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On July 29, 2024, Drake & Scull International PJSC informed its shareholders that the Dubai Court of Appeal issued a judgment in its favor in case No. 1985/2021 Commercial Appeal. The court ruled that Khaldoun Rashid Tabari, the former CEO of Drake & Scull, and Saleh Muradweij are jointly and severally liable to pay the company AED 151,979,857 as compensation for material and moral damages, along with legal interest of 5% from the date the judgment becomes final until full payment is made. The judgment is subject to appeal. The company has initiated enforcement procedures and secured attachments on the defendants' assets.
On 29 July 2024, Mr. Hamad Ali, the CEO of Dubai Financial Market, was informed that the Board of Directors of TECOM Group PJSC will hold a meeting on 01 August 2024 at 3:00 PM. The agenda includes discussing and approving the condensed consolidated interim financial statements for the first half of the financial year ending 30 June 2024, considering a proposal to distribute an interim cash dividend for the same period, and addressing regular matters and any other business. This information was also copied to the Securities and Commodities Authority.
Resolution No. (446) of 2024 mandates the temporary suspension of trading in Fujairah Cement Industries (FCI) shares on the Abu Dhabi Securities Exchange (ADX) from 11:00 AM on July 31, 2024, until the results of FCI's Board of Directors meeting are received. This decision aligns with Article No. (16) of the Regulations Concerning the Listing of Securities on ADX. The resolution requires all ADX department heads to implement the suspension within their respective areas and ensures the resolution is communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and issued on July 29, 2024.
ALDAR Properties PJSC has released a review report and interim financial information for the six-month period ending on June 30, 2024.
BHM Capital Financial Services, a leading financial institution in the UAE, reported a 24% increase in its net pre-tax profit, reaching AED 18.4 million in the first half of 2024. After taxes, net profit was AED 16.8 million, a 14% rise from AED 14.8 million in the same period last year. The company's total income surged by 30% to AED 76.6 million, and total assets increased by 1%. The number of new accounts grew nearly fourfold to 19,192, significantly boosting market trading activity. CEO Abdul Hadi Al Sa’di attributed the profit increase to the company's strategy and efforts in diversifying revenue sources. BHM Capital is also a liquidity provider for many companies listed on UAE financial markets, contributing to their stability.
BHM Capital Financial Services PSC has released its condensed consolidated interim financial information for the six-month period ending on June 30, 2024.