What you need to know as UAE markets open on May 21

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

1) Gulf Navigation Holding PJSC, a Dubai-listed shipping company, said its net profit reached AED 8.8 million in Q1 2017, an increase of 39 percent year-on-year.

2) Trading on Dubai-listed Arabtec Holding’s Rights Issue ends today.

3) Abu Dhabi-listed Dana Gas has scheduled a board meeting on May 24. The agenda includes discussion on company’s operations in Egypt, UAE and Kurdistan region of Iraq; update on receivables in Egypt and Kurdistan region of Iraq; sukuk refinancing and funding activities; and report on arbitration proceedings.

4) Dubai-listed developer Damac Properties said it has launched a new 31-storey tower project in Qatar. The Burj Damac Seaviews apartments will go on sale on May 24, with a starting price of QAR 2.5 million.

5) Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority, is seeking offers for Paris office buildings valued at 1.5 billion euros to cash in on increased investor appetite for French assets, Bloomberg reported, citing sources.

6) Abu Dhabi National Oil Co. (ADNOC) said it has signed an agreement with Penthol, a global supplier and distributor of oil products and petrochemicals, appointing them as exclusive seller of ADNOC’s Group III base oil in the US.

7) Dubai-based billionaire Mohamed Alabbar, who is the chairman Emaar Properties, has acquired a stake in venture capital firm Middle East Venture Partners (MEVP.

8) Oil prices closed positive on Friday, gaining more than 5 percent over the week on reports that OPEC and non-OPEC producers are eyeing output deal extension. Brent crude rose 2.1 percent to close at $53.61/bbl and WTI crude added 2 percent to reach $50.33/bbl.

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