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GFH Financial Group B.S.C. announced a partnership with Infracorp and Kempinski to launch the Harbour Heights Kempinski Hotel and exclusive branded residences. This announcement was made during the Gateway Gulf Forum 2024. The investment is expected to positively impact the group's financial statements and increase returns. The announcement was signed by Mariam Jowhary, Head of Compliance and AML.
The document is a review report and interim condensed consolidated financial statements for Orient Insurance PJSC and its subsidiaries, dated September 30, 2024. The financial statements are unaudited.
Al Ramz Corporation PJSC, a financial services provider in the UAE, announced a net profit of AED 9.2 million for the third quarter of 2024. The company saw a 49% increase in corporate finance and advisory revenues and was designated as the liquidity provider for several companies, including ADNOC Drilling Company PJSC and Abu Dhabi Ports Company PJSC. Despite regional geopolitical challenges impacting capital markets, Al Ramz remains focused on sustainable growth through investments in digital trading, market making, asset management, and credit services. The digital trading platform saw significant user growth, with a 112% increase from the previous quarter. The platform now offers full Arabic language support and received the "Mobile App of the Year" award from Entrepreneur Middle East's Leaders in Fintech Awards 2024.
Resolution No. (498) of 2024 involves the temporary suspension of trading for the shares of Emirates Insurance Co. on the Abu Dhabi Securities Exchange (ADX) starting at 11:00 on November 11, 2024. This suspension is due to a Board of Directors meeting scheduled at the same time. Trading will remain suspended until ADX receives the results of this meeting. The resolution mandates that all department heads at ADX execute the suspension as per their responsibilities. Additionally, the resolution will be distributed to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution has been approved by the authorized person and was issued on November 4, 2024.
Al Salam Bank, Bahrain's largest Islamic bank, has announced the launch of ASB Capital, a new asset management firm licensed by the Dubai Financial Services Authority. Based in the Dubai International Financial Centre, ASB Capital is set to launch with assets under management totaling USD 4.5 billion. The firm aims to offer a diversified wealth and asset management platform, providing access to investment opportunities typically reserved for institutional investors. ASB Capital will focus on four key areas: public markets, private markets, investment banking, and placement, targeting high net worth individuals, family offices, corporations, and institutional clients in the Middle East and Africa. The firm has partnered with a major global asset manager to introduce a specialized global equity fund and plans to enter the ETF market through a collaboration with a leading global provider. ASB Capital also intends to offer private market products, including private equity and venture capital, in partnership with established entities. The firm aims to address the growing demand for specialized asset management services in the region and is aligned with Al Salam Bank's growth objectives. ASB Capital aspires to become one of the top 10 asset managers in the region, focusing on excellence in asset and wealth management.
Resolution No. 497 of 2024 mandates the temporary suspension of trading for the shares of Emirates Telecom Group Company (Etisalat Group) PJSC. This suspension will occur on November 26, 2024, starting from 13:00, to coincide with the company's Annual General Meeting (AGM). Trading will resume once the Abu Dhabi Securities Exchange (ADX) receives the results of the AGM. The resolution requires all relevant departments at ADX to implement it and mandates its distribution to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was issued on November 4, 2024, and has been approved by the authorized person.
The Dubai Financial Market has been informed of an upcoming earnings call for Aramex PJSC, scheduled for Monday, November 11, 2024, at 3:00 PM UAE time. The meeting will discuss the company's financial results for the third quarter, which ended on September 30, 2024. The notice was sent by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.