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ADNOC Drilling Company has appointed Al Ramz Capital, a licensed financial institution and market maker, as a liquidity provider for its shares listed on the Abu Dhabi Securities Exchange (ADX). The one-year agreement stipulates that Al Ramz Capital will independently trade the company's shares and provide liquidity by offering simultaneous buy and sell orders in accordance with ADX and Securities and Commodities Authority regulations. This appointment aims to enhance liquidity and trading efficiency for the company's shareholders.

Ras Al Khaimah - United Arab Emirates: For the six months period ended June 30, 2024 (Unaudited), RAPCO Investment P.J.S.C has released its independent auditor's review report and condensed interim financial statements.

SHUAA Capital announced its first quarter financial results for 2024, showing significant improvements. The company reported an adjusted net operating income of AED 5 million, reversing a previous loss of AED 14 million. The operating margin improved to 16% from a negative 29%. SHUAA continued its balance sheet optimization, including asset valuation adjustments and impairments of legacy investments, and reached an agreement with bondholders to reduce debt by over AED 500 million. The company is focused on issuing Mandatory Convertible Bonds and expects to finalize its capital optimization plans by the end of 2024. SHUAA is transforming its business model to focus on Asset Management and Investment Banking, supported by a strong Sales and Distribution platform. New senior appointments were announced, including Wafik Ben Mansour as CEO and Roberta Calarese as Chief Legal Officer. The company aims to enhance shareholder value and will provide regular updates on its progress. Key financial metrics for Q1 2024 include revenues of AED 30 million, an adjusted net operating income of AED 5 million, and a net loss of AED 87 million.

SHUAA Capital psc reported accumulated losses of AED 916 million for Q1 2024, representing 36.12% of its capital. The losses stem from several factors, including fair value losses due to impairments in investments, goodwill, and receivable write-offs related to its UK investments and legacy real estate assets. Additional losses were due to valuation adjustments of an associate’s underlying asset, the recognition of a deferred tax liability following the implementation of corporate tax law in the UAE, and write-offs from revised land valuations in the UAE. Fair value losses from investments in public market securities and managed investments also contributed. To address these accumulated losses, SHUAA Capital has initiated capital optimization measures. The company has secured an agreement with noteholders to amend the terms of its USD 150 million bonds, issued by an affiliated special purpose vehicle (SPV). This agreement allows bondholders to convert a portion of their bonds into equity through the issuance of Mandatory Convertible Bonds (MCB), with any remaining bonds potentially being settled at a discount in cash.

SHUAA Capital PSC and its subsidiaries have released their condensed consolidated interim financial information for the period from January 1, 2024, to March 31, 2024.