Amanat Holdings cuts costs

A Dubai-based investment company specialising in healthcare and education has announced a series of structural changes and cost-cutting initiatives as it deals with the economic impact of the Covid-19 pandemic. Amanat Holdings, which has a market value of $524 million, stated that senior management has agreed to a voluntary salary reduction and that other “difficult initiatives” could follow. In a filing to the Dubai stock exchange, Amanat vice chairman and managing director, Shamsheer Vayalil, said: “The crisis has brought on operational and structural challenges and we believe it is prudent to take difficult initiatives through these unprecedented times. “We believe this will allow us to emerge stronger, more efficient and financially sustainable. As a result, the senior management team has voluntarily reduced compensation among a series of initiatives which are being rolled out,” he added. These initiatives will look to increase the company’s top line, strengthen its balance sheet and identify growth opportunities through its portfolio companies, stated the filing. In April, Amanat paid out nearly $15 million in shareholder dividends. And in early May, it was reported that a company backed by Abu Dhabi royal family member, Sheikh Tahnoon Bin Zayed Al Nahyan, was in early stage talks to buy a stake in Amanat. © 2020 funds global mena

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