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TECOM Group held its Annual General Assembly Meeting at Dubai Internet City, where shareholders approved a cash dividend of AED 400 million for the second half of 2024. This brings the total dividends for 2024 to AED 800 million. The Board of Directors was re-elected, and the financial statements for 2024 were approved. Chairman Malek Al Malek highlighted the group's strong performance in 2024, which included AED 2.7 billion in strategic investments aimed at sustainable growth. TECOM reported a 11% increase in revenues to AED 2.4 billion and a 14% rise in net profits to AED 1.2 billion for 2024, with high occupancy and retention rates. The group continues to focus on expanding its portfolio and enhancing customer satisfaction across its business districts.
GFH Financial Group announced on March 10, 2025, that it has purchased 400,000 treasury shares, increasing its total treasury shares from 297,324,647 (7.76% of total issued shares) to 297,724,647 (7.77% of total issued shares). The decision to purchase these shares was made during a board meeting on March 24, 2024, and received authority approval on February 16, 2025. The average purchase price was 0.3122 USD per share, and the purchased shares represent 0.010% of the issued capital. There are 85,534,736 shares remaining for future purchase. The announcement was made by Mariam Jowhary, Head of Compliance & AML.
ONE App, Bahrain's first comprehensive digital financial marketplace powered by Al Salam Bank, has partnered with Amazon Web Services (AWS) and Tarabut to enhance its digital financial solutions. AWS will provide the app with advanced cloud services to ensure stability, security, and scalability, while Tarabut will offer open banking infrastructure for seamless account aggregation. This partnership aims to improve user experience by enabling smarter budgeting, expense tracking, and advanced financial analytics. Haitham Al Haddad, General Manager of ONE App, emphasized the importance of these collaborations in offering innovative financial services and supporting digital transformation in Bahrain. Abdulla Almoayed, CEO of Tarabut, highlighted the role of their technology in enhancing financial management through features like spend analytics and budgeting. This collaboration underscores ONE App's commitment to innovation and financial inclusion in Bahrain.
Shuaa Capital PSC, a licensed financial investment company regulated by the Securities and Commodities Authority, has made several board decisions. These include approving the expected issuance size of convertible bonds, pending final adjustments and approval from the Authority. The issuance involves AED 267,111,942.50 for current bondholders and between AED 85,000,000 and AED 150,000,000 for new investors. The expected issuance date for the convertible bonds is on or before March 18, 2025, subject to final approval. Other company-related matters were also addressed.
Al Ramz Capital LLC, based in Dubai, has been appointed as a liquidity provider for Borouge PLC, a leading provider of polyolefin solutions listed on the Abu Dhabi Securities Exchange. Starting March 11, 2025, Al Ramz will independently trade Borouge shares following regulatory approvals. With over 25 years of experience in UAE capital markets, Al Ramz is a licensed market maker on the Dubai Financial Market and Abu Dhabi Securities Exchange. The company is known for its market-making services, enhancing liquidity by fostering relationships in various markets. Al Ramz, founded in 1998, offers services such as asset management, corporate finance, brokerage, and financial research, and is regulated by the UAE Securities and Commodities Authority and the Dubai Financial Services Authority.