What you need to know as UAE markets open on November 14

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

1) Abu Dhabi-listed Dana Gas reported a net profit after tax of AED 375 million ($102 million) for Q3 2017, compared to AED 47 million in the same period last year.

Separately, the energy firm said it will hold a board meeting on Nov. 19 to update on collection of receivables in Egypt and Kurdistan Region of Iraq, decide company’s three-year business plan and 2018 budget.

2) Dubai-listed Union Properties swung to net loss of nearly AED 45 million in Q3 2017, compared to a profit of AED 32.3 million in Q3 2016.

3) Abu Dhabi-listed investment firm Waha Capital said it has agreed to sell its total stake in UAE-based NPS Holdings Ltd. (NPS) to National Energy Services Reunited (NESR) Corp. in a cash and shares transaction. Waha Capital will receive approximately AED 251 million in cash proceeds, and approximately 5.5 million shares in NESR, issued at an initial value of $ 10 per share and representing an interest of approximately 6.2 percent in the company. Waha Capital will also have one seat on the board of NESR.

4) Dubai-listed investment firm GFH Financial said it has withdrawn from three portfolios worth $180 million, including a real estate portfolio in Bahrain valued at $60 million, and two real estate funds in the US with a value of $120 million.

5) National International Holding Co. reported a net profit of KWD 34,232 for Q3 2017, compared to KWD 124,736 in the same period last year. The firm is listed in Kuwait and Dubai.

6) Dubai-listed Marka reported a net loss of AED 22.3 million for Q3 2017, nearly double from a loss of AED 11.4 million in the same period last year.

7) Union Insurance Co., listed in Abu Dhabi, posted a net profit of AED 6.3 million for the first nine months of 2017, compared to AED 12.8 million net loss in the same period last year.

8) The Abu Dhabi National Oil Company (ADNOC) will float a minority stake of its fuel distribution and retail subsidiary, ADNOC Distribution, on the Abu Dhabi Securities Exchange (ADX) by the end of 2017.

9) Oil prices edged lower on Tuesday, despite OPEC’s forecast of higher demand growth next year and statements in support of output deal extension. Brent crude was last down 0.3 percent at $62.96/bbl, while WTI crude fell 0.2 percent to $56.63/bbl. 

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