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The document is a communication addressed to the Securities & Commodities Authority, summarizing the results of a Board of Directors meeting for the Dubai Financial Market held on October 21, 2024. Chaired by H.H. Sheikh Ammar bin Humaid Al Nuaimi, the meeting covered the approval of the minutes from the previous meeting, discussion and approval of the bank's financial statements for the third quarter of 2024, and follow-up on the bank's routine activities, including issuing resolutions. The document is signed by Badreldin Eltahir Elmogadam, General Counsel & Board of Directors’ Secretary.
Al Salam Bank has partnered with Y.K. Almoayyed & Sons to offer an exclusive "Buy Now, Pay Later" payment plan for its clients at selected Nissan service branches in Bahrain. This offer, available to both debit and credit cardholders, will run until October 15, 2025, and aims to provide flexible and convenient payment options. Both companies expressed their commitment to enhancing customer experience and simplifying payment processes through this collaboration.
Resolution No. 484 of 2024 announces the temporary suspension of trading for Abu Dhabi Commercial Bank (ADCB) shares. This suspension is due to the ADCB Board of Directors meeting scheduled for 10:00 on October 23, 2024, which coincides with the trading session at the Abu Dhabi Securities Exchange (ADX). Trading will be halted from 09:00 on October 23, 2024, until ADX receives the meeting results. The resolution mandates that all relevant ADX department heads implement this decision and that it be communicated to the Securities and Commodities Authority (SCA), ADCB, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and issued on October 21, 2024.
TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has acquired Office Park in Dubai Internet City from Emirates REIT for AED 720 million. This acquisition is part of TECOM Group's strategy to expand its portfolio of Grade-A commercial assets and reinforces its position in Dubai's commercial real estate sector. The acquisition increases the Group's total investments in commercial and industrial assets to over AED 2.7 billion in 2024. Office Park's strategic location in a prominent tech hub and its strong customer base are expected to positively impact TECOM Group's financial performance and offer sustainable growth opportunities. TECOM Group CEO Abdulla Belhoul highlighted the acquisition as a step towards addressing the demand for premium commercial real estate in Dubai, supporting the city's growth as a global economic center.
A new contract series for Oman Crude Oil Futures, specifically the December 2025 contract, will be available for trading starting on October 25, 2024. The contract, identified by the symbol OMOIL Z25, will be listed until October 24, 2025. This announcement is from the Dubai Financial Market and can be accessed on their website. The information is subject to change and is not a replacement for the official Dubai Financial Market Regulated Derivative Contract Trading Regulation.
GFH Financial Group B.S.C. and Ithmaar Holding B.S.C. are currently in negotiations for GFH to acquire Ithmaar's financing and investment portfolios, pending regulatory approvals. Shareholders will be regularly updated on any developments. The expected financial impact will be disclosed in due course. Previous announcements regarding these discussions were made on March 6, April 7, May 6, June 6, and September 19, 2024. The announcement was made by Mariam Jowhary, Head of Compliance & AML.