Latest Threads on News from companies

Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, announced its participation as a Diamond Sponsor at the 116th International District Energy Association (IDEA) Annual Conference and Trade Show in Minneapolis, Minnesota, USA. The event, themed "Aggregate, Integrate, Innovate," will take place from June 2, 2025, and will last four days, gathering delegations from both public and private sectors and industry experts globally. Empower's CEO, H.E. Ahmad Bin Shafar, will lead the company's delegation and is a keynote speaker in the opening session titled "Global Industry Leaders." He will discuss Empower's achievements in district cooling, energy efficiency, and sustainability, and present the company's practices as a global benchmark. Additionally, Empower will present a technical paper on using machine learning for district cooling plant optimization, focusing on improving efficiency and sustainability. The CEO highlighted the significance of Empower's involvement in the IDEA 2025 event, emphasizing the opportunity to enhance the company's global positioning and share expertise. He noted the growing importance of district cooling as an efficient and sustainable energy solution amid environmental challenges like climate change, underscoring its role in reducing electricity consumption and carbon emissions.

Al Salam Bank, Bahrain's largest Islamic bank, sold its 15.6% stake in Seef Properties to GFH as part of a broader strategy to focus on core banking operations and strategic holdings in banking, takaful, and asset management. ASB Capital, the bank's asset management arm, facilitated the sale. This move aligns with Al Salam Bank's goal to exit non-strategic holdings and reallocate resources to areas offering long-term value. Despite global market challenges, ASB Capital demonstrated strong transaction advisory capabilities, positioning itself to leverage increasing regional deal activity.

Dubai Residential REIT has successfully debuted on the Dubai Financial Market (DFM), marking a significant milestone as the GCC's largest and first listed pure-play residential leasing REIT. The IPO was priced at the top of the range and was oversubscribed by 26 times, raising AED 2,145 million (USD 584 million) with total gross demand exceeding AED 56 billion (USD 15 billion). The REIT has a market capitalization of AED 14.3 billion (USD 3.9 billion) and manages 35,700 residential units. This listing is the first under the UAE's updated regulatory framework and the first on the DFM in 2025, highlighting Dubai's role as a hub for diversified investment opportunities. The offering attracted strong interest from various investors, reflecting confidence in Dubai's real estate market. DHAM REIT Management LLC increased the offering size due to high demand, and DHAM Investments LLC retains an 85% stake in the REIT. Dubai Residential REIT offers a straightforward way for investors to access income-generating residential real estate in Dubai, aligning with the UAE's goal of fostering inclusive capital markets.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing contracting services, as well as oil and gas and water treatment projects, has appointed Khalid Sukhon as Group Chief Financial Officer and Ahmed El-Bayouk as Group General Counsel and Head of Legal. These appointments are part of DSI's strategy to enhance its financial and legal frameworks for long-term growth. Khalid Sukhon, with over 25 years of experience, previously worked at National Bonds Corporation and has held senior positions at various organizations. He holds degrees from the University of Exeter and the University of Jordan. Ahmed El-Bayouk comes from Dentons & Co., where he was involved in construction, engineering, and disputes.

Gulf Navigation Holding PJSC (GULFNAV) has signed an AED 3.2 billion acquisition agreement with Brooge Energy Limited, a NASDAQ-listed company specializing in crude oil and fuel storage. The agreement, formalized at a ceremony in Dubai, marks GULFNAV's acquisition of Brooge's assets and subsidiaries. This strategic move aims to enhance GULFNAV's capabilities in energy logistics by expanding its storage and infrastructure capacities. The acquisition involves a payment structure that includes cash, new shares, and Mandatory Convertible Bonds (MCBs). Specifically, 358.8 million new shares will be issued to Brooge, AED 2.336 billion in MCBs will be convertible at AED 1.25 per share, AED 500 million in MCBs will be offered to GULFNAV’s existing shareholders, and a cash component of AED 460 million will be included. Brooge, founded in 2013, is recognized for its advanced technology in oil storage and has a significant presence in Fujairah.

A Board of Directors meeting for Taaleem Holdings PJSC is scheduled for Thursday, May 29, 2025, at 3:00 pm. The meeting will be held at the company's premises and via remote attendance to discuss routine business issues, follow up on the company's activities, and address any other matters with the Chairman's permission. This information is communicated by Alan Williamson, the Chief Executive Officer of Taaleem Holdings PJSC, with a copy sent to the Securities and Commodities Authority.