What you need to know as UAE markets open on April 13

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

1) Dubai-listed Mashreq Bank said its net profit for Q1 2017 was AED 546 million, up 2.7 percent from same period last year.

2) Abu Dhabi-listed Union National Bank reported a net profit of AED 452 million for Q1 2017, compared to AED 450 million in the same period last year.

3) Drake & Scull International with hold its general assembly meeting on April 27. The agenda includes approval for the contractor’s capital restructuring plan, it said in a statement to DFM.

4) Arabtec Holding has published its updated recapitalization program. The Dubai-listed contractor announced capital restructuring plan after 2016 full year results.

5) First Abu Dhabi Bank has cut up to 20 jobs in its global markets department after the merger of National Bank of Abu Dhabi and First Gulf Bank, Reuters reported, citing sources.

6) Emirates NBD will hold its board meeting on April 18 to discuss financial reports for the first quarter of 2017.

7) Abu Dhabi Financial Group has hired National Bank of Abu Dhabi and Shuaa Capital to advise on the initial public offering of Etihad REIT, a shariah-compliant real estate investment trust (REIT).

8) OPEC’s crude oil production in March decreased by 153,000 barrels per day (bpd), compared to February, to average 31.93 million bpd as output dropped in Libya and the UAE, the group’s latest monthly report showed.

9) Brent crude recovered slightly from previous session’s losses and was trading slightly higher at $55.87 a barrel, an hour before UAE markets opened. WTI crude was down 0.1 percent at $53.08/bbl.

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