Latest news with #GeneralAssemblyMeeting
Zawya
24-04-2025
- Business
- Zawya
Dubai National Insurance approves a cash dividend of 15% at the Annual General Assembly meeting
Dubai: Dubai National Insurance (DNI), one of the leading insurance companies in UAE, held its Annual General Assembly Meeting today that was led by Khalaf Ahmad Al Habtoor where the Board announced a 15% cash dividend to shareholders amounting to AED 17.325 million. Khalaf Al Habtoor, Chairman of the Board of Directors at DNI, commented: "We are proud to report strong underwriting performance and excellent profitability for the year 2024, underlined by our net profit figures. DNI's insurance revenue rose to AED 469.1 million in 2024, up from AED 448.3 million in 2023, an increase of 5%. DNI reported strong profitability for 2024, achieving a full-year (post tax) net profit of AED 53.5 million, an increase of 13.6% over the previous year. As a result, we have increased the dividend from AED 11.550mn to AED 17.325mn, reinforcing our commitment to delivering shareholder value. This strong financial performance was a result of prudent underwriting strategies and strong investment income and are particularly commendable given the unprecedented challenges faced by the UAE insurance industry due to the April floods.' Adding to this, A.R. Srinivasan, Chief Executive Officer at DNI, said, 'DNI experienced another successful year, characterised by significant underwriting growth across key business lines and strong investment income in our net profit. The devastating floods of 2024 were a pivotal moment for the industry, reinforcing the crucial role we play in protecting businesses and individuals. At DNI, we responded swiftly by accelerating claims settlements, enhancing our digital capabilities, and improving customer service. We remain dedicated to advancing our automation and digitalisation efforts to deliver faster, more efficient service while continuing to maximise shareholder value and contribute meaningfully to the community." To conclude, Al Habtoor said, 'We extend our sincere gratitude to the visionary leadership of the UAE and the esteemed regulatory authorities, whose unwavering support, progressive policies, and commitment to fostering a resilient and thriving economic environment have enabled our growth and success. I would also like to thank our management, business partners, and the dedicated team at DNI for their continued efforts. Together, we will continue creating value for both our policyholders and shareholders. We remain committed to delivering sustainable growth, operational excellence, and long-term value, ensuring DNI is positioned among the regional market leaders by leveraging our innovative capabilities and differentiated offerings." As the UAE's economy evolves, DNI remains committed to building a resilient, future-ready insurance business that delivers sustainable returns and drives meaningful societal impact. About DNI One of the leading Insurance Companies in UAE, Dubai National Insurance (DNI), has been operating since 1991 with a branch in Abu Dhabi. We are a multiline insurer with products spanning Motor, Medical, Travel, Home and other commercial insurances like Group Medical, Group Life, Engineering, Marine, Property and Liability. Our expert team of insurance and reinsurance professionals will provide the best insurance policies at competitive rates compared to industry peers. Our hassle-free claims services will enhance our mutual relationship. DNI puts customer experience, innovation, financial stability, and value creation on our priority list with the approach to design tailored solutions based on a comprehensive understanding of customers and protection needs. DNI has engaged in broadening its distribution platforms and entered strategic partnerships for underwriting growth. Website:
Yahoo
21-03-2025
- Business
- Yahoo
Ex-ambassador: Trump foreign policy will upend US role as international beacon of freedom
The Trump administration's foreign policy will upend the United States' position as an international beacon of freedom, former U.S. ambassador to Brazil Elizabeth Bagley said during an appearance this month in Palm Beach. 'We have been leaders of the free world, and now we are not, clearly,' she said in response to a question from the audience at a March 13 breakfast lecture hosted by the Palm Beach Civic Association at the Beach Club. Bagley, who has held a position in every Democratic administration since President Jimmy Carter's told the audience that since the Cold War, international aid programs have been an essential part of U.S. foreign policy. Since the administration of John F. Kennedy, the United States Agency for International Development and other programs funded by the U.S government have served to "develop friends through persuasion," Bagley said. That has helped the U.S. avoid pursuing foreign policy goals through the military, she said during the discussion moderated by Civic Association CEO Michael Pucillo. Such programs, and U.S. diplomacy are referred to in policy circles as "soft power" that can help the U.S global standing and serve as an invaluable tool to prevent volatile situations from escalating into armed conflict, Bagley said. She recalled that Jim Mattis, secretary of defense during Trump's first term, said, "if you cut development, then I'm going to need more soldiers." Since the beginning of Trump's second term on Jan. 20, the administration has cut more than 80% of the programs under USAID and fired thousands of workers and placed others on administrative leave. On March 18, a federal judge for the district of Maryland blocked Elon Musk's Department of Government Efficiency from firing any more USAID workers or terminating USAID contracts. On March 10, a federal judge ruled that the Trump Administration is not allowed to freeze funds Congress had already directed to be spent on foreign aid. Bagley told the audience that America's foreign policy had historically been bipartisan, as it was important for the country to speak to the world 'with one voice.' Bagley noted the diplomatic work the bipartisan President's Advisory Commission on Public Diplomacy accomplished during her tenure on the board during the President George W. Bush's administration. She questioned whether bipartisan advisory commissions would continue to exist under the polarized politics of the Trump administration. Bagley also expressed concern over the current administration's treatment of longtime allies. She noted the administration's hostile rhetoric to Canada, Mexico, Ukraine and the European Union, and its softened stance toward Russia, a historic rival. She cited the Feb. 24 United Nations General Assembly Meeting, where the U.S. voted against a European-drafted resolution that called for the end of the war in Ukraine. Because Ukraine did not remove the statement noting Russia's invasion, "we vetoed the resolution,' she said. The countries that voted against the resolution include Russia, China, Iran and North Korea, "all the good guys," she said sarcastically. During that meeting, U.S. also abstained from voting on its own resolution that called for an end to the fighting in Ukraine, after Europeans led by France successfully amended the resolution to make it clear that Russia was the aggressor. Bagley also spoke about her time in the Carter administration as the Congressional liaison officer for The Panama Canal Treaties that returned the canal and its surrounding land to Panama, as the ambassador to Portugal under President Bill Clinton's administration, and as the ambassador to Brazil during the President Joe Biden's term. Diego Diaz Lasa is a journalist at the Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach him at dlasa@ This article originally appeared on Palm Beach Daily News: Ex-envoy: Trump foreign policy will upend US role as beacon of freedom
Zawya
16-03-2025
- Business
- Zawya
Boubyan Bank's General Assembly approves the distribution of 10 Fils in cash dividends and 5% in bonus shares
Dr. Amani Boresli and Mr. Rabah AlRabah Elected as New Independent Directors Abdulaziz Al-Shaya: Boubyan Reinforces Its Position as a Leading Islamic Bank Worldwide with an Ambitious Vision Achieving Sustainability Requires a Well-Studied Strategy and Solid Foundations for Growth and Improvement Adel Al-Majed: Digital Transformation and Sustainability Are the Cornerstone of Boubyan's Promising Future Steadily Moving with Our Strategic Approach to Maintain Solid Profitability and Ongoing Growth, and to Reinforce Investment in Innovation Boubyan Bank held its Ordinary General Assembly Meeting which saw an attendance exceeding 78%, where its agenda was approved, including the distribution of cash dividends and bonus shares, in addition to the election of non-independent and independent directors for the upcoming term of the Board of Directors. In his word during the meeting, the Chairman of Boubyan Bank, Mr. Abdulaziz Abdullah Dakheel Al-Shaya, emphasized that the Bank continued fulfilling its goals and reinforcing its position as a leading financial institution in the Islamic banking industry, acting as per 'Boubyan 2028' strategy, which focuses on pursuing sustainable profitability while reinforcing digitalization, innovation, and resilience, being the key drivers of operational efficiency. This aims to instill the values of the strategy across the Group and to ensure growth across all fronts, including employees, customers, shareholders, and the community as a whole, in addition to boosting digital innovation and increasing the bank's market share. Al-Shaya added: 'Boubyan does not only seek financial growth, but also seeks real influence on the local and regional economy to make a leap through investing in advanced Fin-Tech solutions, thus catering for customers' expectations and keeping up with the ever-changing market requirements, in addition to reinforcing the potentials of working and cooperating with influencers in the financial sector and Islamic banking and development of human cadres and investment in human capital to attract the best talents, which contributes to the realization of the ambitious vision of the bank to be among the top Islamic banks worldwide.' 'We believe that a crystal-clear strategic vision is necessary for sustainable success, supported by solid bases for growth and development, in addition to working to reinforce the confidence of shareholders, activating strategic partnerships, and emphasizing sustainability principles and social responsibility for a more flourishing future for the bank, its customers, and strategic partners.', he added. ** Solid Financial Performance and Sustained Growth Al-Shaya went on to add: 'The bank had outstanding financial results in 2024 as it recorded KD 96.8 million in net profits, at a growth rate of 20%, compared with 2023, while the earnings per share amount to 21.6 Fils.' Moreover, the General Assembly Meeting approved the distribution of 10 fils per share in cash dividends, in addition to 5% in bonus shares, reflecting the bank's solid financial performance. He added: 'Boubyan Bank maintained a balanced growth across its various financial indicators, where the bank's total assets grew to KD 9.4 billion at a growth rate of 12% compared with last year, while the bank's financing portfolio grew by 10% to KD 6.9 billion, and operating income grew by 13% to KD 246 million; meanwhile, the bank's market share of local financing increased to 12%, reflecting the success of the bank's expansion strategy.' ** International Leadership in the Islamic Banking Industry 'The bank is now the third largest bank domestically, and it has been included in Forbes' annual list for Middle East Top 100 Listed Companies 2024 with USD 27.3 billion in total assets and a market value of USD 8.3 billion, and is also ranked 49th on a similar list by MEED.', Al-Shaya elaborated. He pointed out that the policies aiming at increasing the bank's business base and setting future directions largely contributed to reinforcing sustained growth, boosting digital innovation, and adoption of a cutting-edge and integrated banking model combining both traditional solutions and modern digital banking solutions, which contributed to operational growth and reinforced the bank's position as a leading international Islamic banking institution. ** Election of Independent Directors The General Assembly held the elections for the membership of the Board of Directors to elect non-independent directors. The following have been elected as members of the Board of Directors for the upcoming 3-year term (2025-2026-2027): Mr. Abdulaziz Abdullah Dakheel Al-Shaya - Non-Executive Mr. Adel Abdul Wahab Jassim Al-Majed - Executive Mr. Hazim Ali Meshari Al-Hilal Al-Mutairi - Non-Executive Mr. Waleed Mishari Al-Hamad - Non-Executive Mr. Mohammed Yousef Ahmed Al-Saqer - Non-Executive Mr. Fahad Ahmad Al-Fouzan - Non-Executive Mr. Waleed Khaled Al-Yaqout - Non-Executive Moreover, new independent directors have been selected out of seven independent candidates. The following four independent candidates have been selected as members of the Bank's Board of Directors for the upcoming 3-year term (2025-2026-2027): Mr. Khalid Ahmad Saud AlMudhaf Mr. Abdullah Saud Bader Al-Yousif Al-Bader Dr. Amani Khaled Boresli Mr. Rabah Adulrahman AlRabah ** Reinforcing Digital Transformation & Innovation Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, Mr. Adel Al-Majed, highlighted that the bank was moving steadily towards a more advanced and a more innovative banking future, thanks to the adoption of cutting-edge digital transformation technology and investment in technology infrastructure, which enabled the bank to improve the quality of its banking services and boost the efficiency of operational processes. Al-Majed added: 'The future of banking relies on digital innovation, and Boubyan has always been at the forefront of all banks that embraced this vision. Over the past years, we managed to make great leaps in our digital services, thus boosting our ability to meet the expectations of our customers and keep up with the accelerating transformations in the international banking industry.' 'During 2024, Nomo Bank, the digital arm of the Bank of London and the Middle East 'BLME', a subsidiary of Boubyan Bank Group, continued its expansion journey, while focusing on meeting the international banking and investment needs of customers. Nomo succeeded in attracting a wide segment of customers seeking integrated digital banking solutions internationally, and the bank continues to invest in innovation and sustainability by introducing state-of-the-art digital solutions that enhance customer experience, increase the efficiency of operations, and increase security and reliability levels of banking services.', he elaborated. ** Subsidiaries' Expansion Strategy Al-Majed pointed out: 'Boubyan's subsidiaries (Boubyan Capital, Boubyan Takaful, and The Bank of London and the Middle East 'BLME') managed to reinforce their presence and develop their strategic plans that focused on increased investments and profitability growth, which contributed to integrating the efforts of Boubyan Group and reinforcing its expansion into various markets.' Sustainability and Governance .... Ongoing Commitment Al-Majed emphasized that Boubyan Bank attached great importance to ESG standards and to the development of business strategies, aiming to strike a sustained balance between financial performance and social responsibility, in addition to achieving a sustained financial growth in line with the best international standards. ** Thanks & Appreciation Al-Shaya concluded his word in the General Assembly Meeting: 'For myself and on behalf of all the employees of Boubyan Bank, I would like to express deepest thanks and appreciation to His Highness, the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him as well as to H.H. Sheikh Sabah Khalid Al-Hamad Al-Sabah, the Crown Prince, may Allah protect him, and H.H. Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, the Prime Minister, may Allah protect him, for their efforts towards the development and growth of our beloved country, and to guarantee the stability and security of everyone who considers this blessed land home, as well as their ongoing support to the banking sector.' He added: 'I would also like to express the deepest thanks to all the executives of the Central Bank of Kuwait, headed by H.E., the Governor, Mr. Basel Al-Haroon, who spared no effort to take the actions deemed appropriate to develop and safeguard the Kuwaiti banking system. I would also like to express deepest thanks to all the bank's esteemed shareholders and customers for their ongoing confidence, as they have always been the key factor behind our success by supporting us in overcoming our challenges. Moreover, I would like to thank all members of the Sharia Supervisory Board at the bank for their great efforts, and I would like to thank the members of the Board of Directors and the Executive Management, as well as all the bank's employees for their cooperation, commitment, and keenness on supporting the bank for the best interest of the bank and its shareholders.' Highlights 1st Highlight Entrepreneurs and owners of SMEs represent a very important segment of Boubyan Bank's customers, being the first bank of choice for the youths. Boubyan has a unique set of digital banking solutions that support and empower entrepreneurs to achieve their future financial goals, while opening up new growth opportunities and horizons to develop their entrepreneurship, enhance their operational efficiency, and expand the scope of their services to meet the requirements of the job market in Kuwait and the region, in addition to considering them key partners in all innovative solutions and products offered by Boubyan. 2nd Highlight Boubyan Bank innovated a unique model to promote the value of developing leadership skills and forging leaders with exceptionally unique competencies that perfectly aligns with the strategy of developing leaders and promoting the creativity and innovation culture among employees, which comes in handy especially with the young expertise and competent cadres available at Boubyan across various levels. The bank further dedicates all necessary resources to the learning, growth, and development of its human cadres. On another note, the score of the Organizational Health Index survey 'OHI' taken by all Group employees improved to 86%, while the total staff participation across the bank and its subsidiaries increased to 89%, placing the bank among the top 3 institutions regionally, and at the top decile of all prestigious institutions that took part in this survey globally.
Zawya
13-03-2025
- Business
- Zawya
Abu Dhabi's Multiply Group sets strategic direction for 2025 growth
ABU DHABI – Multiply Group, the Abu Dhabi-based investment holding company, held its General Assembly Meeting (GAM) at the company's headquarters to review its strong financial performance, successful vertical expansion through key acquisitions, and roadmap for sustained growth in 2025. Multiply Group advanced its market-leading position in 2024 with the successful completion of three acquisitions across the mobility, media, and beauty sectors. Emirates Driving Company acquired a 51% stake in Excellence Premier Investment LLC, a parent company of the renowned Excellence Driving Centre based in Dubai. Multiply Group's 51% owned beauty anchor and UAE leading beauty provider, Omorfia Group, acquired 100% of The Grooming Company Holding (TGCH). Additionally, Multiply Group consolidated 100% of BackLite Media, a premier Digital Out-of-Home advertising company. These acquisitions, combined with the strategic expansion and enhanced operational efficiency of established group companies, propelled robust performance during the year. In 2024, Multiply Group reported a net profit excluding fair value changes of AED 1.04 billion in its full-year financials. The Group also delivered strong operational performance, exceeding expectations with double-digit EBITDA growth of 15% year-on year, reaching a record high of AED 1.9 billion. 2024 was The Year of Efficiency for Multiply, with the Group taking a rigorous approach to optimising operations, identifying cost-saving opportunities, and refining its structure by streamlining procurement, consolidating roles, and eliminating unnecessary business layers. Alongside this, technology has been a powerful enabler of Multiply Group's efficiency strategy, where the Group modernised technology infrastructure across its business and introduced innovative revenue-generating solutions. As a result, Multiply Group achieved over AED 50 million in efficiency gains, exceeding the initial target of AED 45 million. This translated into more than a 6% uplift in operational EBITDA. In his shareholder letter published earlier today, Syed Basar Shueb, Chairman of the Board of Directors at Multiply Group, said: 'This year was defined by decisive action and calculated growth, underpinned by the Group's relentless focus on sector expertise, operational efficiencies, and diversification. Our three key acquisitions in 2024 exemplify this approach, driving synergies and unlocking new revenue streams across our subsidiaries. At the same time, we have strengthened our core businesses, ensuring that growth is not just sustained but accelerated.' He went on to say: 'Multiply will continue to identify valuable opportunities, harness cutting-edge technologies to drive AI-driven efficiencies, and propel our subsidiaries towards sustained, high-impact growth.' In her shareholder letter published earlier today, Samia Bouazza, CEO and Managing Director of Multiply Group, said: 'In 2024, our FY Group revenue surpassed the AED 2 billion mark, surging 56% year-on-year, and we registered double-digit growth in EBITDA, as a result of acquiring value-accretive targets and scaling efficiently while maintaining market leadership. We also took a rigorous approach to optimizing operations, cutting costs, and digitizing critical operational processes', which achieved over AED 50 million in efficiency gains. She went on to say: 'We remain in a strongly acquisitive position with a capacity to deploy AED 4 billion and are poised to benefit from any upcoming market shifts. Our utmost responsibility will continue to be guarding our balance sheet as we commit to another year of double-digit EBITDA growth and to ensuring sustainable, long-term value creation to shareholders.' Shareholders approved all GAM agenda items including reviewing and approving the report of the board of directors on the company's activity and financial position, releasing the board members and auditors from their liabilities for the fiscal year, and appointing the company's auditors for the current fiscal year.
Gulf Today
25-02-2025
- Business
- Gulf Today
Emirates NBD approves substantial ordinary dividend of 100 fils per share
Emirates NBD held its 18th General Assembly Meeting on Tuesday, Feb.24, 2025. At the General Assembly Meeting, a review of the Group's performance during 2024 was presented. Commenting on the Group's performance, Emirates NBD Chairman, Sheikh Ahmed Bin Saeed Al Maktoum, said: 'The story of Dubai and the UAE in 2024 is one of relentless ambition and boundless opportunity. Dubai and the UAE had another exceptional year, cementing their position among the leading global hubs for innovation, talent, and investment. Dubai's GDP grew by 3.2 per cent in 2024 to reach Dhs443 billion, driven by the expansion of key sectors, including transport, hospitality, logistics, and financial services.' Sheikh Ahmed Bin Saeed added: 'A key catalyst in this remarkable growth story is Emirates NBD, which continues to perform and transform, as Dubai's largest bank and the most profitable financial institution in the region. The Dubai Economic Agenda, D33 aims to double the size of Dubai's economy by 2033 and position the city among the top three global cities.' 'Emirates NBD is actively driving progress through strategic initiatives that prioritise innovation, financial inclusion, and sustainable growth, solidifying its standing as a critical enabler in Dubai's vision.' 'Our landmark financial performance has been achieved in harmony with Emirates NBD's longstanding commitment to responsibility and sustainability. In 2024, Emirates NBD expanded its sustainable finance offerings with innovative solutions, such as Sustainable Fixed Deposits and ESG-linked working-capital facilities for customers across the region. It also introduced the region's first globally recognised Sustainability- Linked Loan Bond Framework, fully aligned with the latest International Capital Market Association guidelines,'' he noted. 'Our ESG Forward Journey outlines a comprehensive roadmap to enhance sustainable finance governance, achieve net zero emissions for key sectors, and reduce Scope 1 & 2 Greenhouse Gas emissions by 30% from the 2023 baseline by 2030. We have also committed to provide $30 billion in sustainable finance and achieve 25 per cent female representation in senior leadership by 2027.' Emirates NBD's profit before tax is 15 per cent higher on significant loan growth, a low-cost funding base and strong transaction volumes and substantial recoveries. Emirates NBD's profit after tax is at Dhs23 billion up 7 per cent. Bank's total income up to Dhs44.1 billion on strong loan growth coupled with an excellent stable and low-cost funding mix. The General Assembly Meeting passed a number of resolutions including the approval of the Board's proposal to distribute cash dividends for the year ended 31 December 2024 of Dhs1 per ordinary share (100 per cent), being Dhs6,316,598,253 in total, to shareholders on the register of the Bank's shareholders at the close of the trading on 6 March 2025. It also approved the report of the board of directors (the Board) on the Bank's activities and the financial statements for the year ended 31 December 2024. Meanwhile Emirates NBD (ENBD), a leading banking group in the Middle East, North Africa and Turkiye (Menat) region, has released the global investment outlook for 2025. Themed 'Winds of Change', the 2025 outlook was revealed by Maurice Gravier, Group Chief Investment Officer at Emirates NBD at a media roundtable. Speaking to the media, Gravier and his team presented their investment strategy for the year ahead, which starts with improved visibility and strong financial returns from 2024, 'The Year of Answers'. Opening the discussion, Gravier said: 'By contrast to 2024, attention should switch from the present to the future, due to material emerging changes. New leaders will implement new policies, while the geopolitical picture will evolve, commercially and militarily. National and regional priorities should prevail and create divergences.' He added: 'We believe that macro-economic uncertainty, driven by political changes, could prove much higher than the consensus suggests. This is not adverse for long-term investors: markets overreact on surprises, providing opportunities for those who keep the medium-term picture in mind. Volatility and divergences are a pool of alpha for active allocation and selection. To that extent, Emirates NBD's Group Chief Investment Office has added two new functions in 2024: quantitative tactical analysis to identify short-term signals, starting with FX and commodities, and onshore bespoke discretionary portfolio management, to constantly and swiftly adjust positioning on behalf of Private Banking clients, under their very own guidelines.' On the economic outlook, Gravier said: 'Our Emirates NBD Research Team expects a stable but moderate global growth in 2025, similar to 2024 on aggregate but with regional differences.
