Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...Business Economy
Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.Business
Elon Musk asks: ‘Is Twitter dying?’
He also called out users who are highly followed but rarely post.Tesla founder Elon Musk recently disclosed that he had acquired a more-than-9-percent stake in Twitter
This made him Twitter’s largest shareholder, and so the social media company named him to the board
Successful acquirers make insurgent assets unique
Incumbent brands need small-brand deals to recapture top-line growth and boost total shareholder return. While challenging to get right, these...Despite an overall annual market growth of 4% from 2012 to 2019, the 30 largest consumer goods companies grew less than 1%, a growth gap further widened by Covid-19
Prior to the pandemic, insurgent brands captured more than 30% of the growth across the categories in which they exist, despite accounting for only 3% of the market share
Spurred by higher oil prices, GCC indices post gains this week
The GCC's main indices closed higher toward the end of week, spurred by higher oil prices. The Saudi index "TASI"...The Saudi index "TASI" reached 13,314 points, achieving an increase of 0.4 percent on Thursday, its last trading day
the Dubai index increased by 0.2 percent during the week as the sentiment cooled
Abu Dhabi launches drive to keep infected Kinder products away
The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has said that the Abu Dhabi's markets are completely free of...The Authority's inspectors checked Abu Dhabi's markets to ensure whether suspected products were identified in the alert or not
It also coordinated with suppliers and food facilities and contacted the local agent "Ferrero" in UAE
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid...The agency does not expect investors to be able to convert the ruble payments to dollars equivalent to the amounts originally due
Russia's finance ministry on Wednesday announced it had made a payment of almost $650 million due on April 4 in rubles
EDGE picks up a new CEO
Saif Ali Al Dahbashi will be the CEO of AL TAIF, an EDGE firm.AL TAIF is part of the Land division within EDGE Group’s Platforms & Systems cluster
The firm is the eading UAE in-country provider of lifecycle support for military land platforms and systems through maintenance, repair and overhaul
Taaleem of Dubai in discussions with banks for IPO
Taaleem, the Dubai school operator, is in initial stage of talks with banks for an initial public offering in Dubai.The Dubai government last week decided to freeze tuition fees for the year 2022-2023, its third year in a row to help ease the financial burdens on parents
In a report to clients, ratings agency Moody’s last month said the tuition fee freeze was credit negative for Dubai’s largest education provider Gems
Iran seizes fuel-filled boat in Gulf, arrest 11
Iran's Revolutionary Guards have seized a foreign boat smuggling fuel in the Gulf and arrested its 11 crew members, a..."Naval forces have seized a foreign vessel carrying smuggled fuel in Persian Gulf waters," said Mojtaba Ghahramani, justice chief for Iran's southern Hormozgan province
That seizure came days after Iran announced the release of the Vietnamese-flagged MV Sothys tanker, which they had seized in October
UAE stock markets gain almost $6bn in first week of Ramadan
The two bourses have been adhering to the Monday-to-Friday workweek — the norm across most of the world — since...The ADX broke the 10,000-point barrier for the first time amidst increased demand for IHC's Apex National Investment
The DFM advanced 0.74 percent to 3,541.6 points following 5,251 transactions worth AED520.5 million ($141.73 million)
Vaccine factory to come up in Khazaen City with $52m outlay
The first phase of the project is expected to be set up on a total area of 37,000 square meters.The agreement was signed by Khazaen CEO Salim Al Thuhli and Opal’s Chairman of the Board of Directors, Sa’ad Moosa Al Junaibi
Al Thuhli was quoted by the official sources as saying that the project would be the first vaccine factory in Khazaen Economic City
