What you need to know as UAE markets open on August 28

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

1) UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued the federal decree for value-added tax (VAT). The decree provides that all supplies of goods and services are subject to VAT at a standard rate of 5 percent, with a few exceptions.

2) Dubai-listed Emaar Properties will start releasing units for 17 Icon Bay, its latest residential project at the Dubai Creek Harbor development, from August 29.

3) S&P Global Ratings said that UAE’s public-listed insurers posted strong growth in gross premiums written and net profits in the first half of 2017, exceeding its expectations.

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

5) Crude oil prices were mixed on Monday, with Brent crude last up 0.3 percent at $52.57/bbl while WTI crude fell 0.4 percent to $47.69/bbl. Hurricane Harvey has led to the closure of ports and refineries in Texas, US.

6) Asian stocks were mixed towards closing hours. China’s CSI 300 Index rose 1.4 percent and Hong Kong’s Hang Seng Index added 0.6 percent, while Japan’s Nikkei 225 Index was last down 0.04 percent.

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