What you need to know as UAE markets open on March 26

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

1) Dubai-listed Emaar Malls, the retail unit of Emaar Properties, is seeking to take over online retailer Souq.com, Bloomberg reported, citing sources. The company is said to have offered about $800 million for Souq.com, which includes a convertible deposit of $500 million.

2) Abu Dhabi-listed Agthia Group’s board has recommended a cash dividend of 15 percent, equivalent to AED 0.15 per share.

3) Abu Dhabi-based Waha Capital is discussing investment opportunities with potential partners in Saudi Arabia, as the company looks to diversify its investment portfolio outside the United Arab Emirates, Reuters reported.

4) Noon.com, the new e-commerce platform worth $1 billion launched by Saudi Arabia’s Public Investment Fund and Dubai billionaire Mohamed Alabbar, will be launched within the next few weeks, Arabian Business reported.

5) Trading in shares of ENBD REIT began Thursday, following its $105 million initial public offering (IPO) on Nasdaq Dubai.

6) Oil closed with gains last week, with Brent crude up 0.5 percent at $50.80/bbl and WTI crude up 0.6 percent to $47.97. The US oil rig count rose by 21 last week, to the highest level since September 2015, according to Baker Hughes latest data.

7) Asian stocks ended the week positive. Japan’s Nikkei225 Index was up nearly 1 percent; China's CSI300 Index rose 0.8 percent; and Hong Kong’s Hang Seng Index gained 0.1 percent. 

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