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Threads on regulatory news from companies
Threads on regulatory news from companies
On August 14, 2024, Takaful Emarat Insurance PSC announced the resignation of Ms. Fatma Hussain, an independent and non-executive board member, effective from August 13, 2024. The resignation was due to personal reasons. The announcement was authorized by Mohammed Abu Quora, the Chief Executive Officer, and was signed and dated on August 14, 2024.
On 13 August 2024, the Board approved two matters by circulation: the appointment of Dr. Noor Aldeen Atatreh to fill a vacant Board position, pending approval from the Central Bank of UAE and ratification at the next General Assembly meeting, and the approval of the company's unaudited interim condensed consolidated financial statements for the second quarter and the six months ending 30 June 2024.
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, reported a 20% increase in district cooling consumption and a 44% rise in contracts in the first half of 2024 compared to the same period in 2023. This growth is attributed to high occupancy rates in existing real estate projects in Dubai and a significant increase in new large real estate projects. Empower's connected capacity reached 1.53 million refrigeration tons (RT), and contracted capacity grew to over 1.72 million RT. The company now holds over 80% of the Dubai district cooling market as of the end of 2023. Empower attributes this growth to customer confidence and the environmental benefits of district cooling.