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

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

1) Abu Dhabi-listed Eshraq Properties said Integrated Capital (IC), which holds 11.51 percent stake in Eshraq, has transferred approximately 96 million of Eshraq shares from IC’s ADX National Investor Number to IC’s account with Ajman Bank.

2) GFH Financial Group said its board of directors has discussed the dividend policy, in the light of the group’s recent performance. The decision has been referred to the Central Bank of Bahrain and will be announced after all approvals are received. The firm is listed in Dubai and Bahrain.

3) Nasdaq Dubai-listed DP World posted a net profit attributable to owners of $606 million for first half of 2017, down 0.3 percent from the same period last year. On a like-for-like basis, the profit rose 15.8 percent year-on-year driven by strong EBITDA. 

4) Nasdaq Dubai-listed Emirates REIT said it has signed the acquisition of the European Business Centre in Dubai Investments Park for AED 130 million ($35.4 million).

5) The UAE will begin imposing excise tax on select goods starting October 1, the ministry of finance said. Under the law, the percentage of the tax will likely reach 100 percent for tobacco and energy drinks and 50 percent for sugary fizzy drinks.

6) Oil prices held steady with only slight changes early on Thursday. Brent crude was last unchanged at $52.57/bbl, while WTI crude fell 0.1 percent to $48.37/bbl.

7) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.3 percent and China’s CSI 300 Index slipped 0.2 percent, while Hong Kong’s Hang Seng Index was last trading up 0.6 percent. 

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