What you need to know as UAE markets open on August 23

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

1) The UAE Securities and Commodities Authority (SCA) has approved listing of Kuwait's Zima Holding Company under foreign public joint stock companies category, taking the number of listed companies with SCA to 127 – of which 111 are local and 16 foreign.

2) The Excise Tax Law will come into effect starting October 1, ministry of finance told WAM news agency. The levy will be on all excise goods consumed inside the country. The percentage of the tax will likely reach 100 percent for tobacco and energy drinks and 50 percent for sugary fizzy drinks.

3) Non-oil trade between the UAE and the US was more than $30.3 billion (AED 111.1 billion) by the end of 2016, compared to $27.8 billion in 2015, minister of economy Sultan bin Saeed Al Mansouri said.

4) Abu Dhabi's non-oil trade with four GCC states reached AED 11.33 billon in the first five months of the year, with Saudi Arabia coming on top of the emirate's Gulf trade partners.

5) Bank financing to property and construction sector in the UAE increased by AED 16.5 billion during H1 2017, a growth of 6.2 percent from the end of 2016. Total bank credit to the sector stood at AED 281.2 billion by the end of June.

6) US-based KBR Inc. has been awarded a project management services contract by OMV Offshore Abu Dhabi GmbH, on behalf of Abu Dhabi National Oil Co, for management of the front end engineering design phase of Hail and Ghasha Development project in Abu Dhabi.

7) Oil prices were lower on Wednesday. Brent crude was last down 0.4 percent at $51.69/bbl, while WTI crude fell 0.3 percent to $47.68/bbl.

8) Asian stocks were mixed positive towards closing hours, following overnight gains in US equities. Japan’s Nikkei 225 Index was last up 0.4 percent while China’s CSI 300 Index slipped 0.04 percent. 

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