ADX-listed Arkan Group's new ticker and the interim brand reflect the expectation that Emirates Steel will contribute 90 per cent of the group’s annual revenue, the company said. Reuters
ADX-listed Arkan Group's new ticker and the interim brand reflect the expectation that Emirates Steel will contribute 90 per cent of the group’s annual revenue, the company said. Reuters
ADX-listed Arkan Group's new ticker and the interim brand reflect the expectation that Emirates Steel will contribute 90 per cent of the group’s annual revenue, the company said. Reuters
ADX-listed Arkan Group's new ticker and the interim brand reflect the expectation that Emirates Steel will contribute 90 per cent of the group’s annual revenue, the company said. Reuters

Arkan Group rebrands to Emirates Steel Arkan after 2021 merger


Deepthi Nair
  • English
  • Arabic

Abu-Dhabi listed steel and building materials manufacturer Arkan Group formally adopted Emirates Steel Arkan as its interim brand after the two companies merged last year to create an industrial group with assets of Dh13 billion ($3.54bn).

The company also changed its trading ticker on the Abu Dhabi Securities Exchange to EMSTEEL from ARKAN, the merged entity said in a statement on Wednesday.

The new ticker and the interim brand “reflect the expectation that Emirates Steel will contribute 90 per cent of the group’s annual revenue”, the statement said.

Emirates Steel and Arkan Building Materials merged in the fourth quarter of 2021.

Arkan acquired Emirates Steel from Senaat, which is part of Abu Dhabi’s holding company ADQ. The deal was announced in May last year and was approved by Arkan’s board in June.

Emirates Steel was transferred to Arkan for a convertible instrument, which automatically converted into 5.1 billion ordinary shares in Arkan at a fixed price of Dh0.798 per share following the deal.

After the conversion, Senaat owns 87.5 per cent of the entire issued share capital of Arkan.

The combined group will play a key role in delivering the UAE’s industrial strategy “Operation 300bn”, Senaat said last year.

It is expected to benefit from the UAE’s post-Covid-19 recovery and a broader pick-up in activity within the GCC construction sector as various government stimulus programmes fuel spending on infrastructure projects.

The UAE aims to more than double the contribution of the industrial sector to the country’s overall economic output to Dh300bn by 2031, from Dh133bn currently, as part of the new industrial strategy announced in March last year.

Arkan Group will play a key role in delivering the UAE’s industrial strategy Operation 300bn. Bloomberg
Arkan Group will play a key role in delivering the UAE’s industrial strategy Operation 300bn. Bloomberg

Emirates Steel Arkan will announce its first-quarter results on May 10, the statement said.

Senaat, which manages more than Dh27.2bn of industrial assets, has holdings in metals, oil and gas services, construction and building materials and food and beverages. In March 2020, ADQ assumed the ownership of Senaat, since when the conglomerate has been consolidating its holdings.

Last January, Senaat’s food and beverage subsidiary Agthia completed its merger with Al Foah, the world’s largest date processing and packaging company. Agthia and Al Foah are both owned by ADQ through Senaat.

In February 2021, Abu Dhabi's National Petroleum Construction Company merged with the National Marine Dredging Company. Before the merger, ADQ held a 32 per cent stake in ADX-listed NMDC and was the majority owner of NPCC through Senaat.

ADQ holds government stakes in a broad portfolio of companies, including Abu Dhabi Airports, Abu Dhabi Ports, Emirates Nuclear Energy Corporation, Etihad Rail, ADX, healthcare operator Seha and media hub TwoFour 54, among others.

Company%20profile
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Specs

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UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

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Fixtures

50-over match

UAE v Lancashire, starts at 10am

Champion County match

MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am

Both matches are at ICC Academy, Dubai Sports City. Admission is free.

Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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RESULTS

6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).

7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.

7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.

8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.

8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
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9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.

10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A%20MAN%20FROM%20MOTIHARI
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE currency: the story behind the money in your pockets
Updated: April 27, 2022, 2:38 PM`