What you need to know as UAE markets open on July 19

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

1) Dubai-listed Emirates NBD posted a net profit of AED 2.02 billion for Q2 2017, an increase of 6 percent year-on-year (YoY).

2) Emirates Islamic Bank reported a net profit of AED 165.7 million for Q2 2017, compared to a profit of AED 92.1 million in the same period last year.

3) Dubai-listed telecom operator du said it will hold a board meeting on July 24 to discuss Q2 2017 financial statements and the proposed dividends.

4) National International Holding Co. has scheduled a board meeting on July 23 to discuss Q2 2017 financial statements.

5) Dana Gas will lift an injunction it obtained in a UAE court protecting it against claims on $700 million sukuk to comply with a London court order, Reuters reported, citing a source.

6) The market capitalization of foreign investments at UAE equity markets grew by 2.3 percent to AED 99.1 billion by the end of June from AED 96.9 billion in May, WAM reported, citing industry figures.

7) UAE banks’ assets rose 5 percent year-on-year (YoY) in June to AED 2.65 trillion, according to Central Bank’s data. Deposits and loans increased by 6 percent and 3 percent, respectively.

8) The UAE’s Ministry of Finance is considering imposing a new tax on corporations operating in the country, Al-Bayan newspaper reported.

9) Riyadh-based ACWA Power International has sent in the lowest bid on the $1 billion project that will provide electricity to the grid for the Dubai Water & Electricity Authority (DEWA) between 4 pm and 10 am, Bloomberg reported.

10) Oil prices declined on Wednesday, following an American Petroleum Institute report that indicated an increase in US crude stockpiles. Brent crude was last down 0.3 percent at $48.7/bbl and WTI crude fell 0.3 percent to $46.25/bbl. 

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