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Emirates Islamic Bank PJSC has announced an extension for nominations to its Board of Directors until December 10, 2024. Shareholders who meet the nomination criteria can apply by emailing BODElection@EmiratesNBD.com, including their profile, required documents, and the type of membership they seek (Non-Executive or Independent Director). Seven board members will be elected, and nominations are open for ten days from the announcement date, per Article 9 of the governance guidelines. Applications submitted after the deadline will not be accepted. Candidates must comply with various regulations and standards, and once submitted, nominations cannot be transferred to another person. All nominations are subject to evaluation and approval by the Central Bank of the UAE. The Bank will publish nominees' details on its website two days before the Annual General Assembly Meeting. Required documents must be submitted within the nomination period, or the application will be void.
Sukoon Insurance PJSC has scheduled a Board of Directors meeting on Tuesday, December 10, 2024, at 10:00 am. The meeting will take place at the company's head office in Deira, Dubai, and via 'Teams' video conferencing. The agenda includes reviewing and approving the Nomination and Remuneration Committee Charter, initiating the nomination process for electing new board members after the 2025 AGM, and a general review of the company's business. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy is sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.
On December 5, 2024, Sheikh Ahmed Khaled Zayed Saquer Al Nahyan resigned from his position as a member of the Board of Directors at Al Firdous P.J.S.C for personal reasons. The board plans to appoint a new member to replace him at the next board meeting and will disclose the information accordingly. This communication was addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, and a copy was sent to the Securities and Commodities Authority.
On December 5, 2024, GFH Financial Group B.S.C. announced its treasury shares and liquidity providing activities for November 2024, in compliance with the Central Bank of Bahrain's requirements for monthly disclosure. The activities involved liquidity transactions by GFH’s providers, SICO in Bahrain Bourse, and BHM Capital in the Dubai Financial Market and Abu Dhabi Securities Exchange. As of November 30, 2024, GFH held 241,263,416 treasury shares, representing 6.30% of its total outstanding shares. In the Bahrain Bourse, SICO purchased 2,150,558 securities and sold 783,650 securities, with total payments of USD 723,524 and receipts of USD 264,861.
Salik Company PJSC, Dubai's exclusive toll gate operator, has been assigned strong investment-grade credit ratings by Moody's and Fitch. Moody's assigned an 'A3' rating with a stable outlook, highlighting Salik's low-risk business profile, consistent growth, and strong balance sheet. Fitch assigned an 'A-' rating with a stable outlook, citing Salik's unique market position and long-term concession agreement. Both ratings reflect Salik's robust financial position, operational strength, and strategic approach to enhancing transparency and capital market access. As of September 2024, Salik maintained a net debt/EBITDA ratio of 2.1x, well below its debt covenant, and generated significant free cash flow. The company's chairman, His Excellency Mattar Al Tayer, emphasized that these ratings confirm Salik's solid financial standing and market position.
On December 5, 2024, Salik PJSC announced that it has received strong investment-grade credit ratings from both Moody’s and Fitch Ratings. Moody’s assigned Salik an A3 rating, while Fitch gave an A- rating. These ratings highlight Salik's strong financial position, robust liquidity, and high cash flow generation. Further details will be released in a separate press statement.