Here are some things you need to know as markets open today in the United Arab Emirates.
1) Abu Dhabi Islamic Bank said the group net profit for Q1 2017 increased by 19.8 percent year-on-year to AED 577.5 million. The increase was attributed to higher revenues, driven by rise in number of customers, growth in fee and forex income, and better control on expenses.
2) Emirates Integrated Telecommunications Co. (du) reported a net profit of AED 365 million in Q1 2017, compared to a profit of AED 480 million in the same period last year.
3) Dubai-listed logistics firm Aramex has scheduled its board meeting on April 30 to discuss and approve first quarter financial reports.
4) Deyaar Development board members will meet on April 30 to review 2017 first quarter financial results, the Dubai-listed firm said.
5) The rights issue of Dar Al Takaful is due to be tradable on Dubai Financial Market from April 25 until May 8. The opening price of the rights issue has been set at AED 0.23. The rights issue will be free-floated on the inaugural day, and will follow DFM fluctuation range from the second day. Subscription of new shares will take place between April 30 and May 15.
6) Abu Dhabi-listed Invest Bank posted a net profit of AED 89.7 million in Q1 2017, compared to AED 85.4 million in the same period last year.
7) Emaar Hospitality Group, the hospitality and leisure business of Emaar Properties, unveiled six new hotel projects as part of its regional and international expansion plans, at the Arabian Travel Market 2017. The new projects will open in Dubai, Abu Dhabi and Egypt.
8) Crude oil prices edged up ahead of UAE trading hours. Brent crude was last up 0.5 percent at $51.84/bbl and WTI crude rose 0.5 percent to $49.47/bbl.
9) Asian stocks were mainly positive towards closing hours. Japan's Nikkei last was up 0.8 percent, China's CSI300 Index rose 0.5 percent and Hong Kong’s Hang Seng Index gained nearly 1 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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