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Aldar Properties announced the complete sell-out of its luxury canal-front community, Yas Riva, on launch day, generating over AED 1.4 billion in sales. Expatriate residents and overseas buyers made up 48% of sales, while Emirati, Indian, Pakistani, and British buyers were the top four nationalities by sales volume. The rapid sell-out highlights Yas Island's appeal for luxury living and its growing status as a premier investment destination. UAE nationals accounted for 52% of sales, indicating strong local interest, while 60% of buyers were under 45, showing the development's popularity among younger individuals. First-time buyers of an Aldar property comprised 38% of sales, demonstrating Aldar's expanding customer base both locally and internationally.
Abu Dhabi National Energy Company (TAQA) announced a new unified brand identity for its group of companies, marking a significant transformation and growth milestone. The Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) will merge to form TAQA Distribution, serving customers across Abu Dhabi. This consolidation aims to enhance customer services, develop new products, and support growth both locally and internationally, while also promoting low-carbon power and water solutions. Additionally, TAQA will rebrand its other subsidiaries: Abu Dhabi Transmission and Despatch Company (TRANSCO) will become TAQA Transmission, Sustainable Water Solutions Holdings (SWS Holdings) will be TAQA Water Solutions, and Abu Dhabi Energy Services (ADES) will be TAQA Energy Services. This restructuring is designed to increase awareness of TAQA's comprehensive utility activities and support its growth ambitions, strengthening its position as a leading utility company in the UAE.
The Dubai Financial Market (DFM) released a summary of regulated short sell transactions for the period from September 9, 2024, to September 13, 2024. The summary includes data on two securities: EMAAR Properties PJSC, with a short sell trade volume of 8 and a trade value of AED 68.26, and Salik Company PJSC, with a short sell trade volume of 2,610 and a trade value of AED 10,309.40. Further details on regulated short selling can be found in the DFM Market Rules and related operational procedures available on the DFM website. The announcement is also available on the DFM website. A disclaimer notes that the information is subject to change and that DFM is not liable for any losses resulting from the use of the data.
Date: 13 September 2024 Listed Company: Amlak Finance PJSC Date and Day of the Meeting: Wednesday, 18 September 2024 Meeting Starting Time: 3:00 PM Agenda of the Meeting: - Normal business activities and updates Name of the Authorized Signatory: Lama Takieddin Designation: Head of Corporate Governance & Company Secretary Signature: [Signature]
Mashreqbank PSC announced on September 13, 2024, its agreement to dispose of a 65% interest in its subsidiary, IDFAA Payment Services LLC. The transaction, valued at approximately USD 385 million, aims to realize value for Mashreqbank and its shareholders while establishing a long-term shareholder arrangement with the purchasers, Arcapita Group Holdings Limited and Dgpays S.a.r.l., for future business growth. The deal is not associated with related parties and was signed on September 12, 2024.
Dubai Taxi Company (DTC) has been awarded 300 new plates by Dubai's Roads and Transport Authority, increasing its market share to 46% and expanding its fleet to nearly 6,000 vehicles. This expansion is expected to generate an additional annual revenue of AED 100 million. The company aims to meet the growing demand for transport in Dubai, driven by population and economic growth. CEO Mansoor Rahma Al Falasi highlighted that the fleet has grown by approximately 10% in 2024, reaching nearly 9,000 vehicles across various segments. This move aligns with DTC's strategy of fleet expansion and enhancing shareholder value.
On September 13, 2024, Abu Dhabi National Company for Building Materials (BILDCO) held its eighth board meeting of the year. The meeting took place at 14:00 PM. During this meeting, the board approved the minutes of the seventh board meeting of 2024 and the executive action plan for the last quarter of 2024.