What you need to know as UAE markets open on August 9

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

1) Dubai-listed Arabtec Holding reported a net profit of AED 39.8 million for Q2 2017, compared to a loss of AED 186.4 million in the same period last year.

2) Drake & Scull International (DSI), listed in Dubai, said it will receive an interest-free “Qard Hasan” loan of up to AED 100 million from Tabarak Investment as part of DSI’s capital restructuring program.

3) Dubai-listed Emirates Investment Bank reported a net profit of AED 8.86 million for Q2 2017, a 12.4 percent year-on-year (YoY) increase.

4) Abu Dhabi-listed RAK Bank has launched a $250 million three-year syndicated term loan facility. The lender has mandated Bank ABC (Arab Banking Corporation), First Abu Dhabi Bank, and Standard Chartered Bank as the initial mandated lead arrangers and bookrunners.

5) The Emirates NBD Dubai Economy Tracker Index stood at 56.3 in July – broadly similar to 56.5 in June – supported by a sharp increase in output.

6) The total value of real estate transactions in Dubai exceeded AED 390 billion, across 95,000 transactions, in the 18 months starting January 1, 2016, Dubai Land Department data showed.

7) Abu Dhabi’s Al Maqta’a bidding hall processed tenders worth more than AED 10 billion, from 10 different government entities in the emirate, during the first half of 2017.

8) Oil prices declined on Wednesday. Brent crude was last trading lower by 0.4 percent at $51.93/bbl and WTI crude was down 0.3 percent at $49.02/bbl. 

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