Latest Threads on News from companies

Emirates Central Cooling Systems Corporation (Empower), the largest provider of district cooling services globally, highlighted its capability to assist countries in achieving sustainable living standards that exceed global benchmarks through eco-friendly district cooling solutions. This was discussed during a panel at the World Green Economy Summit in Dubai, where Empower's CEO, H.E. Ahmad bin Shafar, emphasized the urgent need for action against climate change through effective policies and plans. Bin Shafar noted that district cooling not only contributes to sustainability but also offers economic and social benefits, promoting energy-saving systems. Empower is recognized for addressing environmental issues and supporting initiatives aligned with international efforts to combat climate change.

Modon Holding P.S.C has been appointed by ADQ, an Abu Dhabi-based investment company, as the master developer for the Ras El Hekma megaproject in Egypt. This project, located 350 kilometers northwest of Cairo, is set to cover 170 million square meters, with Modon initially developing 50 million square meters. The project aims to create a smart, sustainable urban community and is expected to generate significant economic impact, including USD 110 billion in cumulative investment by 2045, an annual GDP contribution of USD 25 billion, and approximately 750,000 jobs. Ras El Hekma will feature residential, commercial, and recreational facilities, including an international marina and a special free zone. Modon Holding has partnered with major developers, including Orascom Construction, to execute the project.

On October 4, 2024, Eshraq Investments PJSC held its fifth Board of Directors' meeting for the year. The meeting took place at 11:30 am and involved discussions and approvals of general business matters related to the company. The disclosure was addressed to the Abu Dhabi Securities Exchange's Disclosure and Compliance Section. The letter was signed by Mohammad Al Bazaieh, the Corporate/Board Secretary.

International Holding Company PJSC (IHC) has issued a notice regarding the protection of personal and financial information. It warns the public that scammers are using the company's name, employee names, and logo to advertise fraudulent investment opportunities and tenders online. These scammers are requesting personal, business, and financial information, including credit card and bank details, for payments or investments. IHC emphasizes that it will never request such information through email, mail, or any other means and advises caution if such requests are received. The company urges individuals to verify emails or domains claiming to be from IHC, ensuring they originate from the "@ihcuae.com" domain. To avoid scams, IHC recommends staying informed through its official website or the ADX platform.

Abu Dhabi National Energy Company (TAQA) announced the successful pricing of a US$1.75 billion dual-tranche bond offering, consisting of US$850 million in 12-year green bonds and US$900 million in 7-year conventional bonds. The green bonds, which mature in 2037 with a 4.75% coupon rate, are part of TAQA's Green Finance Framework and will fund eligible green projects. The 7-year bonds, maturing in 2031 with a 4.375% coupon rate, will be used for general corporate purposes. The offering, benefiting from strong investor demand, is expected to be rated Aa3 by Moody's and AA by Fitch and listed on the London Stock Exchange. TAQA has raised US$1.85 billion under its Green Finance Framework since 2023, supporting the growth of its renewable energy portfolio. CEO Jasim Husain Thabet emphasized the bond's role in advancing TAQA's ESG and decarbonization goals while delivering sustainable value to shareholders.

Abu Dhabi Shipbuilding Company PJSC (ADSB) has successfully completed the First Steel Cut milestones for the second and third BR71 MKII corvettes for the Angolan Navy. The ceremonies took place in Abu Dhabi and Cherbourg, France. ADSB is producing three BR71 MKII corvettes and seven of 11 patrol boats under this contract. They also held a steel cutting ceremony for the FA-400, a 45m Offshore Patrol Vessel designed and built in the UAE, expected to be ready by early 2025. ADSB is working on eight large warships, including four Falaj3 class vessels for the UAE Navy, and has completed over 20 composite boats this year. The company has an order book of over 100 vessels, demonstrating its commitment to high-quality, innovative maritime solutions and supporting the UAE's maritime industry development.

GFH Financial Group has announced the purchase of 134,287,812 treasury shares, increasing its total treasury shares to 218,474,375, which represents 5.7% of the total issued shares as of September 30, 2024. The announcement was made by Mariam Jowhary, the Head of Compliance and AML.

Taaleem Holdings PJSC announced its financial results for the fiscal year 2023/24, showing significant growth. The company recorded revenues of AED 945.2 million, a 15.5% increase from the previous year, driven by a 33.1% rise in student enrolment. EBITDA increased by 32.0% to AED 270.8 million, with an EBITDA margin of 28.6%. Net profit before tax rose by 55.1% to AED 182.0 million, with a net profit margin of 19.3%. The company expanded its capacity by adding 9,119 students, achieving a total enrolment of 37,930 students. Taaleem also reported a negative net debt of AED 560.3 million, reflecting increased debt to support the development of new schools in Dubai. The company's free cash flow to the firm was AED 243.6 million, indicating strong financial health.