What you need to know as UAE markets open on May 1

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

1) Abu Dhabi Commercial Bank reported a net profit of AED 1.105 billion for Q1 2017, an 8 percent increase year-on-year (YoY).

2) Abu Dhabi-listed developer Aldar Properties has sold out the homes in the first two towers of The Bridges, its latest mid-market development, worth a total value of AED 400 million.

3) Dubai-listed courier firm Aramex posted a 5.3 percent YoY decline in Q1 2017 net profit to AED 91.8 million.

4) Dubai-listed Deyaar Properties reported a net profit of AED 32 million for Q1 2017, a 37.3 percent decline YoY. Net profit in Q1 2016 included a write-back of provision for impairment of investment in an associate, the developer said.

5) Abu Dhabi listed RAK Properties’ Q1 2017 net profit came in a AED 39.9 million, more than doubling from AED 18.5 million in Q1 2016

6) Oil prices were slightly weaker on Monday, with Brent crude down 0.3 percent at $51.91 per barrel, while West Texas Intermediate (WTI) slipped 0.2 percent to $49.22.

7) Asian markets were firm on Monday, with Japan’s Nikkei 225 index last up 0.5 percent, boosted by strong earnings from high-tech blue chips. Many markets in Asia and Europe are closed for Labor Day. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com