February 17, 2023

ROSEN, GLOBALLY RECOGNIZED INVESTOR COUNSEL, Encourages Gemini Earn Program Investors to Secure Counsel Before Important Deadline in Securities Class Action Against Gemini Trust Company, LLC, Tyler Winklevoss, and Cameron Winklevoss

NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds investors in Gemini interest accounts (“GIAs”), through a program called “Gemini Earn,” between February 2, 2021 and December 27, 2022, inclusive (the “Class Period”) of the important February 27, 2023 lead plaintiff deadline.

This case is against Gemini Trust Company, LLC, Tyler Winklevoss, and Cameron Winklevoss (together, “Defendants”).

SO WHAT: If you invested in Gemini Earn during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Gemini class action, go to https://rosenlegal.com/submit-form/?case_id=11066 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 27, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, Gemini made actionable misstatements that deceived investors by touting Gemini Earn as a safe method of storing crypto assets and collecting interest payments and that Gemini omitted and concealed significant information concerning the risks associated with Gemini Earn, including information concerning its so-called partner and borrower in connection with the program, Genesis Global Capital, LLC. Also according to the lawsuit, Defendants violated securities laws because Gemini failed to register as an exchange and/or broker-dealer and offered and sold unregistered securities without providing registration statements for such securities, which would have apprised investors of the risks and other important information associated with their investments.

To join the Gemini class action, go to https://rosenlegal.com/submit-form/?case_id=11066 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Attorney Advertising. Prior results do not guarantee a similar outcome.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8751929

February 17, 2023

ADNOC announces intention to float 4% minority stake in ADNOC Gas on ADX

ABU DHABI, ADNOC has announced its intention to float a 4% minority stake in ADNOC Gas, its world-class gas processing, operations and marketing company, on the Abu Dhabi Securities Exchange (ADX).

The offering is expected to open on 23rd February, subject to regulatory approvals and other relevant considerations.

ADNOC Gas (the Company), formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a world-class, large-scale integrated business operating across the gas value chain.

A leading global player with access to capacity of around 10 billion standard cubic feet of gas per day (bscfd), the Company serves a wide range of domestic and international customers with an expanding portfolio of products, supplying around 60% of the UAE’s gas needs and exporting natural gas and related products to a diverse customer base in over 20 countries.

Global demand for gas is expected to continue to grow as the world looks to further decarbonise its energy systems, and ADNOC Gas is expanding its capacity to meet increasing global demand, support UAE gas self-sufficiency and industrial expansion, and expand LNG capacity.

Commenting on the launch of the ADNOC Gas IPO process, Khaled Al Zaabi, Group CFO of ADNOC, said, “We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company.

“Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.

“This is the fifth occasion where we are bringing an ADNOC company to the market in as many years, and we are delighted to once again offer international and local investors a highly compelling investment opportunity, allowing shareholders to partake in ADNOC and Abu Dhabi’s ongoing value creation journey.”

ADNOC Gas has an umatched asset base with a pipeline of capital projects that will ensure strong growth, and attractive returns for shareholders. Twelve-month adjusted revenues to October 2022 totalled $24.9 billion, with ADNOC Gas delivering adjusted EBITDA of $8.7 billion and net income of $4.8 billion over the same period.

The Company expects to pay a dividend of $3.25 billion relating to our financial performance in the year ended 31st December 2023.

Details of the Offering will be included in an Arabic-language prospectus (the UAE Prospectus) and public subscription announcement (the Public Announcement) and an English-language International Offering Memorandum. The UAE Prospectus and the Public Announcement will be published today, and the International Offering Memorandum is expected to be published in due course.

Source: Emirates News Agency

February 17, 2023

Gross subscriptions written reaches AED4.35 billion for Takaful insurance sector in 2021: CBUAE

ABU DHABI, The Central Bank of the UAE (CBUAE) has released a comprehensive report on the Takaful insurance sector in the UAE, with the aim of developing this critical industry and enhancing the country’s position as a leading Takaful insurance market globally.

The report highlights the growing importance of the Takaful insurance sector in the local market, as well as the expansion of its various financial indicators from 2018 to 2021.

In 2021, the gross subscriptions written by all Takaful insurance companies operating in the UAE totalled AED4.35 billion, representing a growth rate of 0.51% compared to AED4.32 billion in 2020. These subscriptions accounted for 9.82% of the gross premiums written in the insurance sector in 2021.

The health Takaful insurance activity represented the largest share, accounting for 43.6% of the gross subscriptions written in the Takaful insurance sector in the UAE in 2021. This was followed by Takaful insurance activity on assets and liabilities at 38.3%, and family Takaful insurance activity and fund accumulation operations at 18.1%.

At the end of 2021, 12 Takaful insurance companies were operating in the UAE, all of which are national companies. However, there is a possibility that this number could decrease over the coming period due to merger and acquisition activities.

The report also revealed that there are 62 national and foreign insurance companies operating in the UAE’s insurance sector. In 2021, the number of written Takaful insurance policies increased significantly to 992,106, compared to 820,517 policies in 2020.

Furthermore, the report covered several other aspects related to the business of the Takaful insurance sector, including sustainability operations, Emiratisation, and the prospects of digital transformation. The report highlighted that all Takaful insurance companies have specific strategies for digital transformation.

The report outlined the current practices of Takaful insurance companies and their initiatives to enhance their financial and technical performance, adopt the best sustainability practices, and attract and encourage UAE Nationals to work in this vital sector.

Additionally, the report emphasised the key advantages of the Takaful insurance sector in the UAE and the significant qualitative and quantitative developments witnessed, particularly in terms of regulatory and supervisory aspects.

The report highlighted the establishment of the Higher Shari’ah Authority (the Authority) and the Central Bank’s supervision and control of the insurance sector under Decretal Federal Law No. (25) of 2020. It also discussed the Authority’s various initiatives to develop the regulatory framework of the Takaful insurance market and its operational practices by creating Shari’ah governance mechanisms for Takaful insurance companies. Moreover, the Authority is developing Shari’ah standards to enhance confidence and flexibility in this sector, ensuring legal and Shari’ah certainty. The UAE has been a leader in this field since 1979.

Source: Emirates News Agency

February 17, 2023

‘Reaching The Last Mile’ charity run in Abu Dhabi on Saturday

ABU DHABI, Registration is open for the second annual “Reaching the Last Mile” charity run, an event hosted by the Abu Dhabi Sports Council to support the UAE-based Reach Campaign to raise awareness and funds and combat neglected tropical diseases.

The run will be held on 18th February at Yas Bay Waterfront in Abu Dhabi, and is open to participants of all ages and fitness levels, with 1k, 3k, 5k and 10k routes to choose from. The event is expected to attract a mix of individuals, teams, and families.

Entry for the run costs AED57.75 and includes a branded T-shirt, individual medals and photos for each participant, and a winners’ ceremony.

All donations from the event will go to benefit The Reach Campaign, a fundraising initiative working to eliminate two neglected tropical diseases (NTDs): river blindness and lymphatic filariasis.

NTDs are a group of communicable diseases that are preventable and treatable, yet continue to affect one in five people worldwide, including one billion children. The diseases cause immeasurable sufferings such as blindness, debilitating, disfigurement, and may lead to death. By most commonly affecting vulnerable and marginalised populations, NTDs create cycles of poverty and cost developing nations billions of dollars each year.

More than 200 million people worldwide require treatment for river blindness, while an estimated 850 million people are at risk of lymphatic filariasis.

Suhail Al-Arifi, Executive Director of the Events Sector at the Abu Dhabi Sports Council, said that the campaign will not only encourage people of all ages and abilities across Abu Dhabi to get active, but will also aid in the elimination of two neglected tropical diseases.

“The run is a reminder of our responsibility to support the less fortunate worldwide. We are committed to activating local communities in support of worthy causes and to helping further the efforts of Reaching the Last Mile Fund,” he noted.

Nassar Al Mubarak, Managing Director of The Reach Campaign, said, “We’re delighted to see the return of the Reaching the Last Mile charity run, and we are deeply grateful to Abu Dhabi Sports Council for its continued partnership and support. This event reflects the UAE community’s generosity and our shared, long-standing commitment to ending neglected tropical diseases. We encourage people to join us, get active, and support a cause that contributes to creating a healthier, brighter future for millions worldwide.”

Source: Emirates News Agency

February 17, 2023

Tawazun Council to showcase latest defence initiatives, solutions in IDEX 2023

ABU DHABI, The Tawazun Council has announced its participation in the International Defense Exhibition and Conference (IDEX 2023) and the Naval Defence Exhibition and Conference (NAVDEX 2023), which will be held from 20th-24th February at the Abu Dhabi National Exhibition Centre (ADNEC). Under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the event aims to bring together leading industry players, decision-makers, and military experts to showcase the latest innovations and technologies in the defense and security sectors.

As an independent government entity working closely with the Ministry of Defense, the Armed Forces, and security agencies in the UAE, Tawazun Council seeks to strengthen its strategic partnerships and present the latest solutions and initiatives in the defense industries. The council aims to maximize value for money through innovative budgeting and acquisition systems while sustaining technology and innovation and accelerating ecosystem growth to support national industry needs.

Tareq Abdulraheem Al Hosani, Secretary-General of Tawazun Council, stated, “We are proud to participate in IDEX, which is celebrating its 30th anniversary, as it has been able to consolidate its position as one of the most important defense exhibitions in the world. For three decades, IDEX has been the ideal platform for fostering collaborations between the national, regional, and worldwide defense and security sectors.”

The Tawazun Council participates in this year’s IDEX 2023 as the ‘Principal Partner’ in line with its objectives to support defense industries and develop knowledge, technological, and industrial capabilities. It also aims to support the UAE’s economic and industrial development drive.

During the exhibition, Tawazun Council will focus on the future and encourage Emirati youth to join the promising sector. The council’s strategic goals will be highlighted, and the most cutting-edge innovative solutions will be showcased.

Mona Ahmed Al Jaber, Director of Corporate Communications at Tawazun Council, said, “The council’s participation in IDEX 2023, one of the world’s most important defense shows, is consistent with its efforts to enable the UAE’s defence and security industry and keep up with the quick and successive advances in this industry.”

The Tawazun Council Chalet, built on 1,696 square meters, will highlight its strategic goals and its contribution to the defense and security industries through various sections displaying the latest products and innovative solutions. The exhibition will also highlight Tawazun Economic Programme projects and initiatives, which help foster growth, contribute to empowering national capacities through global and local partnerships, and support technology and innovation through R&D.

Source: Emirates News Agency