Emirates Stallions Group to sell stake in WFC Holding LLC
Abu Dhabi-listed Emirates Stallions Group (ESG) will seek shareholder approval to sell its share in subsidiary WFC Holding LLC for AED 314.58 million ($85.6 million). The company announced in a bourse filing to Abu Dhabi Securities Exchange (ADX) that it intends to sell its share to Reach Global Services Holding 1 SPV and one of […]
Abu Dhabi’s Presight AI soars on market debut
Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight’s shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange […]
TECOM Group shareholders approve $54.49mln cash dividend for H2 2022
TECOM Group has approved the Group’s financial statements for the year ended 31st December 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million. The announcement came during the Annual General […]
Emirates NBD Securities offers trading account opening through DFM application
Emirates NBD Securities, the brokerage arm of the Emirates NBD Group, has become the first securities brokerage in the region to offer seamless trading account opening through the Dubai Financial Market (DFM)’s digital onboarding application. The application provides investors with an additional channel to open a trading account with Emirates NBD Securities, allowing them […]
Abu Dhabi’s ADNOC Gas shares up 18% over IPO price
Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday. ADNOC Gas’ shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams. State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion […]
Dubai’s Union Properties returned to profit in 2022 but faces dissolution vote
Dubai-based Union Properties (UPP) returned to a profit of AED 30 million ($8.2 million) in 2022. However, the developer will present a recovery plan to the UAE’s stock market regulator as accumulated losses reached 67.73% of capital ratio. The company revealed a full year profit after a loss of AED 966.7 million in 2021. Revenue […]
Presight AI announces start of subscription period for IPO
Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market. The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters. The opening of the subscription period for the Offering commences on […]
Dubai Salik board proposes $133.7mln dividend
Dubai road toll operator Salik, which listed its shares on the Dubai Financial Market (DFM) last year, posted a net profit of UAE Dirhams 529 million ($144 million) for the second half of 2022 (H2 2022), as road traffic in Dubai rose to pre-pandemic levels. The company’s board of directors has proposed to distribute […]
Abu Dhabi’s ADNOC Drilling board recommends $341.25mln dividend
The board of directors of ADNOC Drilling is recommending a final dividend payment of $341.25 million for 2022 after the company posted “exceptional” 2022 financial results and beat market expectations. ADNOC Drilling recorded a net profit of $802 million for 2022, up by 33% from the previous year. Its revenue rose 18% to $2.67 billion, […]
Abu Dhabi’s Presight AI to raise over $495mln in IPO
Abu Dhabi-based G42 Group, an artificial intelligence (AI) and cloud computing technology company, is selling a 32% stake or 1.35 billion shares in its subsidiary, Presight AI, in an initial public offering (IPO) that is set to raise 1.82 billion dirhams ($495.6 million). The IPO price is set at AED1.34 per share, with the subscription […]