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The text is a proxy form for shareholders of the Commercial Bank of Dubai (PSC) to appoint a proxyholder to represent them and vote on their behalf at the Annual General Assembly Meeting scheduled for March 5, 2025. Shareholders need to fill in their details, the proxyholder’s information, and sign the form. The completed form, along with supporting documents, should be uploaded electronically at the specified website. The registrar may contact shareholders to verify the information provided.
Ithmaar Holding B.S.C. announced that the nomination period for its Board of Directors membership for the term 2025 to 2028 will close on Saturday, February 8, 2025, at 4:00 p.m. The election will take place during the Annual General Assembly Meeting on March 24, 2025.
Dubai is preparing to host the International District Cooling Conference 2025 for the fourth time. His Excellency Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), met with Rob Thornton, President and CEO of the International District Energy Association (IDEA), to discuss the event's preparations. The conference will focus on themes aligned with recent developments in the district cooling industry, its challenges, and strategies to address them. It aims to reinforce its status as a leading global platform for district cooling discussions, promoting energy efficiency and environmental sustainability. Empower, with a history of successfully hosting the conference in 2014, 2016, and 2018, highlights Dubai's role as a hub in the district cooling industry. The conference, scheduled for December, will gather specialists and leaders in district cooling, energy efficiency, and renewable energy solutions from around the world.
TECOM Group reported a 14% increase in net profit for FY 2024, reaching AED 1.2 billion, driven by record revenue and strong performance across all business segments. Revenue rose by 11% year-on-year to AED 2.4 billion, supported by high occupancy rates of 94% and retention rates of 92%. EBITDA grew by 12% to AED 1.9 billion, reflecting strong operational performance. Funds from operations exceeded AED 1.6 billion due to increased revenue and operational efficiencies. The Group expanded its asset portfolio through strategic acquisitions and development projects totaling AED 2.7 billion. The fair value of its Investment Property Portfolio increased by 11% on a like-for-like basis and by 22% including new acquisitions, reaching AED 28 billion. The Board of Directors proposed a dividend payment of AED 400 million for the second half of 2024, pending shareholder approval at the Annual General Meeting on 10 March 2025. These results highlight the Group's strategy to enhance its core business in Dubai through portfolio expansion and operational efficiencies.
The document is a confidential report containing the classification, consolidated financial statements, and other related financial information for TECOM Group PJSC and its subsidiaries for the year ending on December 31, 2024.