Latest Threads on News from companies

Sukoon Insurance has been reaffirmed by S&P Global Ratings for its strong market position and stable outlook. The company is recognized for its effective long-term strategy and robust financial performance, even amidst a CEO transition. S&P expects Sukoon to continue diversifying locally and internationally, with growth driven by initiatives like Sukoon Takaful, Lloyd’s syndicate 2880, inward treaty reinsurance, individual life, and Sukoon Workplace Savings Solution. Sukoon's interim CEO, Hammad Khan, highlighted a 20% growth in insurance revenue and a 52% increase in net profits in the first half of 2025. The company's transformation under Mr. Jean-Louis Laurent Josi since 2018 has been noted, with achievements such as rebranding, acquiring Sukoon Takaful, and integrating life portfolios from Generali and Chubb. Sukoon reported insurance revenue of AED 3.1 billion and net profits of AED 192 million for the first half of 2025, with S&P acknowledging its potential for sustainable profitability.

ServeU, a subsidiary of Union Properties, has acquired House Keeping (LLC) and its subsidiaries in a deal worth AED 100 million. This acquisition aims to enhance ServeU's market position as a leading facilities management provider in the UAE. With over 8,900 employees, ServeU manages various properties, including residential, commercial, and government facilities. The acquisition is part of ServeU's strategy to improve operational capabilities and service quality. House Keeping, the UAE's second-largest provider in its segment, brings expertise and a strong client network, with significant revenues and EBITDA reported for 2024. Under the acquisition terms, House Keeping will maintain its brand identity but will be under ServeU's ownership and oversight. This move is expected to positively impact ServeU's financial performance.