What you need to know as UAE markets open on May 15

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

1) Dubai-listed Emaar Properties reported a net profit of AED 1.4 billion for the first quarter of 2017, an increase of 15 percent year-on- year (YoY) as revenue from malls, hospitality and leisure businesses improved, the firm said in a bourse statement.

2) Dubai-listed Arabtec Holding's rights issue will start trading today, until May 21. The opening price of the rights issue has been set at 1 fil as minimum price through all of its trading sessions. The rights issue will be free-floated on its inaugural day, and movement will be in line with DFM’s fluctuation range from second day onwards.

3) Abu Dhabi Ship Building PJSC recorded a consolidated net profit of AED 9.4 million in Q1 2017, compared to a profit of AED 18.8 million in the same period last year.

4) Gulf Pharmaceutical Industries (Julphar), listed in Abu Dhabi, reported a net profit of AED 44.1 million for Q1 2017, compared to AED 79 million in the same period last year.

5) Abu Dhabi-listed Ras Al Khaimah Cement Co. made a net profit of AED 1.4 million in Q1 2017, a decrease of 70 percent YoY.

6) Abu Dhabi-listed Fujairah Cement Industries posted a net profit of AED 12.6 million for the first quarter of 2017, compared to a profit of AED 16.8 million in the same period last year.

7) Ras Al Khaimah National Insurance Co., listed in Abu Dhabi, posted a net profit of AED 4 million in the first quarter of 2017, down 35.4 percent year-on-year.

8) Oil prices edged higher on Monday, on reports that OPEC and non-OPEC output deal would likely be extended beyond the initial six months. Both Brent crude and WTI crude were up 1.6 percent at $51.65/bbl and $48.63/bbl, respectively, an hour before UAE markets opened.

9) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last down 0.2 percent, while China’s CSI300 Index rose 0.5 percent and Hong Kong’s Hang Seng Index gained 0.6 percent.

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