Latest Threads on News from companies

du, a leading Telecom and Digital Services Provider in Dubai, has revamped its Business-to-Business (B2B) portfolio to enhance digital capabilities for businesses across the UAE. The company introduced two new sub-brands, du Tech and du Infra, as part of its digital transformation strategy. du Tech focuses on advanced ICT solutions, targeting sectors like government and large enterprises with services such as data centers, hybrid cloud, cybersecurity, IoT, AI, and blockchain. du Infra provides robust network infrastructure, ensuring secure and efficient data flow for businesses and government agencies. The CEO of du, Fahad Al Hassawi, emphasized the company's evolution from a connectivity provider to an integrated digital services enabler, aiming to lead the digital transformation in the UAE. The new portfolio is designed to foster innovation and create dynamic digital ecosystems, allowing customers to shape their own digital futures.

Taaleem Holdings PJSC invites its shareholders to attend the Annual General Assembly Meeting on November 5, 2024, at Dubai British School, Jumeira, Dubai, UAE, with the option to join electronically. The agenda includes reviewing and approving the Board of Directors' report on the company's activities and financial position, the auditor's report, and the balance sheet and profit and loss statements for the fiscal year ending August 31, 2024. The meeting will also consider approving a cash dividend of AED 120 million, the Board's remuneration of AED 5.25 million, discharging or dismissing Board members and external auditors from liability, and appointing external auditors for the fiscal year ending August 31, 2025, along with determining their remuneration.

Sukoon Insurance PJSC, regulated by the Central Bank of the UAE, has announced a resolution passed by its Board of Directors on October 10, 2024. The resolution includes the approval of the sale of certain lands owned by the company and authorizes the CEO and/or CFO to negotiate and execute the necessary documents. The announcement was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Dubai Islamic Bank (DIB) has issued a USD 500 million Additional Tier 1 Sukuk with a profit rate of 5.25% per annum. This Basel III-compliant Sukuk aims to enhance DIB's capital adequacy ratio and optimize its balance sheet. The issuance attracted a diverse group of investors, including banks and fund managers from Europe, Asia, and the Middle East. The transaction achieved a reset spread of 133.4 basis points over the US Treasury rate, marking the lowest for an AT1 instrument globally since the 2009 financial crisis. High investor interest allowed DIB to adjust the pricing from an initial 5.75% to 5.25%. Dr. Adnan Chilwan, DIB's Group CEO, expressed satisfaction with the transaction, noting it as the lowest yield achieved by an Emerging Markets Bank since April 2022. The Sukuk will be listed on Euronext Dublin and NASDAQ Dubai, and DIB holds credit ratings of A3 Stable from Moody's and A Stable from Fitch.

BHM Capital, a prominent financial services firm from the UAE, showcased its expertise in enhancing the competitiveness of financial markets at the "Portfolio Egypt 2024" conference in Cairo. The event, organized by Al Mal GTM in partnership with various financial authorities, focused on the theme "Arab Stock Markets: Competition or Integration?" and gathered key figures from the Arab financial sector. BHM Capital's leadership highlighted their knowledge in areas like market making, liquidity provision, and financial derivatives, which are soon to be introduced in the Egyptian market. Alaa Dwekat, Deputy CEO of BHM Capital, emphasized the potential for turning challenges into opportunities through cooperation and integration, while Ma’an Albostami, COO, discussed the importance of derivatives trading and market makers. The conference was inaugurated by Egypt's Minister of Finance and included notable participants such as the UN Special Envoy for the 2030 Finance Agenda and the CEO of the Abu Dhabi Stock Exchange.

The ordinary general meeting of GFH Financial Group B.S.C. was held on October 9, 2024, from 11:00 am to 11:40 am Bahrain time, via visual communication means. The meeting was chaired by Mr. Hisham Alrayes, with a quorum attendance of 39.14%. The following agenda items were approved: 1. The minutes of the previous meeting held on March 24, 2024. 2. The Board of Directors' recommendation to establish a Sukuk Programme valued at up to USD 500 million through a Special Purpose Vehicle, pending necessary regulatory approvals. Shareholders also approved the issuance of Sukuk worth USD 500 million in one or more tranches. 3. Modifications to the terms and conditions of the existing USD 500 million Sukuk due in 2025, including an offer for early redemption. 4. Delegation of authority to the Board of Directors to execute the Sukuk Programme and Offer, including obtaining necessary approvals, concluding agreements, and taking actions deemed essential.

Union Properties has launched the 'Takaya' project in Dubai Motor City, aiming to enhance urban living in Dubai's real estate market. The project, unveiled at the Ritz Carlton DIFC, includes three residential towers with 744 apartments, penthouses, townhouses, villas, and commercial spaces. It features a 500-meter retail boulevard and overlooks the Dubai Autodrome. Takaya offers a range of unit sizes and competitive pricing, along with spacious living areas and a post-handover payment plan. The project is designed to attract investors and meet diverse customer needs, contributing to the development of Dubai's real estate sector.