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National International Holding Co. K.P.S.C. (NIH) has informed Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, that they have sold treasury shares. The details of the sale are included in an attached disclosure. The communication is signed by Mamdouh A. EL Sherbiny, CEO and Board Member of NIH. The company, established in 1979, is headquartered in Kuwait.
Nasdaq Dubai has listed USD 400 million Floating Rate Notes issued by the Agricultural Bank of China (DIFC Branch), due in 2027. This is the bank's second bond listing on Nasdaq Dubai, reflecting deepening economic ties between China and the UAE. The issuance is part of a USD 15 billion Medium Term Note Programme and enhances Nasdaq Dubai’s fixed income portfolio, which now totals USD 135 billion in outstanding listings. The listing was celebrated with a bell-ringing ceremony attended by notable officials including H.E. Ou Boqian, Consul General of China in Dubai, and Hamed Ali, CEO of Nasdaq Dubai and DFM. The Agricultural Bank of China has been strategically expanding in the UAE to support projects aligned with the Belt and Road Initiative, contributing to sectors like solar power, seawater desalination, and clean energy. The new bond issuance is expected to boost financial and business cooperation in the Middle East and North Africa region.
Emirates Central Cooling Systems Corporation PJSC (Empower) reported a 41% increase in new customer registrations via electronic platforms over the past five years and issued nearly 20,000 No Objection Certificates (NOCs) in the first half of this year. Additionally, there was an 11% rise in bill payments through electronic channels in the same period. Empower noted a 21% increase in the issuance of NOCs, which enhance business efficiency and productivity. CEO HE Ahmad Bin Shafar highlighted that these achievements reflect the company's commitment to sustainable growth and alignment with Dubai's technological advancements and national strategies. Empower's customer base grew to over 138,000 in the first half of the year.
On 27 October 2022, a company announced an initial agreement to acquire an individual life takaful portfolio from Dubai Islamic Insurance & Reinsurance Company (AMAN), subject to certain requirements. As these requirements were not met, the company's board of directors decided not to proceed with the acquisition and notified AMAN of the termination of the agreement. The company remains committed to growing and developing its takaful business in the UAE and beyond.
On 27 October 2022, shareholders were informed that the Company had reached an initial agreement to acquire an individual life takaful portfolio from Dubai Islamic Insurance & Reinsurance Company (AMAN), subject to certain requirements. As these requirements have not been met, the board of directors has decided not to proceed with the acquisition and has notified AMAN of the decision to terminate the agreement. The Company continues to focus on profitably growing and developing its takaful business in the UAE and beyond. Yours sincerely, Osama Abdeen Chief Executive Officer
The board meeting of Al Yah Satellite Communications Company PJSC was held on Monday, 2 September 2024, from 4:00 PM to 4:50 PM UAE local time, with 8 directors attending and a quorum of 89%. The board approved the distribution of interim dividends of 8.40 fils per share (8.40% of the nominal value) for the first half of 2024, amounting to AED 204,940,703, to be paid to shareholders registered by the close of business on Thursday, 12 September 2024. They also approved the agenda for the General Assembly Meeting (GAM) scheduled for 26 September 2024, with flexibility for date adjustments by the Securities and Commodities Authority. Additionally, the board discussed general company activities and passed appropriate resolutions. The disclosure was signed by Clint Irwin Fransquinho de Barros, the Board Secretary.
National International Holding Co. K.P.S.C. (NIH) has informed the Dubai Financial Market, through a letter dated 02/09/2024 addressed to its CEO, Mr. Hamed Ahmed Ali, that it has sold treasury shares. The disclosure details are attached to the letter. The communication is signed by Mamdouh A. EL Sherbiny, CEO and Board Member of NIH. The company, established in 1979, is based in Kuwait and has authorized and paid capital of 23,455,301.600 K.D.
Sukoon Insurance, a leading insurance provider in the UAE, has introduced a new videoconferencing feature for its life insurance customers. This innovation allows applicants to complete their life insurance applications without extensive in-person medical examinations, aligning with the company's customer-centric strategy to enhance accessibility, convenience, and inclusivity. Emmanuel Deschamps, Executive Vice President, highlighted that this makes Sukoon the first in the UAE to offer such a feature for life insurance underwriting. The service is available for a specific age group with predefined premium limits. Dr. Faiza Zulfiqar, Head of Individual Life Underwriting, emphasized that this initiative improves client experience and ensures an efficient underwriting process. This development reflects Sukoon's commitment to exceptional service and continuous evolution to meet client expectations.