What you need to know as UAE markets open on May 7

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

1) Dubai Investments PJSC reported a net profit attributable to shareholders of AED 289 million for the first quarter of 2017, compared to a profit of AED 297.5 million in the same period last year.

2) Dubai-listed Ajman Bank posted a net profit of AED 26 million for Q1 2017, versus AED 30 million in the first quarter last year.

3) Abu Dhabi-listed Aldar Properties said it has appointed Trojan General Contracting as the main contractor for the first three precincts of its AED 6 billion flagship development on Yas Island – Yas Acres.

4) US-based Blackstone Group LP and Luxembourg-based CVC Capital Partners are in talks to buy a stake of up to 40 percent in Dubai developer Emaar Properties’ entertainment division, Bloomberg reported, citing sources.

5) Dubai's Arabtec Holding posted a net profit of AED 17.6 million in Q1 2017, compared to a net loss of AED 46.4 million in the same period previous year.

6) Al Mazaya Holding Co. reported a net profit of $6.2 million for the first quarter of 2017, holding stable from the same period last year. The company is listed in Kuwait and Dubai.

7) A subsidiary of Dubai-listed Damac Properties, Damac Real Estate Development Ltd, has listed a $500 million sukuk on Nasdaq Dubai.

8) Oil ended last week on a positive note with both Brent crude and WTI crude rising 1.5 percent to close at $49.1/bbl and $46.22/bbl, respectively.

9) US equities closed mainly in the green last week, supported by a rebound in oil prices. Dow Jones Industrial Average was up 0.3 percent and Nasdaq Composite Index gained 0.4 percent. Earlier in Asia, China's CSI300 Index fell 0.6 percent and Hong Kong’s Hang Seng Index declined 0.8 percent.

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