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Dubai Electricity and Water Authority PJSC (DEWA) announced that Moody's has upgraded its long-term issuer rating from Baa2 to A3 with a stable outlook. This upgrade reflects positive macroeconomic trends in Dubai, DEWA's strong market position, robust asset base, favorable tariff structure, and strong liquidity profile. DEWA's leadership attributed the upgrade to the visionary guidance of Dubai's leaders. The improved rating is expected to enhance DEWA's financial and operational performance, ensuring consistent dividends for shareholders. According to DEWA's dividend policy, the company plans to pay a minimum annual dividend of AED 6.2 billion for the first five years starting October 2022.
GFH Financial Group announced the purchase of 11,949,000 of its own shares (treasury shares), increasing its total treasury shares from 187,914,664 (4.90% of total issued shares) to 199,863,664 (5.21% of total issued shares) as of May 30, 2024. The decision was made by the company's board on March 24, 2024, and approved by the authority on May 29, 2024. The average purchase price was 0.2989 USD per share, and the percentage of shares purchased from the issued capital was 0.312%. The remaining shares available for purchase are 183,395,719. The announcement was signed by Mariam Jowhary, Head of Compliance & AML.
On May 30, 2024, Abu Dhabi Ports Company PJSC announced the resignation of non-executive, independent board member Falah Mohammed Al Ahbabi, effective the same day, due to personal reasons. The announcement was authorized by Group General Counsel Emil Pellicer.