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Incorporated in Abu Dhabi by Law No. 18 of 1975 and registered under No. 3 on 8/8/1984 in the Insurance Companies Register, Al Ain Ahlia Insurance Company operates under the provisions of Federal Decree-Law No. 48 of 2023 regulating insurance activities. The company has a paid capital of AED 150,000,000. A board meeting is scheduled for Thursday, 18th July 2024, at 11:00 AM to discuss the ordinary business of the company and any other items. The meeting will be authorized by Yaser Ibrahim Hmedan, the Board Secretary.
Abu Dhabi National Insurance Company PJSC held its Board of Directors Meeting No. 5/2024 on Thursday, July 11, 2024, from 11:00 am to 12:30 pm. All five required board members were present, meeting the quorum. The board approved the meeting agenda, the minutes from the previous meeting held on May 27, 2024, and a proposal from the executive management to explore strategic growth opportunities for the company. The meeting details were signed and stamped by Omar Khedr, the Board Secretary.
GFH Financial Group B.S.C. issued an announcement on July 11, 2024, to clarify statements made by the CEO of GFH Partners Limited, the group's global asset management arm. The clarification specifies that the mentioned total value of one billion dollars represents the expected total value of assets owned by funds that have been launched and will be launched throughout the rest of the year. This includes both equity and debt portions of the funds. The financial impact of this cannot be assessed at the current stage. The announcement was signed by Mariam Jowhary, Head of Compliance & AML.
Nasdaq Dubai has listed a USD 500 million Sukuk issued by Sharjah Islamic Bank (SIB), which was oversubscribed three times, indicating strong demand from international and regional investors. This is the sixth issuance under SIB's USD 3 billion Trust Certificate Issuance Programme, established in 2013, and will mature in 2029. The total value of Sukuk listed on Nasdaq Dubai now stands at USD 93.89 billion, with the total value of listed bonds and Sukuk reaching USD 134.1 billion. The listing event was marked by a bell-ringing ceremony attended by HE Ahmed Saad Ibrahim, DCEO of SIB, and Hamed Ali, CEO of Nasdaq Dubai and DFM. Both executives highlighted the significance of the listing in reinforcing Nasdaq Dubai's role as a leading global market for Sukuk and supporting the growth of Islamic finance.
Fertiglobe has been selected as the winning bidder in the H2Global pilot auction to supply renewable ammonia to Europe at a delivered price of €1,000 per ton until 2033. The contract, valued at up to €397 million, involves supplying renewable ammonia from Egypt, supported by the Egypt Green Hydrogen consortium. This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action, aims to support the production and supply of renewable hydrogen and ammonia. Fertiglobe's bid will help Europe enhance energy security and reduce emissions, aligning with broader efforts to decarbonize the energy market. The project is a significant step towards the Final Investment Decision (FID) on Egypt Green Hydrogen, expected in the first half of 2025.
On July 11, 2024, GFH Financial Group B.S.C. (trading code: GFH) issued a clarification regarding statements made by the CEO of GFH Partners Limited, the global asset management arm of the group. The clarification specifies that the mentioned amount of one billion dollars represents the total expected value of assets owned by the funds launched and to be launched throughout the year. This includes both equity and debt portions of the funds. The financial impact of this cannot be assessed at the current stage. The announcement was signed by Mariam Jowhary, Head of Compliance & AML.
On 11/07/2024, the Abu Dhabi National Company for Building Materials (BILDCO) held its fourth board meeting of the year. The key decisions made during the meeting included: 1. Approval of the minutes from the third board meeting of 2024. 2. Acceptance of the resignation of Mr. Salah Khamis Al-Junaibi from the Board of Directors and an expression of gratitude for his contributions. 3. Acceptance of Mr. Suhail Al Falasi's apology for not being able to chair the Board of Directors, limiting his role to that of a board member. 4. Appointment of His Excellency Omran Al-Halami as a board member for the remaining term, subject to presentation at the nearest general assembly. 5. Appointment of Omran Al-Halami as Chairman of the Board of Directors by acclamation. 6. Appointment of Rasheed Ali Rasheed Al Omaira as Vice Chairman of the Board of Directors by acclamation. 7. Appointment of Ali Rashid Nasser Al-Amira as Managing Director by acclamation, with financial allocations determined. 8. Maintenance of the current composition, tasks, powers, and financial allocations of the permanent committees of the Board of Directors, and the formation of a risk and business continuity committee. 9. Approval of the Power of Attorney for board members and executive management, including the determination of financial powers and signing rights in banks.