SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business
Business
Unilever eyes GSK-Pfizer unit despite $64bn bid rebuff
Unilever has revealed ongoing interest in a consumer healthcare unit owned by GlaxoSmithKline and Pfizer after a bid of £50...
- GSK said it had received three unsolicited offers from Unilever for GSK Consumer Healthcare, but they were rejected for being too low
- The unit's products include Sensodyne toothpaste, pain-relief drug Panadol, and cold treatment Theraflu
Business
FB ad policy irks Iraq NGO
Facebook has been mired in global controversies for its ad policies.
- The most prominent Facebook ads controversy was when Cambridge Analytica targeted political ads at users after collecting their data without consent
- The results were advertisement that led to Donald Trump winning the US presidential election, and Britain voting to exit the EU
Interview
Remote working becoming a norm in MENA: Zoom
The year 2022 would “offer a more comprehensive acceptance of remote working policies, as more companies are allowing employees anywhere,”...
- Around 76% of the UAE respondents chose Zoom as their preferred platform
- Zoom is working hard to accelerate the UAE’s digital development across various sectors
Business
UAE banks saw 80% growth in deposits in 10 years
Deposits at banks in the UAE grew 80 percent to AED1,884 billion ($513 billion) in 2020 from AED1,049 billion ($285.64...
- The number of commercial banks operating in the UAE totaled 58 in 2020 against 51 in 2010
- The licensed insurance companies increased from 238 in 2010 to 314 in 2015 to 406 in 2020
Business
World’s 10 richest men doubled wealth during pandemic, says Oxfam
Oxfam said the men's wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per...
- Oxfam said in its report that the pandemic has plunged 160 million people into poverty
- Non-white ethnic minorities and women bore the brunt of the impact as inequality soared, it added
Business
Amman Chamber of Industry exports up by 17 percent in 2021
The exports of the Amman Chamber of Industry (ACI) increased last year in 2021 to "high" levels, compared to 2019,...
- The United States, India, Saudi Arabia and Iraq accounted for the majority of the Chamber's exports last year, with a value of JD3.111 billion.
- ACI exports rose during the same year to many Arab and foreign countries, most notably Indonesia, Egypt, Brazil, Algeria, Turkey, Sudan, Yemen and Malaysia.
Business
Breakbulk Middle East to host top female executives, discuss challenges
Middle East’s largest breakbulk and project cargo event Breakbulk Middle East will host the ‘Women in Breakbulk Breakfast’, as part...
- A 2021 survey conducted by Gartner Inc shows that women comprise 41 percent of the supply chain workforce in 2021, up from 39 percent in 2020.
- The primary aim of BBME is to bridge the gender gap in the breakbulk and project cargo industry.
Business
Dubai records biggest real estate deals worth $41bn in 12 years
During the course of last year, Dubai real estate saw a momentous growth, resulting in deals worth close to $41.1...
- The total number of deals last year reached 61,241, the largest number since 2013, according to media reports
- Of these deals, ready made properties accounted for 60 percent of total real estate transactions in Dubai in 2021, while the rest was made up of off-plan properties
Business
SMEH of Saudi Arabia fixes price range for IPO
Scientific and Medical Equipment House of Saudi Arabia has set a price range between $12-13.9 per share for its offer...
- The book-building period for participating entities will run from Jan. 17 to Jan. 27, 2022, a bourse statement by the offering’s book-runner, Alistithmar Capital, revealed
- Shares devoted to participating entities will stand at 6 million shares, representing the full offering of 30 percent of the company’s capital
Business
Sharjah Publishing City Free Zone registers 2,000 new companies in 2021
A total of 2,000 new companies from 106 countries registered with the Sharjah Publishing City Free Zone (SPC Free Zone)...
- Most of these companies were from the UK, India, Pakistan, the Philippines, and Lebanon.
- SPC provides 600 furnished offices for publishing entrepreneurs and 6,000 square meters of space for investors.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
Business
Google unveils changes before strict EU rules kick in
EU rules will apply from Friday to Google, alongside 18 other large social media platforms and websites including Meta-owned Instagram,...
Business
AI chips revenue to reach $53bn in 2023: study
Dubai, UAE – The global semiconductor industry is set to witness a significant revenue boost in the coming year, with...
Business
Most Read
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Business
Chip giant Nvidia rides AI wave as profits soar
The company's stock rose more than 8 percent following the results. This year the company's share price has more than...
- Nvidia said sales doubled year-on-year to $13.5 billion in the latest completed quarter
- The company said revenue in the current quarter would ramp up further to $16 billion
Business
Jadwa buys stake in Gissah
The investment bank bought a 35% stake in Kuwaiti firm.
- The Saudi investment bank bought the stake through its private equity arm Jadwa Retail Opportunities Fund
- It will help Kuwaiti perfume company to prepare for a public listing on the Tadawul, Saudi Arabia's stock market