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Dubai Insurance Co. has informed the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, of a scheduled Board of Directors meeting. The meeting is set to take place on 14th May 2024, at 11:00 am at the company's head office. The purpose of the meeting is to approve the financial results for the first quarter of 2024. The notification was sent by the Head of Legal & Compliance, Sahem Abdelhaq.

Resolution No. (405) of 2024 temporarily suspends trading of Sudatel Telecommunications Group Company Limited shares on the ADX. The suspension is due to a board of directors meeting scheduled for 13:00 on 13-May-2024, which coincides with the trading session at ADX. Trading will be suspended from 09:00 on 13-May-2024 until the meeting results are received by ADX. The heads of departments at ADX are instructed to execute this resolution, and it will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 09/05/2024.

Resolution No. 404 of 2024 announces the temporary suspension of trading for Phoenix Group PLC shares on the ADX. This is due to a board meeting scheduled for 10:30 on 13-May-2024, which coincides with the trading session. Trading will be suspended from 09:00 on 13-May-2024 until the ADX receives the meeting results. All department heads at ADX are required to implement this resolution in their respective fields. The resolution is to be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 09/05/2024.

Spinneys, a premium grocery retail supermarket operator, has successfully debuted on the Dubai Financial Market (DFM) following an oversubscribed IPO. The IPO was oversubscribed 64 times in aggregate, the highest level for a non-government-related IPO on the DFM in recent years. The Spinneys IPO raised AED 1.38 billion (USD 375 million), implying a market capitalization of AED 5.51 billion (USD 1.50 billion) at listing. Spinneys plans to continue its growth in 2024 with new stores in Saudi Arabia and the UAE, and the launch of new formats including a dining concept and a hyperlocal ecommerce offering.

Dubai Electricity and Water Authority PJSC (DEWA) reported strong first quarter results for 2024, with revenue reaching AED 5.8 billion, marking a 6.7% increase year-on-year. The company also recorded its highest ever Q1 EBITDA of AED 2.6 billion, up by 9%, and a consolidated operating profit of AED 995 million, a rise of 11.6%. Additionally, DEWA delivered an extra AED 692 million in net cash from operations, reaching AED 3.3 billion, a 26.9% increase. The company attributes these exceptional results to a high demand growth of 6.4% in electricity and 5.9% in water.

On May 9, 2024, the Board of Directors of Dubai Electricity and Water Authority (DEWA) had a meeting where they approved the company's financial statements for the first quarter ending March 31, 2024. Aside from this, the Board also reviewed and considered general business matters. The information was communicated to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Aakash Nijhawan, the Group Head of Investor Relations at DEWA.

Resolution No. (403) of 2024 temporarily suspends trading of Union Insurance Company shares on ADX due to the company's Board of Directors meeting scheduled at 10:00 on 13-May-2024, which coincides with the trading session. Trading will be suspended from 09:00 on 13-May-2024 until the meeting results are received by ADX. All department heads in ADX are required to execute this resolution in their respective fields. The resolution is to be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and was issued on 09/05/2024.