Latest Threads on News from companies
Threads on regulatory news from companies
International Holding Company PJSC (IHC) has issued a notice alerting the public about scams using the company's name, employee names, and logo to advertise fraudulent investment opportunities and tenders. These scams request personal, business, and financial information, as well as credit card or bank details. IHC emphasizes that it does not request such information or payments via email, mail, or any other means. The company advises caution if such requests are received and recommends verifying the legitimacy of communications by checking the sender's email address, which should always come from an "@ihcuae.com" domain. To stay informed and protect against scams, IHC encourages visiting their official website or checking news and disclosures on the ADX website.
Aldar, a leading real estate developer in the UAE, has announced the launch of the first Mandarin Oriental Residences in Abu Dhabi, located in the Saadiyat Cultural District. These 226 luxury residences, designed by Bjarke Ingels Group and featuring interiors by Lillian Wu, will offer residents a unique lifestyle managed by the Mandarin Oriental Hotel Group. The homes, which will be available for sale starting November 21, 2024, are situated in a prime location with views of the Zayed National Museum and easy access to cultural experiences and Mamsha Beach. The residences are noted for their exquisite furnishings, including grand chandeliers, natural marbles, and floor-to-ceiling windows.
The Board of Directors meeting for Takaful Emarat Insurance PSC took place on Wednesday, 13 November 2024, from 4:00 PM to 4:30 PM. Four board members were present, achieving a quorum of 57%. During the meeting, the board approved the company's unaudited financial statements for the nine-month period ending 30 September 2024 and discussed other matters. The meeting's decisions were documented and signed by Mohammed Abu Quora, the Chief Executive Officer, on 14 November 2024.
Tabreed, a leading district cooling company based in the UAE, reported its financial results for the first nine months of 2024, showing increased revenues and strengthened EBITDA. The company experienced a 6% rise in consumption volumes, resulting in a 4% increase in net profit before tax to AED 462 million. Group revenue rose to AED 1.85 billion, driven by higher consumption and the addition of 29,000 Refrigeration Tons (RT) of new connections over the past year. EBITDA increased to AED 933 million, maintaining a stable margin of 50%. Tabreed expanded its customer base with new connections in the UAE, India, Egypt, and Oman, including 12,444 RT added in the third quarter. The company generated strong cash flows, with free cash flows of AED 912 million over the past year, and reduced its debt by 12%, resulting in a net debt to EBITDA ratio of 4.0x. Tabreed remains committed to maintaining its 'investment grade' credit rating. In the third quarter, Tabreed actively promoted district cooling, participating in the Asia Urban Energy Assembly in Bangkok, aligning with its expansion strategy in Southeast Asia.
The document is a review report and interim condensed consolidated financial statements for the National Central Cooling Company PJSC, covering the nine-month period ending on September 30, 2024.
The document is a notification dated 14 November 2024, addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. It informs them of a Circular Resolution passed by the Board of Directors of the National Central Cooling Company PJSC ("Tabreed"). The resolution approves the company's unaudited interim accounts for the period ending 30 September 2024 and the release of these accounts along with a press release to the Securities & Commodities Authority and the Dubai Financial Market. The notification is signed by Sean Magee, the Company Secretary.
Islamic Arab Insurance Company (Salama), the UAE's largest Takaful solutions provider, reported a 64% increase in profitability for the first nine months of 2024, with net profits rising to AED 30.41 million compared to AED 18.56 million in the same period in 2023. Takaful revenue reached AED 802.83 million, and total assets increased to AED 3,669.82 million. The company noted an increase in other operating income, despite negative impacts from foreign currency adjustments due to the depreciation of the Egyptian Pound. Salama's Chairman, H.E. Fahad AlQassim, emphasized the company's commitment to delivering value and high standards of service. The company's strategies in underwriting, expense management, and digitalization have contributed to its improved performance. CEO Walter Jopp highlighted the strong third-quarter results and the company's focus on resolving legacy issues and improving customer experience. Jopp has stepped down for personal reasons but will assist in the transition. Salama remains focused on providing peace of mind to customers and achieving growth through strategic objectives, supported by its solid Takaful foundation and industry recognition.