What you need to know as UAE markets open on May 17

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

1) Noon.com, the e-commerce platform focused on the Middle East, is on track to be launched this year, Mohamed Alabbar, founding partner of Noon and chairman of Dubai-listed Emaar Properties, said in a statement on Tuesday.

2) Index provider MSCI has said that it will add Dubai-listed Damac Properties to its UAE Index on June 1. 

3) Sudatel Telecom Group, listed in Abu Dhabi, said it has submitted its bid for the third mobile license in Oman.

4) Abu Dhabi-listed Gulf Medical Projects Co. board has decided to distribute interim cash dividend of 200 percent, to shareholders on record on May 24.

5) Al-Madina For Finance & Investment Co. posted a net profit of KWD 1.3 million for Q1 2017, a sharp rise from KWD 459,814 in the same period last year.

6) Oil prices edged down on Wednesday, after industry report showed an increase in US inventories. Brent crude was last down 0.8 percent at $51.24/bbl and WTI crude fell 1 percent to $48.2/bbl.

7) Asian equities were mainly negative towards closing hours. Japan's Nikkei 225 Index last was trading down 0.6 percent, China's CSI300 Index slipped 0.3 percent and Hong Kong's Hang Sang Index lost 0.3 percent.

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