What you need to know as UAE markets open on August 14

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

1) Dubai-listed Damac Properties reported a net profit of AED 1.6 billion for the first half of 2017, down from AED 1.9 billion in the same period last year.

2) Bahrain-based Arig reported net profits of $ 4.1 million for the first half of the year 2017, more than double from $ 1.8 million in H1 2016. The firm is also listed in Dubai.

3) Abu Dhabi-listed Dana Gas will hold a board meeting on August 15 to approve Q2 2017 financial statements and update on the Kurdistan Regional Government (KRG) arbitration.

4) Sudatel Telecommunications Group Co., listed in Abu Dhabi, recorded a net profit of $18 million in H1 2017, compared to $18.5 million in the same period last year.

5) Jebel Ali Free Zone (Jafza), a subsidiary of Nasdaq Dubai-listed DP World, said its non-oil foreign trade grew by 17 percent from 23.9 million to 27.9 million tonnes in 2016, worth $80.2 billion.

6) A total of 88 real estate projects were launched from the beginning of 2016 until H1 2017, Dubai Land Department data showed. Of these, 68 projects were registered during H1 2017, representing a value of AED 21 billion.

7) Consumer spending in the UAE is expected to grow at a compound annual growth rate (CAGR) of 7.5 per cent over the next five years to exceed $261 billion by 2021, the Dubai Chamber of Commerce and Industry said in a report.

8) Oil prices declined on Monday, with Brent crude last down 0.2 percent at $52/bbl and WTI crude down 0.1 percent at $48.78/bbl.

9) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.8 percent, while China’s CSI 300 Index rose 0.9 percent, and Hong Hong’s Hang Seng Index added 1.2 percent.

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