Latest Threads

Al Salam Bank B.S.C has announced that its Board of Directors has approved the Consolidated Financial Statements for the year ending December 31, 2024. This announcement was made to both the Bahrain Bourse and the Dubai Financial Market. The statement was signed by Ali Yusuf Al Khaja, the Head of Compliance and Money Laundering Reporting Officer.

Al Salam Bank reported a net profit of BD 16.7 million in Q4 2024, marking a 48.7% increase compared to the same period in 2023. This growth was mainly driven by the strong performance of its core banking operations and subsidiaries. However, total comprehensive income for the quarter showed a loss of BD 4.0 million, largely due to changes in the fair value of investments. For the fiscal year 2024, the bank's net profit rose by 39.8% to BD 59.0 million, with earnings per share increasing to 20.7 fils. Total comprehensive income for the year also increased by 33.2%. The bank's total equity grew by 6.8%, enhancing its capital adequacy ratio from 20.4% to 24.8%. Total assets expanded by 37.2% to BD 7.06 billion, driven by organic and inorganic growth. The board recommended a 14% dividend distribution, pending approvals. The bank's leadership highlighted the success of strategic initiatives, including the acquisition of Kuwait Finance House - Bahrain and the launch of ASB Capital. Future plans focus on AI, digital adoption, and expanding market share.

Dubai Insurance Co. has announced that a board resolution was made by circulation on February 6, 2025, to appoint Mr. Mohamed Abdelaziz Alowais as a new board member, pending approval from the Central Bank of the UAE. The announcement was addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, and was signed by Sahem Abdelhaq, the Head of Legal.

The text is a proxy form for shareholders of the Commercial Bank of Dubai (PSC) to appoint a proxyholder to represent them and vote on their behalf at the Annual General Assembly Meeting scheduled for March 5, 2025. Shareholders need to fill in their details, the proxyholder’s information, and sign the form. The completed form, along with supporting documents, should be uploaded electronically at the specified website. The registrar may contact shareholders to verify the information provided.

Ithmaar Holding B.S.C. announced that the nomination period for its Board of Directors membership for the term 2025 to 2028 will close on Saturday, February 8, 2025, at 4:00 p.m. The election will take place during the Annual General Assembly Meeting on March 24, 2025.

Dubai is preparing to host the International District Cooling Conference 2025 for the fourth time. His Excellency Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), met with Rob Thornton, President and CEO of the International District Energy Association (IDEA), to discuss the event's preparations. The conference will focus on themes aligned with recent developments in the district cooling industry, its challenges, and strategies to address them. It aims to reinforce its status as a leading global platform for district cooling discussions, promoting energy efficiency and environmental sustainability. Empower, with a history of successfully hosting the conference in 2014, 2016, and 2018, highlights Dubai's role as a hub in the district cooling industry. The conference, scheduled for December, will gather specialists and leaders in district cooling, energy efficiency, and renewable energy solutions from around the world.