What you need to know as UAE markets open on May 16

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

1) Dubai-listed Drake & Scull International (DSI) swung to an AED 722.5 million net loss attributable to owners of the parent for Q1 2017, compared to a net profit of AED 9.8 million in Q1 2016.  The loss was attributed to provisions and impairment charges undertaken in the quarter, the contractor said.

2) Dubai developer Damac Properties reported a net profit of AED 880.4 million for the first quarter of 2017, a 16.2 percent year-on-year (YoY) decline.

3) Dubai-listed Oman Insurance Co. posted a net profit of nearly AED 26 million for the first quarter, up 6.9 percent YoY.

4) Dubai-listed Amanat Holdings reported a Q1 net profit of AED 13 million, a 37.8 percent increase YoY.

5) Abu Dhabi-listed National Marine Dredging Co.’s Q1 net profit came in at AED 1.5 million, plunging 85 percent YoY from AED 10.5 million in the same period last year.

6) The UAE’s non-oil growth is projected to rise to 3.3 percent in 2017, reflecting more gradual fiscal consolidation, stronger global trade, and increased Expo 2020 investment, the International Monetary Fund (IMF) said on Monday.

7) Oil prices were higher on Tuesday, extending gains after the energy ministers of Saudi Arabia and Russia said they favor extending the output cut deal between OPEC and non-members for another nine months. Global benchmark Brent crude was last up 0.3 percent at $51.95 per barrel (bbl), while WTI was also 0.3 percent higher at $48.98/bbl. 

8) Asian stocks were mixed on Tuesday, with Japan’s Nikkei 225 index up 0.2 percent, while Hong Kong’s Hang Seng slipped 0.3 percent and China’s CSI 300 index edged 0.1 percent lower. 

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