8 things to watch as UAE markets open

Here is what you need to know as the opening bell rings in the United Arab Emirates.

1) Oil prices fell slightly in early trading after climbing to a 2016 high on news that the US Federal Reserve would leave interest rates unchanged. Brent crude was last down 0.4 percent to $46.99/bbl, while WTI crude shed 0.3 percent to $45.18/bbl.

2) Most global equities advanced on Wednesday following the release of the Fed’s policy statement; however, Asian markets were mostly lower towards the end of Thursday’s session as the yen hit an 8-month high and the Bank of Japan decided not to add to a record stimulus. Japan’s Nikkei index tumbled over 3 percent on the news. China’s Shanghai Shenzhen CSI 300 index lost 0.9 percent.

3) Abu Dhabi-listed First Gulf Bank (FGB) reported a 6 percent year-on-year drop in Q1-2016 net profit to AED 1.33 billion, mainly due to lower fees and commission income, as well as market conditions.

4) National Bank of Abu Dhabi (NBAD), posted a net profit of AED 1.27 billion for Q1-2016, a decline of 11 percent year-on-year, the bank said in a statement to ADX.

5) Abu Dhabi Commercial Bank (ADCB) reported a net profit of 1.02 billion for Q1-2016, an 18 percent year-on-year decline.

6) Dubai Islamic Bank plans to sell 988.4 million shares at AED 3.20 a piece in order to increase the bank’s capital, it said in a statement to Dubai bourse. The UAE’s largest Shariah-compliant lender reported a net profit of AED 1 billion for Q1-2016, an 18 percent increase year-on-year.

7) Dubai Parks and Resorts has signed partnership agreements with representation companies from China, India, UK, Germany, West Africa and the GCC. These will promote Dubai Parks and Resorts theme parks to visitors across the world.

8) Real estate prices in the UAE are likely to continue declining in 2016 as lower oil prices and a strong US dollar keep the market under pressure, Standard & Poor's Ratings Services (S&P) said in a report.

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