What you need to know as UAE markets open on July 25

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

1) Dubai Financial Market (DFM) net profit for Q2 2017 reached AED 43.3 million, a decrease by 19 percent year-on-year (YoY).

2) Emirates Integrated Telecommunications Co. (du) reported a net profit of AED 443.2 million for Q2 2017, slightly higher from AED 439.3 in the same quarter last year.

3) Dana Gas said it has obtained legal advice from a UAE-based lawyer on the measures necessary to be taken in compliance with the UK court order, with regard to a $700 million sukuk. The adviser recommended that the required procedures should be taken jointly by the company and all respondents before the competent court. Any action, however, can only be taken following the July-August Sharjah Court judicial recess.

4) Dubai-listed Amlak Finance said it has completed of the first phase of its AED 135 million residential development project in Mirdiff.

5) Noon, a regional e-commerce platform founded by Emaar chief Mohamed Alabbar, has appointed Faraz Khalid as its chief executive officer.

6) Standard & Poor’s (S&P) has affirmed Abu Dhabi’s ‘AA/A-1+’ sovereign credit ratings, with a stable outlook.

7) Oil prices extended gains on Tuesday, after OPEC asked its members to ensure better compliance to the output curb deal. Brent crude was last up 0.6 percent at $48.87/bbl, while WTI crude rose 0.6 percent to $46.62/bbl. 

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