What you need to know as UAE markets open on December 20

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

1) Abu Dhabi-listed Aldar Properties said it has acquired International Tower, an office tower located in Abu Dhabi, for AED 658 million.

2) Dubai-listed Dar Al Takaful board members at a meeting held on Dec. 19 discussed and approved the budget for 2018.

3) UAE-based real estate developer Omniyat is said to have secured an AED 500 million financing facility from Dubai-listed Ajman Bank for the construction of a mixed-use project in Dubai’s Business Bay. The facilities have a five-year tenor and are in line with shariah-compliant practices.

4) The 5 percent VAT will also be applicable to petrol in the UAE, Gulf News reported, citing director general of the Federal Tax Authority (FTA) Khalid Al Bustani. However, crude oil and natural gas will not be taxed.

5) Crude oil prices climbed higher on Wednesday, supported by outage of UK’s North Sea Forties pipeline system. Brent crude was last up 0.1 percent at $63.88/bbl, while WTI crude rose 0.3 percent to $57.73/bbl.

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