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Lower net income was attributed to the group's higher precautionary provisions
04:40 PM Al Baraka Banking Group achieves 8% lower net income in 2020
Mubasher: The total net income of the Bahrain-based Al Baraka Banking Group (ABG) declined by 8% to $166 million in 2020, compared to $180 million in 2019. Lower net income was attributed to the group's higher precautionary provisions allocated to …
ADSB and Novamarine will identify opportunities for the RHIB in the GCC
10:40 AM ADSB inks reciprocal agreement with Novamarine
Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) has entered into a reciprocal agreement with Novamarine, under which ADSB will design, manufacture, and market Rigid-Hulled Inflatable Boats (RHIBs) in the UAE. As per the agreement signed on …
The cash dividend distribution stands at 40 fils per share
09:33 AM Emirates NBD's OGM nods to 40% dividends for 2020
Dubai – Mubasher: The ordinary general meeting (OGM) of Emirates NBD has approved to distribute a cash dividend, equivalent to 40% of the capital, for 2020. The cash dividend distribution stands at 40 fils per share, aggregating at a total amount …
The company has repaid part of the acquisition financing to Emirates NBD
24 February 02:37 PM Dar Al Takaful repays AED 100m of acquisition financing
Dubai – Mubasher: Dar Al Takaful has repaid AED 100 million of acquisition financing to Emirates NBD ahead of schedule, despite the uncertain business conditions due to the coronavirus (COVID-19) pandemic in 2020. In June 2020, the company has …
The dividend distribution aggregates at a total amount of AED 89.79m
24 February 09:56 AM Emirates Driving's board proposes 100% dividends for 2020
Abu Dhabi - Mubasher: The board of Emirates Driving Co (Drive) has recommended distributing cash dividends, equivalent to 100% of the paid capital, for 2020. The cash dividend distribution aggregates at a total amount of AED 89.79 million, …
ADNOC Distribution has launched its voyager lubricant range
24 February 09:37 AM ADNOC Distribution partners with Amazon to sell products online
Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has partnered with the e-commerce giant, Amazon, to enable its customers to buy products online. Under the partnership, ADNOC Distribution has launched its …
The facility has been leased to Michelin North America
23 February 02:42 PM GFH acquires mission-critical distribution facility in Chicago for $135m
UAE - Mubasher: GFH Financial Group has acquired a mission-critical distribution facility in Chicago in Illinois in exchange for $135 million, according to a press release on Tuesday. Since November 2015, the facility has been leased to Michelin …
The team implemented its first two transactions from Russia
23 February 12:32 PM Emirates NBD Capital completes 60 debt capital transactions in 2020
Dubai – Mubasher: Emirates NBD Capital, the investment banking arm of Emirates NBD, has completed 60 debt capital transactions in 2020 across the GCC, Turkey,  India, China, and Russia. Emirates NBD Capital ranked third in terms of the number of …
The new facility is operated by ASMAK
23 February 10:44 AM International Holdings opens AED 200m seafood processing facility
Abu Dhabi – Mubasher: International Holdings Company (IHC) has inaugurated a new AED 200 million facility to process, store, and distribute a quarter of the seafood consumed in the UAE. The Middle East's largest seafood facility is operated …
The company's revenues rose to AED 62.8m in 2020
23 February 10:14 AM Al Ramz turns to losses in 2020
Dubai – Mubasher: Al Ramz Corporation Investment and Development has recorded net losses of AED 10.87 million in 2020, against net profits of AED 4.075 million in 2019. The company's revenues rose to AED 62.8 million last year, compared to AED …
The new investment will accelerate Ageras’ expansion into existing growth markets.
23 February 10:02 AM Investcorp’s portfolio company Ageras raises $73 million in new capital
Mubasher: Leading European technology investor, Investcorp Technology Partners, said its portfolio company, Ageras Group, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager. The new investment will accelerate …
The UAE nationals are allowed to hold shares up to 100%
23 February 09:53 AM du increases foreign ownership limits to 49%
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has raised the foreign ownership limit up to a maximum of 49% of its share capital. The UAE nationals and wholly-owned UAE establishments, companies, and authorities are also …
This proposal brings the full dividends of 2020 to 80 fils per share
23 February 09:36 AM Etisalat's board recommends AED 3.477bn dividend distribution for H2-20
Abu Dhabi – Mubasher: The board of Emirates Telecommunication Group (Etisalat) has proposed to pay out final dividends of AED 3.477 billion for the second half (H2) of 2020. This proposal brings the full dividends of 2020 to 80 fils per share or …
The company's accumulated losses represent 5.42% of the capital
22 February 03:07 PM Al Mazaya's OGM agrees to extinguish KWD 4m accumulated losses
Mubasher: The ordinary general meeting (OGM) of Al Mazaya Holding has approved to write off the accumulated losses valued at KWD 3.73 million as of 31 December 2020. The company's accumulated losses, which represent 5.42% of the capital, will be …
This move is part of du's major network expansion
22 February 02:36 PM du selects Ericsson to transform 5G RAN
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has selected Ericsson, listed on Nasdaq Stockholm and Nasdaq New York, to use its state-of-the-art 5G radio access network (RAN) products and solutions. This move is part …
The company intends to appeal the ruling
22 February 11:11 AM Morocco's court rules against Aramex in fire incident-related suit
Dubai – Mubasher: Aramex has received a judgment from the court of the first instance in Morocco in favor of a customer that has claimed around $40 million as compensation for the loss of goods and damages related to the fire incident at a …
Investcorp will continue KSMC's expansion across the US
22 February 10:37 AM Investcorp acquires majority of US-based KSM Consulting
Mubasher: One of the affiliates of Investcorp has acquired the majority of KSM Consulting, a US data analytics, technology, and digital transformation firm, from Renovus Capital Partners. Under the terms of the transaction which have not been …
The colored PV panels will lead to 85% of energy savings
22 February 10:06 AM Emirates Insolaire completes PV solar panels at Expo 2020 Monaco pavilion
Dubai – Mubasher: Emirates Insolaire, a joint venture of Dubai Investments and Swissinso SA, has completed the installation of Photo-Voltaic (PV) solar panels at the Expo 2020 Monaco pavilion. The colored PV panels will lead to 85% of energy …
The vessel's employment is forecast to improve the company's liquidity
21 February 12:45 PM GNH's vessel signs $5.5m contract after completing dry dock
Dubai – Mubasher: Gulf Livestock 2 of Gulf Navigation Holding (GNH) has inked a five-year bareboat charter contract worth $5.5 million (AED 20 million) in net proceeds with Mira International Shipping, a leader in livestock transportation. With a …
This proposal was made after the board had approved the financials
21 February 12:15 PM Deyaar's board proposes no capital reduction
Dubai – Mubasher: The board of Deyaar Development has recommended to the shareholders not to proceed with the capital reduction during the upcoming ordinary general meeting (OGM). This proposal was made after the board had reviewed and approved …
The dividend distribution aggregates at AED 246.527m
21 February 11:45 AM Sharjah Islamic Bank's OGM approves 8% dividends
Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Sharjah Islamic Bank (SIB) has approved to pay out cash dividends, equivalent to 8% of the issued capital. The cash dividend distribution aggregates at a total amount of AED 246.527 …
The company will also allow the board to issue additional Tier 1 non-convertible Sukuk
21 February 11:00 AM DIB's shareholders to authorise board to issue senior, additional Tier 1 Sukuk
Dubai – Mubasher: The shareholders of Dubai Islamic Bank (DIB) will consider authorising the board to issue any senior Sukuk or similar instruments, which are not convertible into shares, at a total amount not exceeding $7.5 billion. During its …
The company has generated revenues of AED 243.5m in 2020
21 February 10:31 AM RAK Properties registers 22% higher profits in 2020
Abu Dhabi – Mubasher: The net profits of RAK Properties jumped by 22% to AED 113.522 million in 2020 from AED 93.137 million in 2019, according to the company's financial results for 2020. The company has generated revenues of AED 243.499 million …
The basic and diluted losses per share stood at 1.43 cents last year
21 February 09:59 AM Ithmaar Holding sees $42m net losses in 2020
Mubasher: The consolidated financial results of the Bahrain-based Ithmaar Holding has registered $41.719 million in net losses attributable to the equity holders in 2020, versus $669,000 net profits in 2019. The net losses are attributed to the …
The company's revenues decreased to AED 412.859m in 2020
21 February 09:37 AM Deyaar logs AED 217m net losses in 2020
Dubai – Mubasher: Deyaar Development has logged net losses attributable to the owners of AED 216.923 million in 2020, against net profits of AED 71.537 million in 2019. The company's revenues decreased to AED 412.859 million in 2020 from …