What you need to know as UAE markets open on August 7

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

1) Dubai-listed Emaar Malls reported a net profit of AED 482 million for the second quarter of 2017, marking a year-on-year increase of 5 percent.

2) Al Mazaya Holding Co. reported a net profit of KWD 2.3 million for Q2 2017, holding stable from same period last year. The firm is listed in Dubai and Kuwait.

3) Dubai-listed Unikai Foods posted a net profit of AED 7.9 million for Q2 2017, rising from AED 7.2 million in the same period last year.

Separately, the firm said it has sold its factory building in Oman for OMR 550,000. Unikai took a one-off impairment of AED 2.5 million on the sale.  The company also approved construction of distribution centers in UAE and Ras Al Khaimah.

4) Abu Dhabi-listed Eshraq Properties swung to net profit of AED 636,000 in Q2 2017, compared to a loss of AED 101.4 million in the second quarter last year.

Separately, the developer said it has succeeded in registering final batch of apartments in Daman Tower, DIFC. The apartments were purchased in 2015. Eshraq has also completed the settlement with Tamouh for plots on Reem Island in Abu Dhabi.

5) Abu Dhabi Ship Building reported a net profit of AED 39.4 million for Q2 2017, compared to AED 32.2 million in the same period last year.

6) Gulf Cement Co. said its net profit for first six months of the year increased by 22 percent year-on-year to AED 21.7 million.

7) Dubai-listed contractor Arabtec Holding will hold a board meeting on August 8 to discuss Q2 financial statements.

8) Nasdaq Dubai-listed ENBD REIT Limited has acquired South View School in Dubai’s Remraam community. ENBD REIT will construct the school at a total transaction value of AED 55 million.

9) The Abu Dhabi National Oil Company (ADNOC) is negotiating with a number of banks to arrange a $5 billion (AED18.5 billion) loan, WAM reported. The oil firm is seeking funds to ensure sustainable expansion of its business.

10) Crude oil declined slightly on Monday, but held near a two-month high. Brent crude was last down 0.4 percent at $52.22/bbl and WTI crude fell 0.4 percent to $49.39/bbl.

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