800 million to take over online retailer Souq.com. The bid is subject to shareholders’ approval. If approved, it will not have material impact on Emaar Mall’s profit for the quarter or fiscal year 2017, the firm said.

2) Emaar Properties has completed the pile foundations for The Tower project at Dubai Creek Harbor. The Dubai-listed developer said the first structural facets of The Tower will soon be visible.

3) UAE-based Tasameem Real Estate Co. has increased its stake in Arabtec Holding to 9.49 percent from 8.76 percent, according to DFM’s latest update.

4) Emirates Integrated Telecommunications Co. (du) shareholders have approved final dividend of AED 0.21 per share for the second half of 2016. Annual dividend payment for the year stands at AED 0.34 per share.

5) DXB Entertainments said one of its board members, Shravan Shroff, has resigned. The position will be open for nomination and voted on in the next general assembly meeting.

6) Dubai Islamic Bank has launched Panin Dubai Syariah Bank in Indonesia, after it acquired a 40 percent stake in PT Bank Panin Syariah Tbk, marking Dubai-listed lender’s first entry into the Asia-Pacific region.

7) Oil prices edged up on Tuesday, supported by weaker US dollar. Brent crude was last up 0.4 percent at $50.96/bbl and WTI rose 0.5 percent to $47.97/bbl.

8) Asian stocks were mainly positive towards closing hours, trailing overnight gains in US equities. Japan’s Nikkei225 Index was last up 1 percent and Hong Kong’s Hang Seng Index rose 0.5 percent. China's CSI300 Index was down 0.2 percent.

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