DUBAI, UAE: Farid Al Mulla has been named as the new Chief Executive Officer of Emirates Islamic, one of the UAE’s leading Islamic financial institutions. He will take over from Salah Amin, who is retiring after serving the Emirates NBD Group for nearly 35 years. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
SABIC sells steel subsidiary Hadeed to PIF for $3.33 billion
DUBAI, UAE: SABIC, a global petrochemical giant, announced on Sunday that it had reached an agreement to sell its steel-making subsidiary Hadeed to the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, for $3.33 billion. The deal, which is expected to be finalized by the first quarter of 2024, will help SABIC to focus…
Al Ansari Exchange partners with Fazaa to improve customer experience and social impact
DUBAI: Al Ansari Exchange, the largest remittance and foreign exchange company in the UAE, has partnered with Fazaa, a social initiative that aims to develop social interdependence and solidarity within the UAE community. The partnership will offer exclusive discounts and benefits to Fazaa members who use Al Ansari Exchange’s services for their travel and remittance…
VCBank exits from The World investment and prepares for merger with Esterad
BAHRAIN: Venture Capital Bank, a Bahrain-based Islamic wholesale bank, has announced that it has sold its stake in The World Development Company, which owns an island plot in The World, a residential and leisure community off the coast of Dubai, UAE. The bank said that the exit was successful and profitable for its investors, following…
Drake & Scull reports AED 5 million gross profit in Q2 2023
DUBAI, UAE: Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering, and development in the MEP, Water and Power and Oil and Gas sectors, has announced its reviewed financial results for the second quarter of 2023. The company reported a gross profit of AED 5 million, compared to AED 1…
SALAMA reports AED 12.26 million net profit in H1 2023
DUBAI, UAE: SALAMA, UAE’s largest Takaful solutions provider, has announced a net profit of AED 12.26 million for the first half of 2023, driven by the development of digital capabilities, improved underwriting discipline, expansion of the client portfolio, engaging in new partnerships, and reinforcement of distribution channels. The company’s insurance revenue grew by 28%, reaching…
AMAN Insurance posts AED 4 million net profit in Q2 2023
DUBAI, UAE: AMAN Insurance Company, a Dubai-based Islamic insurance and reinsurance provider, has announced a net profit of AED 4 million for the second quarter of 2023, a 179% increase from the same period last year, when it recorded a loss of AED 5 million. The company attributed the positive results to its strategic plan…
Air Arabia reports record second quarter and first half 2023 results
SHARJAH, UAE: Air Arabia (PJSC), the Middle East & North Africa’s first and largest low-cost carrier operator, today reported a record second quarter and first half 2023 financial and operational results, as the airline continues to demonstrate remarkable performance and growth. Air Arabia registered a net profit of AED 459 million during the second quarter…
Eshraq Investments appoints Mohamed Al Hashimi as new CEO
ABU DHABI, UAE: Eshraq Investments PJSC (Eshraq), a leading investment company in the UAE, announced today the appointment of Mohamed Al Hashimi as its new chief executive officer. Al Hashimi will lead the company in its new phase of expansion and development, following a strong turnaround in performance and profitability. Al Hashimi joins Eshraq Investments…
TAQA reports strong first half earnings driven by utilities business
ABU DHABI, UAE: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in Europe, Middle East and Africa, reported its first half earnings for the period ending 30 June 2023. TAQA’s performance was driven by strong and stable returns from its long-term contracted utilities business whilst it has remained focused…
Al Ansari Financial Services to acquire majority stake in Oman’s leading exchange company
DUBAI, UAE: Al Ansari Financial Services, a leading UAE-based financial services group, has announced that it has presented a formal proposal to acquire a majority stake in one of the prominent exchange companies in Oman. The group has received an initial approval subject to meeting the necessary regulatory conditions. The acquisition is part of Al…
Aldar Properties names Faisal Falaknaz as its new finance and sustainability chief
ABU DHABI, UAE: Aldar Properties, the leading real estate developer in Abu Dhabi, has announced the appointment of Faisal Falaknaz as its Group Chief Financial and Sustainability Officer (GCFSO), effective from August 2, 2023. Falaknaz will be responsible for leading the group’s finance, treasury, investor relations, strategy, digital services, and sustainability functions. Falaknaz has been…