DUBAI: Dubai Islamic Bank (DIB) said on Sunday it does not expect any “negative impact” from a case against it brought by the administrators of hospital operator NMC Group.
It made the disclosure in a letter to the Dubai Financial Market posted on the website of the bourse.
Last week it emerged that NMC was suing a Dubai bank in the Abu Dhabi courts in a dispute that could complicate the company’s multi-billion-dollar debt restructuring and potentially delay payouts to creditors, Reuters reported.
It was the latest twist in the tale of the UAE ‘s biggest hospital group which last year disclosed more than $4 billion in hidden debt. Its UAE operations were placed into administration and creditor claims are understood to now exceed $6.4 billion.
“It is a matter of public record that an application has been filed by the administrators of the NMC Group in the Abu Dhabi Global Markets Court, in which Dubai Islamic Bank and 12 insurance companies and third party service providers are respondents,” DIB said in a disclosure to the Dubai Financial Market, where it’s shares are listed. “DIB does not anticipate any material negative impact arising from this application. As this is an ongoing legal matter, we cannot comment further at this time.”
Dubai Islamic Bank sees no impact from NMC law suit
https://arab.news/bq3nx
Dubai Islamic Bank sees no impact from NMC law suit
- Last week it emerged that NMC was suing a Dubai bank in the Abu Dhabi courts in a dispute that could complicate the company’s multi-billion-dollar debt restructuring
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
