What you need to know as UAE markets open on May 3

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

1) Abu Dhabi-listed Emirates Telecommunications Group Co. (Etisalat) has submitted a bid for the third mobile license in Oman, it said on Wednesday. Qualified bidders will be announced on Aug. 14, 2017.

2) Abu Dhabi-listed Dana Gas will begin restructuring discussions with holders of its sukuk dated May 8, 2013, due to continued challenges faced around cash collections, resulting in a need to focus on short to medium term cash preservation. The sukuk matures on Oct. 31, 2017, the energy firm said in a bourse filing.

3) Dubai-listed contractor Arabtec has invited shareholders to subscribe to its AED 1.5 billion rights issue. The subscription period will be from May 15 until (and inclusive of) May 28, 2017.

4) Dubai-listed GFH Financial Group reported a net profit of $31.9 million for Q1 2017, up 427 percent from $6.06 million in the same period last year. The profit increase was driven by a rise in investment banking income, GFH said. 

5) The Emirates NBD UAE Purchasing Managers’ Index (PMI ) eased slightly to 56.1 in April, from 56.2 the previous month. While overall activity was firm going into Q2 2017, many firms still face challenges as job creation remains subdued and pricing power is limited, the bank said.

6) Oil prices rebounded on Wednesday after American Petroleum Institute (API) data showed a drawdown in US crude inventories. Global benchmark Brent crude was last up 0.8 percent at $50.85 per barrel (bbl), while West Texas Intermediate rose 0.6 percent to $47.95.

7) Some Asian markets rose on Wednesday, following gains in US equities. Japan’s Nikkei 225 index was last 0.7 percent higher, while China’s CSI 300 shed 0.4 percent. Investors are awaiting the results of the US Federal Reserve meeting, due later today. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com