What you need to know as UAE markets open on April 2

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

1) A fire broke out on Sunday at Emaar Properties under-construction project The Address Residence Fountain Views – a three 60-storey tower complex that was expected to be completed next year. The fire was said to be under control and no injuries were reported, according to latest update from Dubai Media Office.

2) National Bank of Abu Dhabi's 5.64 billion new ordinary shares, following the merger with First Gulf Bank, have been issued and will start trading today. 

3) Abu Dhabi National Energy Company (TAQA) reported a net loss of AED 19 billion in 2016, as compared to a loss of AED 1.8 billion the previous year. The decline, TAQA said, was driven by AED 16.9 billion impairment primarily related to oil and gas assets in response to lower commodity prices.

4) Hits Telecom posted a net loss of KWD 5.4 million for the year 2016, compared to a loss of KWD 5.7 million in the previous year. The firm, listed in Dubai and Kuwait, said its operating profit fell due increase in expenses as a result of expansion into new markets, and also due to provision taken against investment decline risk.

5) Al Madina for Finance & Investment Co. swung to net profit of KWD 1.4 million for 2016, against a loss of KWD 4.8 million in 2015. The improvement was attributed to net reversal of provisions and impairment in value amounting to KWD 1.2 million. The company is listed in Dubai and Kuwait.

6) Abu Dhabi-listed Aldar Properties has awarded AED 500 million contract for its luxury golf and waterfront apartment project Mayan, located on Yas Island, to Ghantoot General Construction, local media reported. 

7) Oil prices closed last week in the positive zone. Brent crude was up 0.8 percent at $53.53/bbl and WTI crude rose 0.5 percent to $50.6/bbl.

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