Latest Threads on News from companies

Modon Holding P.S.C. has entered into a strategic partnership with Hassan Allam Holding to explore collaboration on large-scale construction projects in Egypt, specifically in Ras El Hekma. The memorandum of understanding aims to enhance cooperation in various sectors, including infrastructure, energy, water and wastewater treatment, and special buildings. The partnership seeks to promote opportunities for the Ras El Hekma project, supporting Modon Holding's growth and diversification in Egypt. Both companies will explore utilities and infrastructure collaboration, focusing on delivering sustainable power, water treatment, and telecommunications infrastructure for long-term success.

TAQA, JERA, and Al Bawani have formed a consortium to develop two new combined cycle gas power plants in Saudi Arabia, named Rumah 2 IPP and Al Nairyah 2 IPP. Each plant will have a generation capacity of 1.8 GW, totaling 3.6 GW. The consortium has signed two 25-year Power Purchase Agreements with the Saudi Power Procurement Company. The plants will use advanced gas turbine technology and support carbon capture, aligning with Saudi Arabia's energy goals of a balanced energy mix and the Saudi Green Initiative for net-zero emissions by 2060.

GFH Financial Group has announced that it has entered into definitive agreements with the Saudi Education Fund (SEF), managed by EFG Hermes, to acquire Britus Education. Britus Education is a leading K-12 education platform operating international schools in the GCC and MENA regions, with a market value exceeding USD 200 million. The portfolio includes four schools in Saudi Arabia, two in the UAE, and one in Bahrain, with a total capacity of approximately 12,000 students and about 8,000 currently enrolled. This investment is expected to positively impact GFH's financials and increase the Group's returns. The announcement was made by Mariam Jowhary, Head of Compliance and AML.

Resolution No. 524 of 2024 announces the temporary suspension of trading for the shares of Abu Dhabi National Co. for Building Materials (BILDCO) on the Abu Dhabi Securities Exchange (ADX). This suspension will occur from 14:00 on December 10, 2024, coinciding with the company's Annual General Meeting (AGM), and will remain in effect until ADX receives the AGM results. The resolution mandates that all ADX department heads implement this decision within their respective areas. It also requires that the resolution be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution has been approved by the authorized person and was issued on November 18, 2024.

The letter, dated 18 November 2024, is addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. It serves as a notification regarding a resolution by the Board of Directors of Amlak Finance PJSC. The board plans to pass this resolution by circulation on Thursday, 21 November 2024, at 3 pm, concerning regular and internal matters. The letter is signed by Lama Takieddin, the Head of Corporate Governance and Company Secretary, and a copy is sent to the Securities & Commodities Authority.

The SUDATEL Telecom Group LTD. held its 31st Ordinary General Meeting virtually on November 16, 2024, from 11:00 AM to 02:00 PM. The meeting was chaired by Eng. Ibrahim Jabir Ibrahim, with Eng. Magdi Mohammed Abdalla Taha as the CEO. The Board of Directors for the term 2022 to 2026 includes representatives from the Government of Sudan, Tadamon Islamic Bank, Bank of Sudan, Arab Investment Company-Riyadh, Financial Investment Bank, Arab Satellite Communications Organization - Arabsat, SMT Engineering Company, and Tadamon Portfolio. During the meeting, several recommendations were approved: the Board of Directors' annual report, the summary of the annual audited financial statements, the auditor’s report for the fiscal year 2023, the distribution of bonus shares for 2023, the Board of Directors' remunerations for the year ending December 31, 2023, and the appointment of external auditors for 2024 along with their remunerations.

On November 15, 2024, Foodco National Foodstuff Co PJSC held a Board of Directors meeting via video conference on Microsoft Teams from 10:00 AM to 11:00 AM. All five board members were present, achieving a 100% quorum. During the meeting, the board approved the previous meeting's minutes and discussed and approved the unaudited financial statement for the period ending September 30, 2024. The company reported a net loss of AED 3.633 million, an improvement compared to a net loss of AED 14.987 million for the same period in 2023. Other operational matters were also discussed, and appropriate decisions were made. The meeting results were documented by Board Secretary Taysir Mokashfi.