Amanat Holdings, the Dubai-listed firm that invests in healthcare and education businesses, is looking to cut costs as its top management take voluntary pay cuts amid a pandemic-driven economic slowdown, but will continue to look for growth opportunities through its portfolio companies and explore new regional investments.
Strengthening the company's balance sheet is the top priority amid the current uncertainty, which necessitates enhanced efficiencies across the healthcare and education sectors, Amanat said in a statement to the Dubai Financial Market, where its shares trade.
“The crisis has brought on operational and structural challenges and we believe it is prudent to take difficult initiatives through these unprecedented times,” Shamsheer Vayalil, vice chairman and managing director of Amanat, said.
“We believe this will allow us to emerge stronger, more efficient and financially sustainable.”
The company’s senior management team has voluntarily reduced compensation as part of a series of initiatives that are being rolled out, Mr Vayalil said, without specifying how much the company will save through cost cutting initiatives.
“Being able to keep the team together, we are ensuring business continuity, allowing us to concentrate on delivering shareholder value over the short- to medium term,” he said.
Despite the headwinds, the company will continue to look for growth opportunities through its portfolio companies and will explore new regional investments, it said. Existing investments include Middlesex University Dubai and Abu Dhabi University Holding Company, as well as the International Medical Centre, which owns a 300-bed hospital in Jeddah.
In April, the company said it plans to move its headquarters to Abu Dhabi and list its shares on the Abu Dhabi Securities Exchange.
The decision to move the company's headquarters as well as to list on Abu Dhabi bourse is subject to the approval of authorities, including the Securities and Commodities Authority, the Dubai Financial Market and the Abu Dhabi Securities Exchange.
Amanat reported a 40 per cent rise in its full-year net profit of Dh60m in 2019 as its income from investments rose and expenses fell.
In March, the company ended discussions to buy a stake in VPS Healthcare Group, founded by Mr Vayalil.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Killing of Qassem Suleimani
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
UAE currency: the story behind the money in your pockets
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
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- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
UAE currency: the story behind the money in your pockets
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More from Rashmee Roshan Lall
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
