What you need to know as UAE markets open on May 24

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

1) Dubai-listed Emaar Malls said it has acquired a 51 percent stake in Namshi, an e-commerce platform, for $151 million.

2) The investor sentiment in the UAE market has improved as compared to the last year, according to the First Abu Dhabi Bank's index measuring impression of wealth holders. The index rose by 1.87 percent to 1,038.3 points from 1,019.1 points in April 2016, reflecting the positive mood prevailing toward country's business environment.

3) Assets with UAE banks rose by 6.9 percent to reach AED 2,662 billion by the end of April, compared to AED 2,491 billion from April last year, latest data from UAE Central Bank showed.

4) Consolidated revenues of real estate companies listed in the UAE markets rose by 20 percent to AED 7.98 billion in the first quarter of 2017, compared with AED 6.68 billion during the same period last year, a study by Argaam revealed.

5) The UAE Federal Tax Authority has announced a 100 percent tax on tobacco and energy drinks, and 50 percent on carbonated beverages that will be applied starting the fourth quarter of this year, local media reported.

6) Crude oil prices edged higher on Wednesday, ahead of tomorrow’s meeting between OPEC and non-OPEC producers. Brent crude was last up 0.1 percent at $54.18/bbl and WTI crude gained 0.04 percent to reach $51.49/bbl.

7) Asian equities were mixed towards closing hours. Japan’s Nikkei225 Index was up 0.6 percent, while Hong Kong’s Hang Seng Index declined 0.2 percent and China’s CSI300 Index fell 0.3 percent.

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