What you need to know as UAE markets open on August 30

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

1) Bank of America Merrill Lynch and First Abu Dhabi Bank are expected to be part of the share sale by Emaar Properties’ UAE real estate development business, Reuters reported.

2) Profitability at four of the largest banks in the UAE will remain solid in the next 12 to 18 months, underpinned by solid interest income, despite pressure on fee and commission income, Moody's Investors Service in a report.

3) Financial markets in the UAE will be closed from August 31 to September 3 for Eid Al Adha. Trading will resume on Monday.

4) Fuel prices in the UAE are set to rise by at least 6 percent in September, according to the ministry of energy.

5) Saudi tourists accounted for the largest share of hotel guests in Sharjah during the first half of the year, the Sharjah Commerce and Tourism Development Authority said in a statement, adding that it seeks to attract more visitors from the Kingdom in 2017.

6) Oil prices declined on Wednesday. Brent crude last down 0.4 percent at $51.79/bbl and WTI crude fell 0.3 percent to $46.29/bbl.

7) Asian equities were mainly positive towards closing hours. Japan’s Nikkei 225 Index rose 0.5 percent, China’s CSI 300 Index added 0.1 percent, and Hong Kong’s Hang Seng Index was up 0.8 percent.

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