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On February 5, 2025, a communication was sent to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding the resignation of Ms. Marion Deridder Blondel from her position as a Board Member of National Central Cooling Company PJSC, effective February 4, 2025. The letter was signed by Sean Magee, the Company Secretary.
Al Ramz Corporation PJSC, a prominent financial services firm with over 25 years in capital markets, has obtained a market maker license from the Muscat Stock Exchange (MSX). This development is part of Al Ramz's strategy to expand its market-making operations within the GCC region, aligning with Oman’s Vision 2040 to enhance capital market efficiency and liquidity. The company aims to apply its expertise in price discovery and trading stability, previously demonstrated in the UAE, to support MSX’s liquidity goals. Karim Shoeib, Group CEO of Investment Banking at Al Ramz, emphasized the strategic importance of this expansion in reinforcing the firm's regional presence and commitment to market integrity and investor confidence. The expansion leverages Al Ramz’s advanced quantitative strategies, algorithmic trading, and governance frameworks to optimize order flow and reduce market volatility. This initiative reflects Al Ramz’s dedication to fostering sustainable and transparent financial markets in the region.
Union Properties has announced a reduction in its legacy debt from AED 1.47 billion in FY2022 to AED 575 million by the end of December 2024, with plans to further decrease it by AED 150 million by the end of Q1 2025. The company has also secured new bank loans of AED 150 million to support upcoming investments expected to generate an annual income of AED 40 million. Through its debt restructuring strategy, Union Properties has lowered financing costs significantly, improving profitability and liquidity. The company has generated AED 1.3 billion by selling plots as part of its asset divestment strategy to settle debts and fund new projects. Additionally, Union Properties plans to retain 10 million sq. ft. of Gross Floor Area for future development, demonstrating its commitment to sustainable growth in the UAE's real estate sector.
Mashreq Bank P.S.C. invites its shareholders to attend the annual General Assembly meeting on February 27, 2025, at 10:00 am UAE time. The meeting can be attended in person at the Bank's headquarters in Dubai or virtually via a link sent to shareholders. The agenda includes authorizing the Chairman to appoint a Secretary and Vote Collector, reviewing and approving various reports and financial statements for the year ended December 31, 2024, approving a cash dividend distribution, and appointing auditors for 2025. Special resolutions involve updating and issuing non-convertible securities and authorizing the Board to take actions related to these matters. Shareholders must register electronically to vote and can delegate proxies under specific conditions. The meeting requires a quorum of at least 50% of the Bank's share capital, with a second meeting scheduled if the quorum is not met. Shareholders on record by specific dates are entitled to vote and receive dividends. The meeting will be recorded, and relevant documents are available on the Dubai Financial Market website.
Sukoon Insurance PJSC, headquartered in Dubai, UAE, with a paid-up capital of AED 461,872,125, is regulated by the Central Bank of the UAE. The company plans to pass a Board of Directors resolution by circulation on February 6, 2025, at 10:00 am. The agenda includes recommending to the General Assembly of shareholders the distribution of cash dividends for the fiscal year 2024 and the appointment of external auditors with proposed remuneration for the fiscal year 2025. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy is sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.