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

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

1) Dubai-listed Drake & Scull International said it will proceed with the mechanical, electrical and plumbing (MEP) works for the Fairmont Abu Dhabi hotel and serviced apartments under an AED 233 million contract.

2) Dubai-listed Union Properties reported a net loss of nearly AED 2.3 billion in Q2 2017, compared to a profit of AED 71.7 million in Q2 2016. The developer wrote down the value of its investment property portfolio by AED 2.07 billion.

3) Retailer Marka, listed in Dubai, widened its net loss to AED 125.97 million in Q2 2017 from AED 17.93 million in same quarter last year. The decline was attributed to the company’s restructuring program that is currently underway.

4) Dubai-listed Arabtec Holding said its wholly owned subsidiary, Target Engineering Construction Co., has been awarded two new projects amounting to AED 3.2 million.  

5) Abu Dhabi-listed Dana Gas reported a net profit of AED 43 million for Q2 2017, compared to AED 26 million in the same period last year.

6) Abu Dhabi-listed Union National Bank has started operations at its branch in Shanghai, China. This makes UNB the first bank from UAE to operate a branch in Mainland China.

7) Oil prices edged higher on Wednesday. Brent crude was last up 0.6 percent at $51.09/bbl and WTI crude rose 0.5 percent to $47.77/bbl.

8) Asian stocks were mixed towards closing hours. Japan’s Nikkei 225 Index was last up 0.1 percent and Hong Hong’s Hang Seng Index rose 0.7 percent. China’s CSI 300 Index was last trading lower by 0.3 percent.

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