What you need to know as UAE markets open on August 1

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

1) Dubai Investments PJSC reported a net profit of AED 191 million for Q2 2017, compared to a profit of AED 218 million in the same period last year.

2) Dubai-listed Aramex said it net profit in Q2 2017 decreased by 23 percent year-on-year to AED 97 million.

3) Damac Properties has awarded Arabtec Construction LLC, a subsidiary of Arabtec Holding, with an AED 628 million contract to develop 1,296 villas at Damac’s Akoya Oxygen master development. Arabtec will begin construction in Q3 2017, and is expected to complete the project within 24 months.

4) Shuaa Capital said it has acquired an 8 percent stake in in Kuwait-based Amwal International Investment. Also, Shuaa’s subsidiary Gulf Finance Corporation owns 3 percent of Amwal.

5) Ajman Bank said it has decided to acquire 91 warehouses in Dubai Investment Park II for AED 200 million.

6) National General Insurance Co. reported a net profit of AED 8.7 million for Q2 2017, versus a profit of AED 4.9 million in the same period last year.

7) Abu Dhabi-listed Gulf Medical Projects Co. reported a net profit of AED 5.1 million for Q2 2017, a sharp drop from AED 42.3 million in the same period last year.

8) RAK Insurance, listed in Abu Dhabi, said it made a net profit of AED 12.4 million in Q2 2017, compared to AED 3.8 million in Q2 last year.

9) International Fish Farming Holding Co. said it has changed the company name to International Holdings Co., following mandatory approvals. The firm’s trading symbol will be IHC.

10) Oil prices edged higher on Tuesday. Brent crude was last up 0.1 percent at $52.79/bbl and WTI crude rose 0.2 percent to $50.27/bbl.

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