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Dubai Insurance Company held a Board of Directors meeting on Monday, December 23, 2024, at 11:00 am at the company's head office to review and discuss the company's ordinary business. The notice was addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, and was signed by Sahem Abdelhaq, the Head of Legal.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) for Dubai National Insurance & Reinsurance P.S.C. (DNI) in the UAE, with a stable outlook. These ratings reflect DNI's very strong balance sheet, strong operating performance, limited business profile, and appropriate enterprise risk management. The company's balance sheet strength is supported by strong risk-adjusted capitalization, good earnings retention, low underwriting leverage, good liquidity levels, and prudent reserving practices. However, DNI's high dependence on reinsurance, with a retention ratio averaging 35% over the last five years, is noted as a rating offset. This risk is partly mitigated by using a panel of financially strong international reinsurers. In 2023, DNI achieved a return on equity of 6.7% and a net combined ratio of 94.1%, with investment income contributing significantly to net profit. Recent technical profitability has faced challenges due to difficult underwriting conditions.

Union Properties has commenced construction on its AED 2 billion "Takaya" project in Dubai Motor City. This mixed-use development spans 436,175 square feet and includes three residential towers with 788 luxury units, ranging from studios to villas, alongside a 500-meter shopping boulevard. The project aims to redefine urban living in the mid-to-high range segment with modern amenities and upscale environments. The ground-breaking ceremony took place on December 20, 2024, attended by key figures from Union Properties, highlighting the company's commitment to supporting the UAE's real estate industry and contributing to Dubai's sustainable growth. The foundational work is expected to be completed in six months.

A Board of Directors meeting for Watania International Holding (PJSC) is scheduled for Thursday, December 26, 2024, at 1:00 PM. The agenda includes reviewing the company's budget for the financial year 2025, considering the procurement of Islamic credit facilities from Emirates NBD Bank, and discussing routine business matters. The notification is issued by Nawal Ma’ally, the Board Secretary, on December 23, 2024.

Al Salam Bank recently organized a workshop at its headquarters in Manama, Bahrain, to celebrate Bahraini Women’s Day under the theme “Partners in Progress.” The event gathered female leaders, entrepreneurs, and professionals from various sectors to highlight women's contributions to Bahrain's development. The workshop included speeches from the “Qaedat” program, panel discussions on empowering women in the workplace, and interactive sessions to enhance skills and confidence. Participants also had networking opportunities. Mrs. Muna Al Balooshi, Head of Human Resources and Administration, emphasized the bank's commitment to supporting female talent and fostering an inclusive environment. The workshop concluded with a pledge to support gender equality and women's empowerment, with Al Salam Bank reaffirming its dedication to an inclusive and prosperous future for Bahrain.

The Dubai Financial Market (DFM) released a weekly summary of regulated short sell transactions for the period from December 16 to December 20, 2024. The report includes details on short sell trade volumes and values for specific securities, including Emirates NBD PJSC, Parkin Company PJSC, and Emaar Properties PJSC. Emirates NBD PJSC had two separate trades with volumes of 150 and 15, valued at AED 3,232.50 and AED 308.25, respectively. Parkin Company PJSC had a trade volume of 4,700 with a value of AED 58,985.00, and Emaar Properties PJSC had a trade volume of 2 with a value of AED 24.70. For more information on regulated short selling, refer to the DFM Market Rules and related documents available on their website. The announcement can be accessed online, and it includes a disclaimer noting that the information is subject to change and the DFM is not liable for any losses incurred from using the data provided.