What you need to know as UAE markets open on May 9

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

1) The difficult market conditions are beginning to ease and the aviation industry can look forward to improved sentiment in Q2 2017, Dubai-listed Air Arabia's group CEO Adel Abdullah Ali told Argaam in an exclusive interview.

2) Dubai-based contractor Drake & Scull International (DSI) is expecting to hear "very soon" from Saudi Aramco on payments worth SAR 1.05 billion riyals ($280 million) or almost half of the  outstanding amount for the work it did for the oil company, Reuters reported, citing DSI’s chief executive Wael Allan.

3) Dubai Financial Market Company (PJSC) reported a net profit of AED 102.34 million for Q1 2017, a 19 percent increase compared to AED 86 million during the same period of 2016.

4) Abu Dhabi-listed Aldar properties posted a net profit of AED 641 million for Q1 2017, compared to a profit of AED 654 million in the same quarter last year.

5) RAK Properties PJSC, listed in Abu Dhabi, has reported a net profit of AED 39.9 million in Q1 this year, up 61.4 percent year-on-year (YoY).

6) Today is the last trading date for the shareholders of Dubai-listed Arabtec Holding to be entitled for the rights issue.

7) Manazel Real Estate PJSC has entered into a strategic partnership with McArthur + Company to lease and manage Capital Mall on behalf of Manazel Real Estate in Abu Dhabi. McArthur will also focus on managing the mall’s ongoing operation and performance as well as continued expansion.

8) Abu Dhabi-listed National Central Cooling Co. PJSC said its net profit increased by 19 percent YoY to AED 75.4 million in the first quarter of 2017, driven by the new connections made last year.

9) The Emirates NBD Dubai Economy Tracker Index rose from 56.6 to 57.7 in April, indicating that companies operating in Dubai’s private sector experienced a further improvement in business conditions at the start of the second quarter.

10) Abu Dhabi-based Etihad Airways has appointed Ray Gammell as interim group chief executive officer in place of James Hogan, who will step down on July 1, the carrier said in a statement on Monday.

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