What you need to know as UAE markets open on April 20

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

1) National Bank of Abu Dhabi’s pro-forma Q1 2017 group net profit stood at AED 2.93 billion, up 12.4 percent from AED 2.6 billion in the first quarter of 2016, led by growth in revenues. The lender recently completed its merger with First Gulf Bank and is looking to change its name to First Abu Dhabi Bank.

2) National Bank of Ras Al Khaimah (RAK Bank) Group reported consolidated net profit of AED 154.7 million for the first quarter of 2017, down 38.1 percent year-on-year (YoY).

3) Abu Dhabi-listed Etisalat Telecommunications Group has called its board meeting on April 25 to discuss Q1 2017 financial statements.

4) Emirates NBD reported a net profit of AED 1.87 billion for first quarter of 2017, up 4 percent year-on-year (YoY).

5) DXB Entertainments, owner of Dubai Parks and Resorts, said it plans to expand its Lapita Hotel brand in the region with the goal to form a global chain. DXB Entertainments will launch Lapita in other prime entertainment destinations and aims to secure management contracts to facilitate the expansion plan, the firm said.

6) Dubai Investments Real Estate Company, the real estate arm of Dubai Investments PJSC, will launch the second cluster of Mirdif Hills project in Dubai for sales soon.

7) Dubai-listed Union Properties has rescheduled its general assembly meeting to April 26, after the April 19 meeting was called off for lack of quorum.

8) Saudi Arabia-based Dar Al-Arkan Real Estate Development Co. has listed $500 million sukuk on Nasdaq Dubai. The listing aims to support Dar Al-Arkan’s strategy to raise capital for property development activities across Saudi Arabia. The sukuk was two times oversubscribed.

9) UAE markets will be closed on Sunday for Al Isra Wa Al Miraj holiday. Trading will resume on Monday.

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