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The document is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C., covering the nine-month period ending on September 30, 2024.
On November 5, 2024, the National Cement Company held a board meeting from 10:00 AM to 11:30 AM with all seven board members present, achieving a 100% quorum. During the meeting, the board approved the minutes of the previous meeting and the financial statement for the period ending September 30, 2024. They also discussed the company's business. The information was disclosed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and copied to the Securities and Commodities Authority.
Deyaar Development PJSC has launched its first residential project in Abu Dhabi, named RIVAGE, on Al Reem Island. This development is a result of a strategic partnership with Arady Properties PSC. RIVAGE offers a variety of luxury living options, including 1, 2, and 3-bedroom residences, duplexes, Sky Villas, and Sky Palaces, all with world-class amenities and sustainable design. The project is strategically located near key facilities such as Zayed International Airport, universities, and malls. Deyaar's CEO, Saeed Mohammed Al Qatami, expressed excitement about expanding into Abu Dhabi, highlighting the project's blend of city life and waterfront serenity. Khaled Al Fahim, Chairman of Arady Properties, emphasized the collaboration's success and the project's potential to become a sought-after residential destination.
Resolution No. 501 of 2024 announces the temporary suspension of trading for Gulf Cement Co. shares on the Abu Dhabi Securities Exchange (ADX) starting from 14:00 on November 12, 2024. This suspension is due to a Board of Directors meeting scheduled at the same time. Trading will resume once ADX receives the meeting results. The resolution requires all ADX department heads to implement it within their areas and mandates its distribution to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by an authorized person and issued on November 5, 2024.
Al Salam Bank B.S.C. announced the launch of ASB Capital, a new asset management firm licensed under Category 3A by the Dubai Financial Services Authority (DFSA). The firm is based in the Dubai International Financial Centre (DIFC) and has assets under management (AUM) totaling USD 4.5 billion. ASB Capital offers a comprehensive wealth and asset management platform with advanced products in public and private markets, investment banking, and placement services. It targets high-net-worth individuals, family offices, companies, and institutional clients in the Middle East and Africa.
The letter, dated 5 November 2024, is addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. It announces that the Board of Directors of Dubai Refreshment P.J.S.C will hold a meeting on Tuesday, 12 November 2024, at 10:00 AM. The agenda includes discussing and approving the company's unaudited interim financial statements for the third quarter ending 30 September 2024, as well as addressing internal company matters. The letter is signed by Karem Mahmoud, Director of Legal at Dubai Refreshment P.J.S.C.
Amlak Finance PJSC reported a net profit of AED 53 million for Q3 2024, a decrease from AED 269 million in Q3 2023. Total assets were AED 3.19 billion. Revenue from financing and investing increased by 14% to AED 103 million, while total revenue rose slightly to AED 231 million, excluding a one-off gain from the previous year. Operating costs increased by 6% to AED 72 million due to costs associated with the expedited sale of investment properties. The company repaid AED 69 million to financiers and has settled 84% of its Islamic deposit liabilities since 2014. Negotiations are ongoing to exit the Common Terms Agreement with remaining financiers. Amortization costs decreased to AED 24 million from AED 31 million in Q3 2023. Amlak's financial position was affected by the devaluation of the Egyptian Pound against the AED.