Latest Threads on News from companies

Emirates Central Cooling Systems Corporation (Empower) has signed an agreement with Al Habtoor Group to supply district cooling services to the Al Habtoor Tower. The service will provide approximately 7,200 refrigeration tons, equivalent to 75% of the peak cooling capacity of the Burj Khalifa. The Al Habtoor Tower, which is set to be the world's largest residential building upon completion, will house over 5,000 residents. The cooling services will be supplied by the beginning of the second quarter of 2025. The tower, located along Sheikh Zayed Road, will feature 1,701 residential units, retail spaces, and various amenities. The project will be built by China Railway 18th Bureau Group Ltd and served from Empower's Business Bay district cooling plant.

The National Investor PrJSC held a General Assembly Meeting electronically on the 26th of April, 2024. The meeting was attended by the board of directors including Chairman Mr. Saeed Mohamed Hasan Almasoud and Vice Chairman Mr. Tariq Khalil Dawood Badran Al Karaeen. The agenda included six items, all of which were approved. These items included approving the Board of Directors' report, auditors' report, the company's budget, and profit and loss statement for the fiscal year ended on 31/12/2023. The board also approved a proposal for non-distribution of dividends and no remuneration for board members for the same fiscal year. Lastly, the board members were discharged from liability for the fiscal year ended on 31/12/2023.

BHM Capital, a UAE-based financial institution, has announced the launch of its Fixed Income Division. The new department will act as an active proprietary market-maker of global credit instruments, both conventional and sharia-compliant, with a primary focus on the MENA region. The company's CEO, Abdel Hadi Al Sa’di, emphasized the strategic importance of the Fixed Income desk, stating it would provide clients with superior liquidity, pricing, and execution across regional and global financial markets. He also noted the potential for fixed income investments to diversify and stabilize investor portfolios. The move coincides with a rapid expansion of debt capital markets in the GCC region.

HAYAH Insurance Company P.J.S.C., a public joint stock company with a paid-up capital of AED 200 million, held its General Assembly meeting on 26th April 2024. The meeting, chaired by Mr. Mohamed Abdullatif Jasim Kanoo, had an attendance of 85.5% of the total capital. The assembly approved the Board of Directors’ report on the company's activities and financial position for 2023, the external auditor's report, the balance sheet and profit and loss account, and the appointment of Grant Thornton as the company's external auditors for 2024 with a remuneration of 450,000 AED. The assembly also approved the appointment of nine members to the Board of Directors for 2024 to 2026. However, it did not approve the discharge of the members of the Board of Directors or the external auditors for 2023. There was also no approval for the distribution of any cash dividends or bonus share for 2023.

The Board of Directors of Orient Takaful Company (PJSC) has invited shareholders to attend the Annual General Meeting on April 29, 2024. The meeting will take place at Al Futtaim Building in Dubai and will also be accessible remotely via Microsoft Teams. The agenda includes the approval of various reports and accounts for the financial year ending December 31, 2023, the appointment of the Internal Sharia'ah Supervisory Committee for 2024, and the approval of transactions with related parties up to December 31, 2023. The board also plans to discuss an amendment to the company's Articles of Association, subject to regulatory approval. Shareholders can delegate a representative to attend the meeting and vote on their behalf, but no proxy may represent more than 5% of the company's shares.