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Dubai – Mubasher: Shuaa Capital announced that Jassim Al Siddiqi’s share has decreased to 21 percent of the company’s capital, which he indirectly owns.

Shuaa indicated that this comes after he sold a share of 71.5 million shares through a private deal.

The ownership of the former board member was around 25% before he announced his resignation.

Al-Siddiqi was the managing director of the company, after he led the Abu Dhabi Financial Group from its founding in 2011 until its merger with Shuaa.

According to the Dubai Financial Market, Al-Siddiqi owned approximately 25.3% of the capital of Shuaa Company on August 14, and he is the second highest single shareholder in the company after Direct Access Investment, which owns about 27.3%.

An earlier disclosure in late June indicated that Al-Siddiqui had sold part of his stake in the company through a private deal.

In May, Shuaa announced that Al-Siddiqi had sold 100 million shares through a private deal, bringing his direct ownership to 26% of the company’s capital.

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2023-08-16 05:03:44
#Emirati #Shuaa #Jassim #AlSiddiqis #share #decreased

Dubai – Mubasher: Drake & Scull International said that the accumulated losses amounted to 5.261 billion dirhams, constituting 491 percent of its capital, amounting to 1.071 billion dirhams.
The company stated in a statement that the main reasons that led to the accumulation of losses include existing works and contracts receivable in old projects in Oman, India, Saudi Arabia and the UAE, and the complete decline in the value of goodwill and trademark as of December 31, 2018.
The reasons for the losses also included poor performance in old projects, banking embargoes and court decisions.
In order to address the accumulated losses, the company referred to the completion of the restructuring process and business plan, the raising of new ownership rights, and the development of effective operational business practices.
As well as following up on lawsuits to collect all the company’s debts, and controlling overheads at the best level.
Drake & Scull, listed on the Dubai Financial Market, deepened its losses at the end of the first half of this year, compared to the losses of the same period last year.

The company stated that its losses rose to 162.6 million dirhams at the end of the first half of 2023, compared to losses of 89.1 million dirhams incurred by the company at the end of the first half of 2022.

The company’s losses increased to 119.2 million dirhams by the end of the first quarter of 2023, compared to losses of 52.5 million dirhams during the same period in 2022.

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2023-08-15 06:21:45
#Drake #Scull #accumulated #losses #constitute #capital

Abu Dhabi – Mubasher: The UAE has entered strongly in the competition for the investment market in Africa, as foreign direct investment flows from the UAE to Africa amounted to about $59.4 billion between 2012 and 2022.

The African website said that Africa has become one of the most important markets in the UAE, as it invested $5.6 billion in 71 projects on the continent in 2021, the most important of which is the Agtech Park in Egypt.
Over the past 10 years, DP World, DP World, has invested more than $1.8 billion in Africa and plans to invest another $3 billion over the coming years.

The country has emerged over the past decade as the fourth largest global investor in Africa, after China, Europe and the United States. According to White & Case.
Foreign direct investment flows from the GCC countries to Africa between 2012 and 2022 amounted to about $101.9 billion distributed over 628 projects, while investment from Africa to the GCC countries amounted to $3 billion in 141 projects.

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2023-08-07 05:23:52
#African #Emirati #World #plans #invest #billion #Africa

Mubasher: Oil prices rose at the settlement of trading today, Thursday, with market optimism that countries from the “OPEC +” alliance will extend implementation of decisions to voluntarily reduce crude production and exports, before their upcoming meeting.

The Saudi Press Agency quoted an official source in the Ministry of Energy as saying that Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July, for another month, to include the month of September, with the possibility of extending or extending and increasing this cut. The Kingdom’s production in September 2023 is approximately 9 million barrels per day, according to the Middle East News Agency.

Moscow announced the extension of the decision to cut oil supplies voluntarily to include next September, and Russian Deputy Prime Minister “Alexander Novak” said, during statements to reporters, that his country will reduce oil exports by 300 thousand barrels per day next month.

The markets are awaiting the meeting of the “OPEC +” Joint Ministerial Monitoring Committee, Friday, via the Internet, to assess the market situation and assess the impact of supply cuts.

Brent crude futures for October delivery rose, upon settlement, by 2.35%, equivalent to $1.94, at $85.14 a barrel, after it recorded $82.36 during the session.

The price of US Nymex crude for September delivery also rose by 2.6%, or $2.06, to record $81.55 per barrel, after it touched $78.69 during trading.

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2023-08-03 20:20:44
#Reducing #supplies #globally #pushes #oil #higher #settlement

Abu Dhabi – Mubasher: The International Holding Company announced that it achieved net profits during the first half of the year 2023, by about 10.4 billion dirhams, compared to profits of 10.35 billion dirhams in the first half of the year 2022.

The company’s revenues rose to 28.7 billion dirhams in the first half, a growth of 31 percent, compared to 21.9 billion dirhams, according to a press release issued today, Thursday.

Basic and diluted earnings per share during the 6 months amounted to 3.27 dirhams, compared to 2.42 dirhams in the same period last year.

The profits of the International Holding Company increased by 63 percent at the end of the first quarter of this year, compared to the profits of the same first quarter of last year.

The company stated in a statement that it achieved profits of 2.61 billion dirhams at the end of the first quarter of 2023, compared to profits of 1.60 billion dirhams at the end of the first quarter of 2022.

Al Alamiah Holding achieved gains from the exclusion of a subsidiary of 7.77 billion dirhams at the end of the first quarter of this year, compared to nothing at the end of the first quarter of last year.

The company’s profits increased by 72 percent by the end of 2022, to reach 12.65 billion dirhams, compared to 2021 profits of 7.34 billion dirhams.

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2023-08-03 15:14:33
#Profits #AlAlamiya #Holding #recorded #billion #dirhams #months

Abu Dhabi – Mubasher: The ENOC Group, the energy company, signed today, Wednesday, a strategic agreement with the Retired Military Association in Abu Dhabi to continue developing the fuel retail infrastructure in the UAE and contribute to meeting the growing energy needs.

Under the agreement, ENOC will study between 40 and 60 strategic locations to launch modern service stations over the next five years, according to a press release.

The group will strengthen its portfolio by constructing 4 to 6 full-service stations annually in Abu Dhabi over the five years to meet the increasing demand of customers for its high-quality services and products. ENOC will start work on 4 projects with the Retired Military Association this year.

The agreement was signed by Saif Humaid Al Falasi, CEO of ENOC Group, and Khalaf Nasser Rashid Al Qubaisi, Chairman of the Board of Directors of the Retired Military Association, at the headquarters of the ENOC Group, in the presence of a number of senior officials from both sides.

Also under the partnership, ENOC will give priority to attracting and retaining Emirati employees and families of retired military association members to build national competencies and promote economic growth. ENOC will also support the association with exclusive sponsorships and benefits that contribute to serving its members.

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Nominations:

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2023-08-02 12:38:12
#ENOC #signs #agreement #develop #infrastructure #fuel #retail #sector #UAE