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The cash dividend stands at 10 fils per share
4 June 09:57 AM Dubai Investments' OGM approves 10% dividends for 2019
Dubai – Mubasher: The shareholders of Dubai Investments have approved paying out 10% cash dividends for fiscal year (FY) 2019. The cash dividend distribution stands at 10 fils per share, aggregating at an amount of AED 425.201 million, according …
Air Arabia has made efforts to prevent job cuts
3 June 04:01 PM Air Arabia to cut more jobs amid COVID-19
Dubai – Mubasher: Air Arabia has decided further layoffs across different departments, due to the economic consequences of the coronavirus (COVID-19) pandemic, a company spokesperson told Reuters. The spokesperson of the Sharjah-based airline, …
Dubai Financial Market
3 June 11:04 AM GFH reveals market making activity for May
Mubasher: GFH Financial Group announced the market making transactions conducted by its market maker, Securities and Investment Company (SICO), during May 2020 in Bahrain Bourse and the Dubai Financial Market (DFM). In Bahrain Bourse, the company …
FAB sold 30-year Formosa bonds
3 June 10:12 AM FAB sells $500m Formosa bonds in May
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) sold 30-year Formosa bonds with a 0% coupon at a total value of $500 million in a private placement last month, according to Reuters. Standard Chartered has solely arranged the transaction, in which …
The company's revenues recorded AED 592.8 million in Q1
3 June 09:40 AM RAK Ceramics sees 11% lower profits at AED 26m in Q1-20
Abu Dhabi – Mubasher: The net profits attributable to the owners of Ras Al Khaimah Ceramics (RAK Ceramics) declined by 11.4% to AED 25.96 million during the first quarter (Q1) of 2020 from AED 29.01 million in the same period of 2019. The …
The company will issue 500 million new shares
1 June 11:36 AM Julphar launches AED 500m rights issue to improve capital profile
Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has launched a rights issue to raise AED 500 million and improve its capital position and debt profile. By raising AED 500 million, the company will finance its turnaround plan and put …
Butane prices for June have been reduced to $330 a tonne
31 May 01:21 PM Saudi Aramco raises propane price for June, lowers Butane
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has increased the price of its propane futures for June delivery to $350 a tonne from $340 in May, a pricing document reported by Reuters showed on Sunday. Butane prices for June have …
Aljeda will succeed Iyad Kamal who will leave the company on 31 May
28 May 04:37 PM Aramex names new acting COO
Dubai – Mubasher: Aramex, listed on the Dubai Financial Market (DFM), on Thursday announced the appointment of Othman Aljeda as the company’s acting chief operating officer (COO). Aljeda will succeed Iyad Kamal who will leave the company on 31 …
DP World seeks to connect all its 82 container terminals with TradeLens
28 May 01:42 PM DP World collaborates with TradeLens on global supply chain digitisation
Dubai – Mubasher: DP World on Thursday announced the completion of early integration with TradeLens, a blockchain-based digital container logistics platform, developed by A.P. Moller - Maersk and IBM, listed on the New York Stock Exchange (NYSE). …
Union Properties incurred a net loss of AED 218.806 million in 2019
28 May 11:27 AM Union Properties expects verdict in AED 1.5bn claim in 18M
Dubai – Mubasher: Union Properties expects a final verdict to be delivered in its AED 1.5 billion arbitration claims against a contractor within 18 months until the end of 2021, according to a press released on Thursday. The claim is related to …
Selling and distribution expenses dropped to AED 49.1 million
27 May 04:20 PM Julphar’s loss down 30% in Q1-20; accumulated losses at AED 566m
Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) incurred AED 62.5 million in net losses attributable to shareholders during the first quarter of 2020, down from AED 89.1 million in the year-ago period. Net sales fell to AED 114.6 …
The strategy’s top priority is to increase Amanat’s top line
27 May 01:14 PM Amanat Holdings reveals initiatives to cut costs, raise top-line revenue
Dubai – Mubasher: The GCC’s leading healthcare and education investment firm Amanat Holdings announced a group of optimisation initiatives to capitalise on its strategic objectives by strengthening its balance sheet and identifying growth …
Union Properties incurred a net loss of AED 218.806 million in 2019
27 May 12:44 PM Union Properties’ unit initiates arbitration procedures to claim AED 1.5bn
Dubai – Mubasher: Union Properties announced that a fully-owned subsidiary company undertook legal procedures to claim about AED 1.5 billion. “The Executive Management will not spare any effort in pursuit of the collection of the amount owed,” …
The DFM-listed firm’s accumulated losses amounted to AED 363.2 million
27 May 11:45 AM Salama's profit down to AED 13.6m in Q1-20
Dubai – Mubasher: Islamic Arab Insurance Company (Salama) reported AED 13.65 million in net profits attributable to shareholders in the first quarter of 2020, down by 8.7% from AED 14.96 million in the year-ago period. Gross written contributions …
The judgments will be enforced on Haigh’s assets in the UK and the UAE
27 May 10:47 AM GFH wins judgment against former employee
Dubai – Mubasher: GFH Financial Group announced that it has won a judgment issued by the High Court of England and Wales against the former employee David Haigh. This judgement confirms the previous one issued by the Dubai International Financial …
Losses amounted to AED 106 million during the first quarter
25 May 06:01 PM DAMAC turns to losses in Q1-20
Dubai – Mubasher: DAMAC Properties has reported losses of AED 106 million during the first quarter (Q1) of 2020, against a profit of AED 31.1 million for the same period of 2019. The value of the company’s assets fell to AED 23.3 billion, while …
The new CEO previously occupied the CIO post
21 May 02:53 PM Amanat Holding appoints new CEO
Dubai – Mubasher: Amanat Holdings has appointed Mohamad Hamade as the company's new CEO, according to the company's disclosure to the Dubai Financial Market (DFM). Since February 2019, the CEO position was held by Tristan de Boysson, who headed …
The company reported consolidated new awards of $599.2m
21 May 01:39 PM Orascom Construction reports $5.4bn in Q1-20
Cairo – Mubasher: The backlog excluding BESIX of Orascom Construction PLC reached $5.4 billion during the first three months of 2020, up 24.1% year-on-year (YoY) from $4.3 billion in the same months of 2019. With the pro forma including 50% of …
The company's revenues increased by 8%
21 May 12:58 PM Abu Dhabi Aviation records AED 54m net profits in Q1-20
Abu Dhabi – Mubasher: Abu Dhabi Aviation Company reported net profits of AED 54.266 million during the first quarter (Q1) of 2020, down 10% from AED 60.282 million in the year-ago period. The company's revenues increased by 8% to AED 166.94 …
The dually-listed firm generated $827.6 million in revenue
21 May 12:23 PM Orascom Construction’s profit slides 26% in Q1-20
Cairo – Mubasher: The consolidated financial statements of Orascom Construction PLC, listed on Nasdaq Dubai and the Egyptian Exchange (EGX), showed a 26% year-on-year profit decrease during the first quarter of 2020. The company reported net …
The company generated AED 1.757bn revenues in Q1-20
21 May 11:43 AM Aldar's net profits slid 39% in Q1-20
Abu Dhabi – Mubasher: The net profits of Aldar Properties plunged by 39% to AED 302.375 million during the first quarter (Q1) of 2020 from AED 493.531 million in the same quarter of 2019. The decline in net profits was driven by a one-off fair …
The DFM's revenues rose by 13%
21 May 11:04 AM DFM achieves 24% higher profits in Q1-20
Dubai – Mubasher: The net profits attributable to the owners of Dubai Financial Market (DFM) reached AED 34.7 million during the first quarter (Q1) of 2020, up by 24% from AED 28.1 million in the same period of 2019. The company's revenues rose by …
Al Ramz has acquired 6.52% of RAK Cement
21 May 10:42 AM Al Ramz Corporation acquires 32.8m shares in RAK Cement
Dubai – Mubasher: Al Ramz Corporation Investment and Development has purchased 32.817 million shares of Ras Al Khaimah Cement Company (RAK Cement). Hence, Al Ramz Corporation has acquired 6.52% of the company’s shares for the benefits of one of …
The relief initiative will offer rent-free periods
20 May 11:33 AM ENBD REIT announces rent relief initiative
UAE - Mubasher: ENBD REIT has launched a rent relief initiative for tenants who are economically affected by the coronavirus (COVID-19) pandemic. The relief initiative will provide the tenants with rent-free periods and postponement of cheques …
The new acting CEO joined the group in 2015
20 May 10:55 AM Etisalat appoints new Acting CEO
UAE – Mubasher: Emirates Telecommunication Group (Etisalat) has appointed Hatem Dowidar as Acting CEO, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Wednesday. The appointment came after Saleh Abdulla Al …