What you need to know as UAE markets open on December 11

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

1) Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum approved AED 56.6 billion budget for 2018, an increase of 19.5 percent year-on-year increase.

2) The Emirates NBD Dubai Economy Tracker Index eased to 55.3 in November, from 55.6 in October. The rate of growth, however, remained above the series’ long-run average. Wholesale and retail companies reported the strongest improvement in business conditions.

3) The Commercial Compliance & Consumer Protection, under Dubai Economy, has called on retailers in the emirate not to use the value-added tax (VAT) to manipulate prices and add VAT to their prices displayed effective January 1, 2018.

4) GFH Financial said it acquired majority interest in 25 million square meter land bank during 2017. The portfolio is expected to realize a value exceeding $1.2 billion on the medium and long terms with presence across the GCC, India and Africa. GFH is listed in Dubai and Bahrain.

5) Dubai-listed Al Ramz Corporation will hold a board meeting on Dec. 13 to discuss the budget for fiscal year 2018.

6) National Bank of Fujairah (NBF) said it has joined Nasdaq Dubai’s Murabaha Platform, which offers unique advantages to financial institutions and clients seeking shariah-compliant solutions and trading opportunities.

7) Oil prices declined on Monday, under pressure from rising US rig count. Brent crude was last down 0.4 percent at $63.16/bbl while WTI crude fell 0.4 percent to $57.15/bbl.

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