What you need to know as UAE markets open on August 22

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 a federal decree-law on excise tax for select products. The legislation covers the production or import of the excise goods, along with stocking of such goods.The excise tax rates have not been announced yet. The rates, however, cannot exceed 200 percent of the excise price.

2) The banking sector increased their statutory reserves at the UAE Central Bank by AED 8.6 billion during H1 2017, bringing the total required reserves by the end of June 2017 to AED 125.5 billion, Central Bank’s data showed.

3) Dubai-listed Damac Properties said its unit Nine Elms Property has awarded a GBP 240 million contract to Multiplex for Aykon London One project.

4) Telecom operator Ooredoo said the chief executive officer of Ooredoo-Myanmar, Rene Meza, has resigned. Chief operating officer Vikram Sinha has been appointted as acting CEO. Ooredoo is listed in Abu Dhabi and Qatar.

5) Abu Dhabi-based Etihad Airways has pushed the appointment of its new group chief executive officer to end of this year, with the new recruit expected to take up the role by early 2018.

6) Crude oil prices edged higher on Tuesday, with Brent crude last up 0.4 percent at $51.84/bbl, while WTI crude rose 0.4 percent to $47.55/bbl.

7) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 0.1 percent, China’s CSI 300 Index rose 0.4 percent and Hong Kong’s Hang Send Index added 1 percent.

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