What you need to know as UAE markets open on May 30

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

1) Profits of 65 domestic and foreign companies listed on Abu Dhabi Securities Exchange (ADX) in Q1 2017 reached AED 12 billion, growing by 19 percent year-on-year, state news agency WAM reported.

2) Dubai-listed contractor Drake & Scull International (DSI) expects that it will have approximately AED 1 billion ($272 million) of cash flow available over the next four years to partly repay its debt, Reuters reported citing banking sources.

3) Dubai-listed Shuaa Capital has appointed Fawad Tariq-Khan as general manager, in the place of Houssem Ben Haj Amor, effective June 1.

4) Dubai-based Emirates airline made changes for three key management positions in its commercial and cargo operations team in the Middle East. The airline has appointed Abbas A Haji as vice-president for hub operations for SkyCargo in the UAE; Mohamed Khoory as manager of Iran; and Sultan Alriyami as manager of Jordan and West Bank.

5) Bloom Properties, a unit of Bloom Holding, said that it has started construction on its mixed-use development, Soho Square, on Saadiyat Island in Abu Dhabi.

6) Abu Dhabi Executive Council has approved two infrastructure development projects in Abu Dhabi worth AED 74.2 billion. The projects are part of Abu Dhabi’s plan to ensure water and energy sustainability.

7) Oil prices declined on Tuesday as oversupply weighed. Brent crude was last trading down 0.2 percent at $52.1/bbl and WTI crude slipped 0.02 percent to $49.79/bbl.

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