What you need to know as UAE markets open on August 15

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

1) Dubai-listed Emaar Properties reported a net profit of AED 1.5 billion for the second quarter of 2017, an increase of 14 percent year-on-year (YoY) as Dubai property sales rose.

2) Dubai-listed contractor Drake & Scull International (DSI) narrowed its net loss to AED 182.7 million in the second quarter of this year, compared to a loss of AED 207.6 million in Q2 2016.

DSI has also terminated the services of CEO Wael Allan, with immediate effect.

3) GFH Financial Group (GFH) said it has completed the acquisition of $1.2 billion infrastructure portfolio in Africa and Middle East. The acquisition was funded by $315 million capital increase, taking GFH issued and paid up capital to $975 million. The firm is listed in Bahrain and Dubai.

4) Abu Dhabi-listed Manazel Real Estate said its H1 2017 net profit rose 81 percent YoY to AED 56.5 million, driven by business diversification plans, positive group sales performance and cost controls measures.

5) Abu Dhabi-listed Waha Capital reported net profit at AED 95.6 million for Q2 2017, compared to AED 130 million a year earlier. The decrease was due to an adjustment of AED 66.6 million against the share of income from AerCap Holdings NV, following a conservative reassessment of the recoverable amount on the company’s stake in AerCap.

6) Dubai-listed Damac Properties reported a net profit of AED 701.3 million for the second quarter of 2017, a decrease from AED 886.8 million posted in Q2 last year.

7) Abu Dhabi National Insurance Co.’s H1 2017 net profit rose 20 percent YoY to AED 128.5 million.

8) Oil prices edged higher on Tuesday, recovering from the sharp decline in the previous session. Brent crude was last up 0.1 percent at $50.8/bbl and WTI crude rose 0.1 percent to $47.62/bbl.

9) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 1.3 percent, China’s CSI 300 Index rose 0.5 percent, and Hong Hong’s Hang Seng Index added 0.4 percent.

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