Latest Threads

The Annual General Assembly Meeting of Union Properties PJSC, originally scheduled for April 18, 2024, has been postponed due to the lack of quorum. The rescheduled meeting will now take place on Tuesday, April 30, 2024, at 2:00 PM at The Ritz Carlton Hotel, Dubai Financial Center. The meeting will be held both virtually and physically. The information was relayed by Fadi Saba, the Board Secretary of Union Properties PJSC.

The Abu Dhabi Ports Company PJSC held its Annual General Assembly Meeting on April 18, 2024, from 3 to 4 p.m. at the company's head office and virtually. The meeting was chaired by H.E. Falah Mohammed Falah Jaber Al Ahbabi, and had a quorum of 80.1785%. All ordinary resolutions were approved, including the board of directors' report, external auditors' report, company's balance sheet, and profit and loss account for the financial year ended on December 31, 2023. The board's recommendation of no cash dividends distribution for 2023 was approved, as was the payment of AED 10,902,000 to the board as remuneration. The board and auditors were discharged from liability for their 2023 activities. Deloitte & Touche (ME) were appointed as external auditors for 2024, with a remuneration of AED 2,005,000 plus VAT. Two additional board members, Renzo Bravo Calambrogio and Soren Jensen, were elected.

The Dubai Financial Market has released the expiry settlement prices for Equity Futures Contracts due in April 2024. The prices range from 0.131 AED to 16.750 AED across different contract series. The information is available on the Dubai Financial Market website and is subject to change. It should be noted that this document is not a substitute for the relevant Dubai Financial Market Regulated Derivative Contract Trading Regulation.

The General Assembly Meeting of Emirates Reem Investments Company P.J.S.C was held on 18th April 2024, both physically and via e-voting. The meeting reviewed and approved the Director's report on the company's activities and financial position for the fiscal year ended 31/12/2023. The company's auditor's report was also reviewed and approved. The financial statements, including the profit and loss statements for the year ended 31/12/2023, were discussed and approved. The Board of Director's recommendation of not distributing dividends for the financial year ended 31 December 2023 was also considered and approved.

Takaful Emarat Insurance has released a report detailing its financial situation in compliance with the SCA Board of Directors’ Decision No. 32/R.M. of 2019. The report reveals the company's accumulated losses amounting to AED 181,264 (in thousands), which is 120.8% of its paid-up capital. The losses have been attributed to a series of factors including reduced margin and higher medical claims expenses than expected, lower returns from investments, the impact of a merger and acquisition project, and the writing off of bad debts. The company has initiated steps to address the situation, including a capital restructuring process, the development of a long-term business plan, and enhancements to its IT systems.