IlluMyFi

The induction took place on January 10th, 2024 at its headquarters in Thumbay Medicity, Al Jurf, Ajman As part of its oversight strategy for 2024, Thumbay Group has implemented a corporate governance structure to ensure transparency and record two-fold growth in the upcoming year. The induction took place on January 10th, 2024 at its headquarters in Thumbay Medicity, Al Jurf, Ajman, and was attended by the senior management of the group. In his keynote address, Dr. Thumbay Moideen, Founder President, Thumbay Group highlighted the importance of this comprehensive governance framework and its crucial role in steering the organization towards sustainable growth. "Thumbay Group has completed 25 years of operations in the UAE, and they have been very special. The new corporate governance structure in place signifies our strength for the next five-year plan - Vision 2028. We are focused on being consumer-centric and scaling our ability to run businesses that add value to people and society as a whole. Based on our well-defined growth plan, we are very keen to double the intake of students in medical education with comprehensive new programs that balance theoretical knowledge with practical training. Also, a two-fold increase in the healthcare business is envisaged, which will enable us to triple the value of the overall group by 2028 with initiatives and operational efficiency at the core. We are re-energized to create many more fabulous years of responsible and progressive operations." By establishing transparency as a fundamental principle, the Group aims to strengthen stakeholder confidence, cultivate a culture of accountability, and improve operational effectiveness. Additionally, it seeks to balance the interests of various stakeholders, including shareholders, management, consumers, suppliers, financiers, the government, and the community. Thumbay Group is a diversified international business conglomerate with operations across different sectors including Education, Healthcare, Medical Research, Diagnostics, Retail Pharmacy, Health Communications, Retail Optical, Wellness, Hospitality, Real Estate, Publishing, Technology, Media, Events, Medical Tourism. Headquartered in Dubai, the group presently employs around 3500 people. Thumbay Group is committed to provide quality care to the community and its Thumbay Healthcare today has the distinction of being the biggest chain of private academic hospitals in the region, treating patients from as many as 175 countries.

Sentiment

Bearish/Bullish

13.01.24 07:34

by zawya.com

BlackRock strikes $12.5bln deal for Global Infrastructure Partners

NEW YORK/LONDON - BlackRock said on Friday it would buy Global Infrastructure Partners (GIP) for $12.5 billion in a major bet on alternative assets and announced a shake-up of its top management. The deal, which includes $3 billion in cash and 12 million BlackRock shares, will put the asset management giant at the heart of investing in ports, power, and digital infrastructure projects around the globe. Once the deal closes, the firm will hold approximately $150 billion in infrastructure assets across a portfolio that ranges from the U.S. liquefied natural gas export market to wastewater services in France to airports in England and Australia. Soaring demand for logistics and digital infrastructure, and the trillions of dollars needed for the transition away from high-carbon energy, have made the asset class increasingly popular among institutional investors. "Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy," said chief executive Larry Fink. BlackRock, which manages $10 trillion across all markets, has been on the hunt for what it hopes will be a transformative deal as its revenues stagnated and its environmental, social, and corporate governance business came under political attacks in the United States. "This is [Fink's] chance to put his final fingerprint on the company" and allow it to compete with firms such as BlackStone and Apollo Global Management, said Kyle Sanders, an analyst at Edward Jones, who has a buy rating on the stock. Founded in 2006, GIP manages more than $100 billion in assets and has a portfolio including Britain's Gatwick airport, the Port of Melbourne and major offshore wind projects. MANAGEMENT CHANGES BlackRock also unveiled changes to its senior management structure, at a time when speculation has been growing over who will succeed Fink, who founded BlackRock in 1988. Stephen Cohen becomes chief product officer and will lead a new global product strategy group, while Salim Ramji, global head of iShares and index investments, is leaving, according to a company memo seen by Reuters. BlackRock is also creating a new international business structure under Rachel Lord to lead Europe, the Middle East, India, and Asia Pacific, the memo said. Five of GIP's founding partners will join BlackRock, including GIP Chairman Bayo Ogunlesi, who will also join BlackRock's board of directors following closure of the deal, it added. Ogunlesi will step down from Goldman Sachs' board following his move to BlackRock, Goldman CEO David Solomon said on Friday. The deal adds "new contenders" to the list of candidates to succeed Fink, who at 71 has yet to name his eventual replacement, said Cathy Seifert, an analyst at CFRA. "As alternative assets become an increasingly important part of BlackRock's business mix, the next leader's private asset skill set will become more important," she said. PROFIT BEAT BlackRock also reported an 8% rise in quarterly profit, helped by a rebound i...