What you need to know as UAE markets open on Sept. 28

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

1) Abu Dhabi-listed Waha Capital has acquired a minority stake worth about $55 million in Dubai-based financial technology (fintech) firm Channel VAS, it said in a bourse statement.

2) Qatar’s Commercial Bank is in talks to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank to Tabarak Investment, Reuters reported on Wednesday, citing sources familiar with the matter. Tabarak is currently a major shareholder in Dubai-listed Drake & Scull International.

3) Middle East Venture Partners has launched its third Middle East and North Africa venture capital (VC) fund, with a target size of $250 million. The fund aims to invest in early-stage and growth-stage tech companies in MENA and Turkey. Emaar Properties chairman Mohamed Alabbar acquired a stake in MEVP in May.

4) The UAE’s planned excise tax is set to go into effect from Oct. 1, the country’s Federal Tax Authority announced yesterday. Under the new system, a 50 percent tax will be imposed on carbonated drinks and a 100 percent tax will be introduced for tobacco products and energy drinks.

5) Oil prices slipped on Thursday, with US crude shedding some of the previous session’s gains on an unexpected fall in inventories. Brent crude was last 0.3 percent lower at $57.73 per barrel (bbl). WTI also fell 0.3 percent to $51.99/bbl.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com