What you need to know as UAE markets open on May 23

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

1) Abu Dhabi-listed Aldar Properties has won a build-operate-transfer contract for a new media free zone in Abu Dhabi. The first phase of the project is valued at AED 1 billion, the developer said in a bourse statement.

2) Following its decision on capital reduction, Dubai-listed Arabtec Holding has asked all its creditors to submit, in writing, all supportive documents of their debts to the company. The company also announced the key dates for the process of capital reduction.

3) Waha Capital, the Abu Dhabi-listed investment company, said its healthcare subsidiary Anglo Arabian Healthcare has signed final documents to sell its full equity stake in Proficiency Healthcare Diagnostics to Al Borg Medical Laboratories. The transaction is expected to be completed within three months.

4) Dubai-listed Damac Properties has launched Aknan, a collection of 3-bedroom villas that that are part of Damac’s Akoya Oxygen master-development. Aknan Villas will go on sale in Dubai on May 24, and are priced at AED 999,999.

5) Brent crude declined on Tuesday, with the benchmark grade last trading down 0.4 percent at $53.64/bbl. WTI crude, meanwhile, fell 0.4 percent to $50.95/bbl. US President Donald Trump has proposed selling a part of the country's strategic oil reserves in his budget plan, Reuters reported.

6) Asian stocks were mixed towards closing hours. Japan’s Nikkei225 Index was down 0.1 percent, while Hong Kong’s Hang Seng Index rose 0.3 percent, and China’s CSI300 Index was last trading higher by 0.4 percent.

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