What you need to know as UAE markets open on July 23

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

1) Abu Dhabi Commercial Bank (ADCB) reported a net profit of AED 1 billion for the second quarter this year, down 10 percent from AED 1.1 billion in the same period last year.

2) Dubai-listed Deyaar Development reported a net profit of AED 35.2 million for Q2 2017, down from AED 60.3 million in the same period last year.

3) Dubai-listed Shuaa Capital said it had entered into an agreement with Integrated Financial Group to acquire Integrated Capital and Integrated Securities, after the completion of due-diligence started in March.

4) Abu Dhabi-listed telecom group Etisalat will hold a board meeting on July 26 to discuss Q2 2017 financial statements and the proposal for interim dividends for the first half of 2017.

5) Agthia Group, listed on ADX, will hold a board meeting on July 26 to approve Q2 2017 financial statements.

6) The Investment Corporation of Dubai (ICD) posted a net profit of AED 22.1 billion for the fiscal year 2016, a decrease of 19.6 percent from the prior year. Revenues stood at AED 176.3 billion.

7) UAE’s holdings of US Treasuries declined by $100 million to $60.5 billion, by the end of May, new data released by the US Treasury showed.

8) Crude oil fell 2.5 percent on Friday, with Brent ending the week at $48.06/bbl while WTI crude settled at $45.77/bbl. 

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