Ithmaar Holding, a Bahrain-based investment company listed on the Dubai Financial Market, has reported accumulated losses of $827.07m for Q2 2025, exceeding its paid-up capital by 109%, according to its latest disclosure submitted on August 3.

The update, filed in compliance with the UAE Securities and Commodities Authority’s (SCA) disclosure requirements, underscores the long-standing financial challenges faced by the company, with losses dating back to 2016. The accumulation of losses has been attributed primarily to impairment provisions from non-core investments following the global financial crisis, with further provisions recorded in 2018 due to the early adoption of FAS30—the AAOIFI equivalent of IFRS 9.

Since 2020, the company’s financial performance has fluctuated in response to global macroeconomic pressures, including the Covid-19 pandemic. While there were modest improvements in 2021 and 2024 due to net profits attributable to shareholders, losses in 2022 and 2023 contributed to the sustained erosion of shareholder equity.

Read: Bahrain’s GDP grows by 2.1% in Q3 2024, boosted by non-oil sector

The company reported a slight improvement in 2025, reducing accumulated losses by $1.58m due to net profit. However, overall losses still stand at over 100% of paid-up capital, triggering enhanced disclosure and restructuring requirements under SCA rules.

To address this critical financial situation, Ithmaar Holding’s board has launched a series of initiatives. These include the potential sale and/or restructuring of non-core assets and a renewed focus on recovering financing exposures. These measures are currently under review and subject to regulatory approvals.

In March 2022, the Board convened an Extraordinary General Meeting to propose offsetting accumulated losses against share capital. This capital restructuring plan remains under consideration and will be presented to shareholders for approval at a later stage, pending further developments.

As the company works to restore financial health, it remains committed to keeping stakeholders informed of any material updates in line with regulatory obligations.

The University of Sharjah (UOS) has signed a strategic Memorandum of Understanding (MoU) with Binance Academy, the educational arm of Binance, the world’s largest blockchain ecosystem and cryptocurrency infrastructure provider. The agreement sets the stage for long-term collaboration in blockchain research, education, talent development, and innovation.

The MoU was signed by Prof. Maamar Bettayeb, vice chancellor for Research and Graduate Studies at UOS, and Rachel Conlan, Chief Marketing Officer at Binance. Both institutions share a vision of equipping students and researchers with the expertise and exposure needed to lead in the evolving blockchain and Web3 landscape.

As part of the partnership, the two entities will work together on a range of initiatives, including joint academic programmes, research collaborations, industry-led workshops, and blockchain-focused hackathons. The MoU also facilitates internship placements for students, supports startup incubation, and encourages expert exchange and mentorship programmes.

“This partnership reinforces the University of Sharjah’s commitment to empowering students and researchers with cutting-edge tools and real-world insights. Collaborating with Binance allows us to integrate global industry expertise into our innovation ecosystem and prepare our graduates to lead in the fast-evolving blockchain sector,” said Prof. Maamar Bettayeb.

Rachel Conlan added: “We’re proud to partner with the University of Sharjah to strengthen the UAE’s position as a regional hub for blockchain innovation. Through this collaboration, we aim to support the country’s vision for digital transformation by investing in local talent, research, and education. With over 280 million users globally, Binance brings world-class expertise to help shape the future of Web3 in the UAE and the wider region.”

Read: Binance’s regional head on driving crypto growth and digital innovation in the Gulf

Dr. Mohamed Al Hemairy, head of the technology transfer office at UOS, highlighted the strategic importance of the partnership: “Blockchain and emerging technologies, particularly Web3, are of strategic interest to the University of Sharjah. This collaboration with Binance sets the stage for a new wave of innovation-driven projects that will be launched in the coming period. We look forward to translating this partnership into tangible outcomes that empower our students, researchers, and the wider community.”

With over 20,000 students from more than 100 nationalities, UOS is one of the UAE’s most diverse academic institutions. In the 2024–2025 US News & World Report Best Global Universities Rankings, the university is ranked first in the UAE, fourth in the Arab region, and 261st globally. It also ranks fourth worldwide in Green and Sustainable Science and Technology, 18th in Energy and Fuels, and 53rd in Engineering. The Times Higher Education (THE) World University Rankings 2025 places UOS in the 301–350 global band, with additional recognition for research quality and performance in young university categories.

Bader Kalooti, regional growth lead at Binance, said: “This partnership between Binance Academy and the University of Sharjah represents a transformative step in advancing blockchain education and innovation in the UAE and beyond. By combining excellence, we are creating a dynamic ecosystem where students, researchers, and entrepreneurs can thrive in the Web 3 era. Together, we will empower the next generation of blockchain leaders, driving both technological progress and economic growth in the region.”

The MoU aligns with UOS’s broader strategy to position Sharjah as a regional centre for advanced technologies and digital transformation. The agreement reinforces the role of academia in enabling national innovation agendas through meaningful partnerships with global tech leaders.

The agreement is now in effect, with implementation of joint activities set to begin in the upcoming academic year.

In a major step to bolster the country’s anti-narcotics efforts, UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a federal decree-law establishing the National Anti-Narcotics Authority (NANA).

The new independent body, reporting directly to the UAE Cabinet, replaces the General Department of Anti-Narcotics at the Ministry of Interior, a WAM report conveyed.

Read-Dubai Customs intercepts 147kg of narcotics, psychotropics in major smuggling bust

Sheikh Zayed bin Hamad bin Hamdan Al Nahyan has been appointed as the Chairman of the newly formed Authority.

The move aims to unify and strengthen federal and local efforts in combating drug-related crimes and ensure the safety and well-being of communities across the UAE.

Centralised strategy for drug control

The Authority will be responsible for designing and implementing policies, legislation, and strategies to fight narcotics. This includes coordinating with relevant agencies at both federal and local levels to track and dismantle smuggling and distribution networks.

Its expanded mandate reflects the UAE’s strategic vision to provide a robust legislative and operational environment for addressing drug-related threats. By consolidating responsibilities under one federal entity, the government aims to ensure cohesive national policies, faster response to emerging drug trends, and tighter law enforcement.

Among its core responsibilities, NANA will work closely with judicial and security bodies to ensure offenders are prosecuted under the nation’s laws. It will also oversee the development of legal frameworks and submit new regulations to the Cabinet for approval, ensuring alignment with international best practices.

Stronger controls at entry points

As part of its operational scope, the authority will monitor land, sea, and air entry points in collaboration with national entities to prevent the entry or exit of narcotic substances. It will track and inspect individuals, goods, and vehicles, with the aim of curbing illicit activities at the country’s borders.

In addition, NANA will monitor suspicious activities and suspected trafficking operations nationwide, working with concerned authorities to bolster intelligence capabilities and early detection mechanisms.

The authority is also charged with regulating the circulation of chemical precursors used in drug manufacturing. It will propose licensing mechanisms and oversee trading, storage, and customs clearance procedures in coordination with relevant agencies. These measures aim to prevent the misuse of chemicals while ensuring lawful handling for legitimate purposes.

Unified data and national coordination

To enhance inter-agency cooperation, the Authority will establish and manage a centralised national database. The system will be accessible to all federal and local bodies involved in anti-narcotics operations and will facilitate real-time information sharing, coordinated responses, and improved decision-making.

By enhancing the flow of intelligence and aligning strategic goals across the country, the UAE seeks to build a more resilient and responsive framework to confront drug-related threats.

The Ministry of Health and Prevention (MoHAP) announced a 50 per cent reduction in key services as part of Phase II of the UAE government’s “Zero Government Bureaucracy” programme, aiming to simplify operations, boost efficiency, and enhance quality of life.

Read-Everything you need to know about the UAE’s basic health insurance plan

The initiative, launched to eliminate unnecessary complexity across federal services, seeks to create a more agile and responsive government through streamlined, digitised procedures. MoHAP’s efforts have so far focused on licensing and accreditation services for healthcare professionals and facilities, reducing the total number of these services from 32 to just 16, a WAM report said.

The redesign has significantly cut processing times, improved operational workflows, and brought the ministry’s work closer in alignment with the programme’s overarching goals.

Human-centric overhaul and digital integration

Under the second phase of the initiative, MoHAP adopted a customer-centric roadmap focused on service simplicity and digital integration. Key features of the redesign included reducing documentation, eliminating redundant requirements, and consolidating digital platforms to decrease the number of smart applications used.

The ministry also aimed to reduce the time, cost, and effort required by users while enhancing data interoperability with partner government entities. This has enabled smoother data exchange and quicker access to services for both citizens and professionals.

To measure the effectiveness of the improvements, MoHAP conducted surveys and user experience studies. These assessments also recognised internal teams and proactive service users whose input contributed significantly to the improvements.

These efforts support the programme’s goal of achieving 100 per cent digital bureaucracy elimination, providing modern, efficient services and fully digitised systems. MoHAP reaffirmed its commitment to supporting the UAE’s vision of a streamlined, responsive, and innovation-driven government that delivers tangible results.

Leadership commends progress

Dr. Mohammed Salim Al Olama, Undersecretary of the Ministry of Health and Prevention, emphasised that the successful implementation of Phase II reflects the UAE leadership’s dedication to providing efficient, high-quality public services.

“Our approach aligns with the government’s flexible and forward-looking service model,” said Dr. Al Olama. “It reinforces sustainable development, enhances the UAE’s global competitiveness, and is grounded in innovation, digital tools, AI integration, and the empowerment of high-performing teams.”

He added that the Ministry achieved significant progress across both phases of the programme by engaging stakeholders, internal teams, and wider society. “We adopted a proactive strategy to redesign services, simplify procedures, and boost efficiency, making services more accessible and customer-friendly.”

Dr Al Olama noted that the ministry’s operational model now prioritises continuous improvement through regular measurement of user satisfaction and service effectiveness.

Co-designing the future of government services

Abdullah Ahli, Acting Assistant Undersecretary for the Support Services Sector and head of the Zero Government Bureaucracy Team at MoHAP, highlighted the collaborative nature of the initiative.

“Our redesign efforts follow a co-design methodology, involving stakeholders from the healthcare sector and service users directly through workshops,” Ahli explained. “By deeply analysing user experiences, we ensured the updated services are simpler, more cost-effective, and results-driven.”

He emphasized the removal of unnecessary procedures to maximize user satisfaction and improve the overall service experience.

Ahli also revealed that additional service packages are in development across other sectors, following successful testing and user feedback. These upcoming packages will focus on high-priority services and are expected to further accelerate progress toward national strategic goals, including sustainable development and enhanced quality of life.

Phase II of the “Zero Government Bureaucracy” programme aims for complete elimination of digital redundancy by removing outdated processes, consolidating smart applications, and modernising government digital infrastructure. The initiative also includes the integration of artificial intelligence and promotes a shift toward a results-oriented culture in public service delivery, further strengthening the UAE’s international competitiveness.

As the newly rebranded Everllence (previously MAN Energy Solutions) is strategically positioning its carbon capture technologies to assist nations in the region with their ambitious energy transition journeys.

With its comprehensive carbon capture and hydrogen production know-how, Everllence is set to play a pivotal role in the decarbonisation of hard-to-abate industries like cement and oil and gas, supporting key national sustainability visions such as Saudi Vision 2030 and UAE Net Zero 2050.

In this interview, Gaby Hanna, SVP and MD at Everllence MEA, shares the company’s focus on integrating proven technologies into existing operations to optimise efficiency and drive economic viability. Here are excerpts from the discussion.

As the newly rebranded Everllence, how are you positioning your carbon capture technologies to support the decarbonisation of hard-to-abate sectors in the GCC, such as cement, and oil and gas?

The GCC is a key priority for Everllence because it is traditionally built on “hard-to-abate” industries and is simultaneously undertaking ambitious, world-leading energy transition journeys. Nations like the UAE, Saudi Arabia, and Oman are investing heavily in diversification and sustainable technologies.

The carbon capture technology will play a vital role in significantly reducing emissions from hard-to-abate industries such as cement and oil and gas.

We are already a partner of the GCC industry for more than 50 years and now we will support it on its way to climate-neutrality with our comprehensive carbon capture know-how:

Our compressor technology is already proven in 30 projects worldwide and helped to compress ~200 Mio. t of CO_2.

Several regional carbon capture projects are underway in the UAE and Oman. Can you share insights on their progress, scalability, and what makes them globally significant?

We will supply one of the largest CO2 compressors in terms of size and mass flow for the Habshan carbon capture, utilisation and storage (CCUS) project of ADNOC.

The facility will have the capacity to capture and permanently store 1.5 million tons per annum (mtpa) of carbon dioxide (CO2) within geological formations deep underground. This makes it one of the largest integrated carbon capture projects in MENA.

ADNOC is now proving that the CCUS technology is already applicable and scalable and the project will become a blueprint for the MENA region.

How do you address the common criticism that carbon capture is an expensive or transitional solution rather than a long-term fix for emissions reduction?

The so-called hard-to-abate industries such as cement and petrochemicals have no other choice. Their emissions cannot be reduced by direct electrification with green energy as it is applicable for other segments such as car transport.

The cement industry alone is responsible for 12 per cent of worldwide CO2 emissions, which are caused by the production process itself.

CCUS is the solution to capture these emissions before they are entering the atmosphere and even more: The CO2 can then be used as a valuable feedstock to produce climate-neutral fuels to decarbonise industries such as shipping or aviation.

It is already a proven technology which is clearly demonstrated by our 30 projects worldwide. I’m convinced that CCUS will become one of the key building stones of our climate-neutral future.

How is Everllence balancing innovation in carbon capture with economic viability for industrial clients, especially in countries like Iraq, Qatar, and Egypt where infrastructure and priorities vary?

Our tailored solutions are designed to meet the specific needs and national goals of each country.

The key is to integrate our technologies seamlessly into existing operations, optimising efficiency and reducing emissions, thereby supporting decarbonisation without hindering the vital industrial productivity that drives these economies.

With regional goals accelerating around green hydrogen, how does Everllence’s production of electrolysers and partnerships (in Duqm and Egypt) fit into the wider energy transition strategy?

Besides carbon capture, green hydrogen is an essential building block to decarbonise hard-to-abate sectors such as shipping and aviation. Both industries cannot be directly electrified, efor example by using batteries. They require climate-neutral fuels like green methanol or ammonia which are produced from green hydrogen.

The sunny GCC region, of course, offers a huge potential for the production of green energy from solar and therefore also for the production of green hydrogen. If the GCC is leveraging this potential, it can become one of the most important exporters of climate-neutral fuels worldwide.

As a company we are covering the complete value chain of hydrogen – from electrolysers and compressors for pipeline transport to reactor systems for the production of climate-neutral fuels. With our broad hydrogen technology portfolio we will support the GCC in its transformational journey.

What are your immediate priorities post-rebrand in the Middle East and Africa region, and how do you plan to scale Everllence’s impact while staying aligned with national sustainability visions like Saudi Vision 2030 and the UAE Net Zero 2050?

Our 50 plus years of partnership in the region, combined with the significant decarbonisation challenges and opportunities in the region, make it a natural and strategic focus for our solutions. In recent years, we have transferred a lot of capacity to our offices and workshops on-site.

It is important for us, that our local offices are not just mailbox addresses, they are an essential part of our localisation strategy providing extensive engineering know-how to the region. We will also follow this successful approach in the future and see a huge business potential in the MEA region.