logo
ADNIC shareholders approve cash dividends of 45% at the Annual General Meeting - Middle East Business News and Information

ADNIC shareholders approve cash dividends of 45% at the Annual General Meeting - Middle East Business News and Information

Mid East Info27-02-2025

All agenda items were approved by shareholders, including distribution of a cash dividend of AED 0.45 per share.
Abu Dhabi,February 2025: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, has approved the distribution of 45% cash dividends (AED 0.45 per share, implying total cash dividends of AED 256.5 million) for the financial year ended 31 December 2024, after concluding its Annual General Meeting (AGM) today.
Shareholders discussed and approved all items on the agenda for the AGM, including ADNIC's financial statements for the year ended 31 December 2024.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: 'ADNIC presented yet another set of exceptional results in 2024, driven by a solid underwriting and investment performance, and our regional expansion, following the recent acquisition of Allianz Saudi Fransi, which is now rebranded to Mutakamela Insurance Company. We would like to thank our shareholders for their continued trust in our journey. The distribution of cash dividends underscores our commitment to providing consistent returns on their investments.'
'2024 stands as a milestone year for ADNIC, where we delivered the highest ever reported total Insurance Revenue as well as overall Net Profit. In line with the UAE leadership declaring 2025 as the Year of Community, ADNIC reiterates its commitment to providing quality insurance solutions which will contribute positively towards our society's unity, shared responsibility and overall wellbeing.'
Charalampos Mylonas, CEO of ADNIC, said: 'ADNIC is committed to providing innovative and accessible solutions, and to driving operational growth. This is demonstrated by our solid net profit performance for the year and is further evidenced by our distribution of cash dividends. We are proud to not only provide exceptional value for our customers, but also consistent returns for our shareholders.
'Looking forward, we are focused on further enhancing our product and solutions suite, embracing technology, and reinforcing our position locally and beyond.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information
EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information

Mid East Info

time4 hours ago

  • Mid East Info

EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information

EDGE will leverage FAB's Supply Chain Finance SCF solution for innovative financing opportunities at all stages of EDGE's supply chain, while the AI-powered Treasury Management System TMS will automate treasury operations Abu Dhabi, UAE: June 2025 – EDGE Group, one of the world's leading advanced technology and defence groups, has entered a strategic partnership with First Abu Dhabi Bank (FAB), the UAE's global bank. The agreement covers two major financial initiatives: the implementation of FAB's advanced Supply Chain Finance (SCF) solution and the deployment of its AI-powered Treasury Management System (TMS). Hamad Al Marar, Managing Director and CEO of EDGE said: 'Our partnership with FAB is a strategic enabler of EDGE's global industrial ambitions. It reinforces the financial architecture required to operate at scale, with speed and resilience. In an increasingly competitive and complex environment, this alignment ensures we remain agile, well-capitalised, and positioned for sustained international growth.' Martin Tricaud, Group Head of Wholesale Banking at First Abu Dhabi Bank (FAB), said: 'FAB's partnership with EDGE marks a step forward in building a more resilient supplier ecosystem. We recognise that effective cashflow and supply chain finance are fundamental to sustainable business models. By combining our global expertise with innovative financial solutions, we are enhancing financial agility and enabling long-term value creation.' Through FAB's digital SCF solution, EDGE provides local and international suppliers access to early, low-cost financing, which enhances supplier trust, improves commercial terms, and ensures continuity across critical operations. EDGE's deployment of FAB's AI-powered TMS represents the largest to date. The solution delivers real-time cash visibility, advanced forecasting capabilities, and integrated risk management tools, enabling EDGE to automate treasury operations and optimise liquidity across the Group. The platform provides protection for interest rate risk and FX risk, while improving financial agility, investment planning, and funding. Rodrigo Torres, Group Chief Financial Officer of EDGE, said: 'This partnership reflects EDGE's commitment to embedding financial sophistication and innovation at the core of our operations. By integrating FAB's advanced SCF and AI-powered TMS platforms, we are optimising liquidity and supplier performance while also reinforcing our ability to manage risk and scale with confidence. To date, over AED 1.6 billion in invoices have been processed, unlocking more than AED 1.2 billion in off-balance sheet financing. These solutions enable real-time cash control, intelligent forecasting, and stronger financial governance across the Group – all of which are critical to supporting our long-term growth strategy and industrial objectives.' About EDGE: Launched in November 2019, the UAE's EDGE is one of the world's leading advanced technology groups, established to develop agile, bold and disruptive solutions for defence and beyond, and to be a catalyst for change and transformation. It is dedicated to bringing breakthrough innovations, products, and services to market with greater speed and efficiency, to position the UAE as a leading global hub for future industries, and to creating clear paths within the sector for the next generation of highly-skilled talent to thrive. With a focus on the adoption of 4IR technologies, EDGE is driving the development of sovereign capabilities for global export and for the preservation of national security, working with front-line operators, international partners, and adopting advanced technologies such as autonomous capabilities, cyber-physical systems, advanced propulsion systems, robotics and smart materials. EDGE converges R&D, emerging technologies, digital transformation, and commercial market innovations with military capabilities to develop disruptive solutions tailored to the specific requirements of its customers. Headquartered in Abu Dhabi, capital of the UAE, EDGE consolidates more than 35 entities into six core clusters: Platforms & Systems, Missiles & Weapons, Space & Cyber Technologies, Trading & Mission Support, Technology & Innovation, and Homeland Security.

S&P and Moody's Upgrade Emaar's Credit Ratings, Citing Strong Financial Performance and Robust Revenue Visibility
S&P and Moody's Upgrade Emaar's Credit Ratings, Citing Strong Financial Performance and Robust Revenue Visibility

Mid East Info

time5 hours ago

  • Mid East Info

S&P and Moody's Upgrade Emaar's Credit Ratings, Citing Strong Financial Performance and Robust Revenue Visibility

– S&P Global Ratings upgrades Emaar's rating to BBB+ with Stable Outlook – Moody's upgrades Emaar's rating to Baa1 with Stable Outlook Dubai, United Arab Emirates, June 2025: Emaar Properties PJSC (DFM: EMAAR), one of the world's most valuable and respected real estate development companies, has announced that both S&P Global Ratings and Moody's Ratings have upgraded the company's long-term issuer credit ratings, reinforcing Emaar's position as a financially resilient and strategically agile market leader. S&P Global Ratings upgraded its long-term issuer credit rating to BBB+ from BBB, with a stable outlook, while Moody's upgraded Emaar's long-term issuer rating to Baa1 from Baa2, also with a stable outlook. These upgrades reflect Emaar's robust financial fundamentals, consistent performance, and sound strategic direction. The same S&P and Moody's rating upgrade has been applied to Emaar's senior unsecured debt. Strong Financial Position and Strategic Execution: As of March 2025, Emaar reported a revenue backlog of approximately AED 127 billion (US$ 34.6 billion), providing strong revenue and cash flow visibility through 2028. The company's recurring income portfolio continues to expand, supported by disciplined execution, resilient operations, and diversified income streams. S&P's upgrade was driven by Emaar's record-high backlog of AED 110 billion (US$ 29.9 billion) as of December 2024, and healthy presales in the UAE of AED 65.4 billion (US$ 17.8 billion) during 2024, alongside a net cash position, low leverage, and strong adjusted EBITDA margins. Moody's highlighted significant reduction in adjusted debt of Emaar from 2020 to March 2025 and the drop in debt to equity ratio over the same period. Commenting on the announcements, Mohamed Alabbar, Founder of Emaar, said: 'We are proud to receive this recognition from both S&P and Moody's, which underscores the strength of our strategy, the quality of our assets, and the discipline we maintain in financial management. These upgrades reflect not only our performance, but also the confidence in Dubai's economy and real estate market. We will continue to pursue sustainable growth, innovation, and value creation for our shareholders and stakeholders alike.' Liquidity and Resilience: Emaar reported an interest coverage ratio of approximately 24 times for the twelve months ending March 2025 and holds AED 25.4 billion (US$ 6.9 billion) in cash (excluding escrow balances), along with AED 7.4 billion (US$ 2 billion) in undrawn committed credit facilities, providing ample liquidity and financial flexibility. S&P noted that Emaar's strong mall, hospitality, and entertainment operations, in addition to the resilience of its real estate development business, contributed to the rating action. Dubai Mall, for instance, recorded over 111 million visitors in 2024, with overall mall portfolio occupancy of 98.5%, showcasing the strength of Emaar's recurring income-generating assets. Outlook: Both agencies issued a stable outlook, reflecting their expectation that Emaar will maintain solid credit metrics, strong liquidity, and continued operational performance. These dual upgrades reinforce Emaar's reputation as a leading player in the global real estate sector, anchored in a dynamic and fast-growing market. About Emaar Properties: Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world's largest real estate companies, Emaar has a land bank of ~1.7 billion sq. ft. in the UAE and key international markets. With a proven track-record in delivery, Emaar has delivered over 120,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 40 hotels and resorts with over 9,800 keys (includes owned as well as managed hotels). Today, 32 percent of Emaar's revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses. Burj Khalifa, a global icon, Dubai Mall, the world's most-visited retail and lifestyle destination, and Dubai Fountain, the world's largest performing fountain, are among Emaar's trophy destinations.

DIB Marks 50 Years of Progress with Prizes Worth AED 10 Million for Customers - Middle East Business News and Information
DIB Marks 50 Years of Progress with Prizes Worth AED 10 Million for Customers - Middle East Business News and Information

Mid East Info

time5 hours ago

  • Mid East Info

DIB Marks 50 Years of Progress with Prizes Worth AED 10 Million for Customers - Middle East Business News and Information

50 winners every month as part of DIB's Golden Jubilee celebrations Grand Prize monthly winner awarded up to AED 250,000 The campaign that runs till year end offers all existing and new Individual & Business Banking customers the opportunity to win big. Dubai, UAE – June 2025: In celebration of its Golden Jubilee, DIB – the largest Islamic bank in the UAE, announced the launch of its massive rewards campaign Fiesta 50 , giving away up to AED 10 million in prizes. Open to both current and new customers, the campaign is DIB's way of expressing heartfelt gratitude to the millions who have supported its journey over the past five decades and an invitation to join the bank as it enters the next chapter of its remarkable progress – one that never stops. Running until the end of 2025, Fiesta 50 promises to be one of the most thrilling customer reward campaigns in the UAE, with 50 lucky winners selected every month from four distinct prize categories. At the heart of each month's draw is a spectacular Grand Prize of up to AED 250,000, offering customers the chance to win 10 times their account balance or foreign exchange transaction value. With Fiesta 50 , DIB is turning its anniversary into a collective celebration of success. This initiative honours the trust and loyalty that customers have shown over the years, offering rewards that truly reflect the bank's gratitude. As part of this exciting campaign, DIB customers will get the chance to be one of the 50 winners every month selected for special prizes that include: One-Month Salary – 20 individual customers earning a minimum monthly salary of AED 5,000 will qualify to win one month's salary, up to AED 60,000. Free Airline Tickets – 17 individual or business customers, maintaining a balance of AED 10,000 or have conducted a foreign exchange transaction for the same value, will be awarded airline tickets worth up to AED 30,000. Finance Instalments / Card Balances – 12 individual customers will win finance instalments or card balances up to AED 14,000. Grand Prize – One individual or business customer per month will win 10X of their account balance or Foreign Exchange transaction value up to AED 250,000. Customers engaging in relationships such as Salary Transfers, individual or Business Current or Savings accounts, or financing products including Personal, Auto, Home Finance and Covered Cards will automatically qualify for these exciting monthly draws. Commenting on the campaign, Sanjay Malhotra, Chief Consumer Banking Officer at DIB, said: ' Fifty years ago, we set out to build more than just a bank, we built a movement. One rooted in faith, trust, and progress. Today, Fiesta 50 is our way of turning that gratitude into action, thanking our customers for being an integral part of this inspiring journey. Whether you have been with us for decades or just joined DIB family, this is your time to grow, gain, and be part of what comes next —because at DIB, Progress Never Stops.' 'Our Golden Jubilee is a moment of pride not just for the bank, but for our entire community. As we look ahead, we remain committed to delivering meaningful, innovative and rewarding banking experiences — empowering our customers to be part of a future where progress continues' Mr. Malhotra added. The Fiesta 50 campaign builds on the momentum of DIB's 50th anniversary celebrations, including the unveiling of its bold new corporate brand identity anchored in the promise: 'Progress Never Stops.' Since its inception, DIB has helped shape the global Islamic finance landscape, serving today over 5 million customers across seven markets with assets exceeding AED 355 billion.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store