Latest Threads

The annual general assembly meeting of Dubai Financial Market PJSC was held on 26th March 2024. The meeting endorsed several resolutions including the approval of the Board of Directors' report on the company's activity and its financial position for the fiscal year ended on 31/12/2023, the Auditor's report for the same fiscal year, the Fatwa and Sharia Supervisory Board's report for the same fiscal year, and the company's balance sheet and profit & loss account for the same fiscal year. The assembly also approved the appointment of the Fatwa and Sharia Supervisory Board members for the year 2024.

GFH Financial Group has announced the acquisition of 28,556,375 of its own shares (treasury shares). This purchase increases the total holding of treasury shares from 240,009,090 (6.26% of total issued shares) to 268,565,465 (7.01% of total issued shares) as of 26th March 2024. The decision to purchase was taken in a board meeting in September 2021 and approved by the authority in March 2024. The average purchase price was USD 2980. The purchased shares represent 0.745% of the issued capital.

Mashreqbank PSC, based in Dubai, UAE, held a Board of Directors meeting on 26th March 2024. The meeting saw the election of Abdulaziz Al Ghurair as Chairman and Ahmad Al Khallafi as Vice Chairman of the board. The composition of the Board Committee was also appointed. Other topics related to the bank's business and activities were discussed. The information was communicated by Shaima Al Obeidli, the Group Company Secretary.

Amlak Finance has released its financial results for 2023, reporting a net group profit of AED 259 million, down from AED 476 million in 2022. Total assets stand at AED 3.2 billion. The company has managed to reduce its debt by AED 531 million through successful debt settlement arrangements, which also yielded a net gain of AED 174 million. Amlak is in advanced negotiations to exit the current Common Term Agreement with financiers. The company's revenue decreased by 18% to AED 452 million, and its operating costs increased by 41% to AED 149 million, largely due to one-off expenses related to the aforementioned negotiations. Amlak has also repaid AED 103 million to financiers and has settled 83% of its Islamic deposit liabilities. Profit distribution to financiers decreased by 15% to AED 61 million.

The audited consolidated financial statements of Amlak Finance PJSC and its subsidiaries, dated 31st December 2023, are awaiting approval from the Central Bank of the UAE and acceptance by shareholders at the Annual General Meeting.

Watania International Holding (PJSC) reported a net profit of AED13.2 million for the financial year ending 31 December 2023, a significant recovery from the net loss of AED53.1 million in FY 2022. The company, which changed its name from Dar Al Takaful (PJSC) in March 2023, also changed its business object after its insurance license was cancelled and it became an investment holding company. The company's trading symbol on the Dubai Financial Market changed to WATANIA in July 2023. Additionally, the trade names of its fully owned subsidiaries were changed to align with the Watania brand after a merger. The company saw a 16.4% increase in Takaful revenue and a 162.1% increase in net investment income compared to the previous year.