What you need to know as UAE markets open on May 2

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

1) The board of directors of Dubai-listed Arabtec Holding (PJSC) has approved the company’s AED 1,500,000,000 rights issue. The developer plans to publish an invitation for shareholders to subscribe for the capital increase on May 3, with subscription date opening May 15, and closing May 28.

2) Dubai Investments PJSC said it will hold a meeting on May 4 to elect a new Chairman and Vice Chairman for the board of directors. The company will also appoint audit member committees, and approve financial results for Q1.

3) Dubai-listed Emirates Investment Bank said its Q1 net profit tripled year-on-year to AED 16.57 million from AED 4.88 million in the same quarter last year. The bank had a “very strong start to 2017” by focusing on banking services, CEO Khaled Sifri said in a statement.

4) ADX-listed First Abu Dhabi Bank has launched a brand identity, that includes a new logo. The bank said in a statement that the new identity embodies the “strengths and values” of both NBAD and FGB. The banks completed their merger on April 2 to create the largest bank in the UAE with assets worth AED 682 billion ($186 billion).

5) Abu Dhabi Commercial Bank yesterday reported a net profit of AED 1.105 billion for Q1 2017, an 8 percent increase year-on-year (YoY).

6) Aldar Properties, also listed on ADX, said yesterday that it has sold out the homes in the first two towers of The Bridges, its latest mid-market development, worth a total value of AED 400 million.

7) Elsewhere, Brent Crude futures fell slightly Tuesday morning by 0.12% at $51.46 a barrel, while WTI Crude was down 0.23% at $48.73.

Write to Reem Abdellatif at reem.a@argaam.com