Here are some things you need to know as markets open today in the United Arab Emirates.
1) Dubai-listed Air Arabia reported a net profit of AED 158 million for Q2 2017, a 21 percent year-on-year (YoY) increase attributed to the carrier’s cost control measures and operational efficiency.
2) Abu Dhabi-listed Eshraq Properties has awarded a contract worth AED 144 million to Al Sweidi & Shams Contracting for the main works at Marina Rise project in Al Reem Island.
3) Dubai-listed Arabtec Holding said its subsidiary, Arabtec Construction, has been awarded an AED 363 million ($99 million) contract for the construction of the Dubai South Mall.
4) Amlak Finance, listed in Dubai, reported net profit of AED 8.1 million for Q2 2017 compared to loss of AED 35.5 million in Q2 last year, mainly due lower operating cost and reversal of impairments.
5) Dubai-listed Damac Properties will hold a board meeting, through circulation, on August 13 to approve Q2 2017 financial statements.
6) Trading on Arabtec Holding shares will be suspended starting 10 am as the firm is holding its board meeting today. The agenda includes discussion on Q2 financial statements.
7) Abu Dhabi-listed Waha Capital will hold a board meeting on August 13 to discuss the company’s Q2 2017 financial statements.
8) The value of Etisalat's goodwill rose to AED 14.7 billion during H1 2017 from AED 14.1 billion in the corresponding period last year, the Abu Dhabi-listed telco said.
9) Abu Dhabi National Oil Company (ADNOC) is planning to split its Abu Dhabi Marine Operating Company concession into two or more areas to unlock greater value and increase partnership opportunities.
10) Oil prices edged lower on Tuesday with Brent crude last down 0.4 percent at $52.14/bbl and WTI crude down 0.4 percent at $49.2/bbl. Officials from joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi today to discuss measures to boost compliance with the output cut deal.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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