Latest Threads on News from companies

The Islamic Arab Insurance Company (SALAMA) PJSC has announced the opening of nominations for its Board of Directors' membership. Shareholders can submit their applications from June 12, 2024, to June 22, 2024. Interested candidates must meet the nomination conditions and apply at the company’s main office in Dubai, including a brief resume and the type of membership they are seeking (non-executive independent or non-executive non-independent). Two board members will be elected, and the nomination period will last for 10 days as per regulatory requirements. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies and related governance guidelines.

GFH Financial Group B.S.C. announced that its Board of Directors will hold a meeting on Monday, 12th August 2024, at 2 p.m. Bahrain time. The agenda includes reviewing the financial results for the second quarter of 2024 and other internal matters. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

Bayanat and IMKAN Properties have signed a Memorandum of Understanding (MoU) to develop an autonomous and sustainable transportation infrastructure on SHA Island Emirates at AlJurf. The project aims to minimize the use of manned vehicles by implementing an AI-enabled transportation ecosystem for fully autonomous driving. Located between Abu Dhabi and Dubai, the island will focus on health and wellness and will also host the SHA Wellness Clinic. Bayanat will provide the digital infrastructure, including HD maps and positioning, while IMKAN Properties will handle the physical infrastructure development.

Abu Dhabi National Energy Company PJSC (TAQA) announced that discussions regarding a potential cooperation agreement with Criteria Caixa and the possible acquisition of shares in Naturgy Energy Group, S.A. from CVC and GIP have ended without a transaction taking place. This follows a previous statement made on April 17, 2024. The announcement was addressed to the Disclosures and Compliance Section of the Market Operations Surveillance Department at the Abu Dhabi Securities Exchange. The communication was signed by Mohammad Adnan Sharafi, Board Secretary.

Emirates Telecommunications Group Company (Etisalat Group) announced that the European Commission has opened an investigation into e&'s acquisition of PPF Telecom assets under the Foreign Subsidies Regulation (FSR). This follows a binding agreement signed on 1 August 2023 for e& to acquire a majority economic stake in PPF Telecom's assets in Bulgaria, Hungary, Serbia, and Slovakia, pending regulatory approvals. The investigation is a procedural step and does not determine the outcome. e& is committed to finalizing the transaction by year-end and is in constructive discussions with the European Commission. Updates will be provided as developments occur.

ADNOC Drilling and Alpha Dhabi's joint venture, Enersol, has increased its equity stake in Gordon Technologies to 67.2% by acquiring an additional 42.2% stake for approximately $270 million. This acquisition, which makes Enersol the majority equity holder, will be funded 80% upon closing, with the remaining amount to be paid over the next two years subject to performance conditions. The transaction is pending regulatory approvals and closing adjustments. Gordon Technologies, a debt-free provider of measurement while drilling (MWD) technology, has established operations in Abu Dhabi to commence field operations in the MENA region by Q2 2024. The acquisition is expected to be economically beneficial to Enersol, enhancing profitability, cash flow, and dividend potential. Enersol aims to invest in multiple businesses to support the UAE’s energy security, net zero agenda, and economic diversification efforts. The company will leverage AI, digitization, and advanced technologies to bring accretive returns to shareholders.