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MBME Pay Payment Services Provider, a subsidiary of MBME Group, has signed an agreement with Ruya Community Islamic Bank L.L.C., a digital-first Islamic bank in the UAE. The partnership aims to utilize digital services to enhance customer satisfaction and meet expectations while keeping up with digital advancements. This collaboration marks a significant step forward for MBME Group.

ADNEC Group, a subsidiary of Modon Holding, has signed agreements to acquire Royal Catering Services LLC, an Abu Dhabi-based catering provider with over 2,500 employees and a capacity of producing over 50,000 meals daily. This acquisition will integrate Royal Catering with ADNEC's Capital Catering business, making it one of the largest catering providers in Abu Dhabi. The move expands Capital Catering's focus and production capacity, enhancing ADNEC's market presence and profitability. The acquisition aligns with ADNEC's growth strategy, targeting high-potential sectors, and includes plans for operational improvements and technology integration. Modon Holding's CEO, Bill O'Regan, and ADNEC's CEO, Humaid Matar Al Dhaheri, emphasized the strategic importance of this acquisition in strengthening their market position and service offerings in Abu Dhabi and the UAE.

GFH Financial Group B.S.C. and Ithmaar Holding B.S.C. have announced that they are still in the process of negotiating GFH's acquisition of Ithmaar's financing and investment portfolios, which is subject to 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 6th March, 7th April, 6th May, 6th June, and 19th September 2024. The announcement was made by Mariam Jowhary, Head of Compliance and AML.

United Arab Bank (UAB) reported a 12% increase in pre-tax net profit for the first nine months of 2024, reaching AED 233 million compared to the same period last year. The bank's total assets grew by 13% to AED 20 billion, driven by a 15% increase in loans, advances, and Islamic financing. Net interest income rose by 20% year-on-year to AED 354 million. UAB maintained a strong capital position with a CET1 ratio of 13.8% and a total capital adequacy ratio of 18.8%. Asset quality improved with a reduction in the non-performing loan ratio to 4.1% and an increase in the coverage ratio to 125%. The bank's liquidity profile remained robust, with an advances to stable resources ratio of 74% and an eligible liquid asset ratio of 15%. Moody's upgraded UAB's credit rating to Baa3/P-3 with a 'Positive' outlook.

United Arab Bank P.J.S.C. has released a review report and condensed interim financial statements for the nine-month period ending on September 30, 2024.

United Arab Bank (UAB) reported financial results for the first nine months of 2024, showing a 12% year-on-year increase in net profit before taxes, reaching AED 233 million compared to AED 209 million in the same period in 2023. Profit after taxes rose by 2% year-on-year to AED 212 million. For the third quarter of 2024, net profit before taxes was AED 81 million, a 5% sequential increase. Net interest income grew by 20% year-on-year to AED 354 million, contributing to a total income of AED 452 million, up 1% year-on-year. The bank reported a net reversal in impairment charges of AED 5 million, contrasting with net impairment charges of AED 27 million in the previous year. The annualized return on shareholders' equity was 15.1% for the period.

The Emirates Telecommunications Group Company (Etisalat Group) has issued a letter dated 19th October 2024 to the Chief Executive Officer of the Abu Dhabi Securities Exchange. The letter informs that the company's Board of Directors has approved a resolution to call for a General Assembly meeting to discuss amending the borrowing cap of "e&". The date of the General Assembly and details of the proposed amendments will be shared after receiving approval from the Securities and Commodities Authority. The letter is signed by Hasan Mohamed Al Hosani, the Group Corporate Secretary.

The Dubai Financial Market (DFM) provided a weekly summary of regulated short sell transactions for the period from October 14 to October 18, 2024. During this period, Emaar Properties PJSC had a short sell trade volume of 2 and a trade value of AED 17.16. Additional information on regulated short selling can be found in the DFM Market Rules and related documents available on their website. The announcement is also accessible online. The disclaimer notes that the information is subject to change and DFM is not liable for any losses from the use of this data.