Dubai-based Gateway Partners takes 40% stake in Tim Hortons' Gulf franchise

Dubai-based private equity firm Gateway Partners has acquired a 40 percent stake in the Gulf franchise of coffee and breakfast chain Tim Hortons in a deal reported to be worth $50 million, according to reports. The franchise is owned and operated by Dubai fashion and lifestyle retail conglomerate Apparel Group. Arabian Business has contacted Gat...

Volkswagen and Toyota will begin reopening European car plants next week

The world's biggest carmakers will gradually reopen plants in Europe starting next week, but with a focus on health and safety rather than production volume, as lockdown measures are eased in one of the regions hit hardest by the coronavirus pandemic. Volkswagen (VLKAF) said in a statement Wednesday that production of its passenger car brands wi...

Debenhams strikes deals to rescue most stores

Debenhams says it has struck deals with landlords to keep most of its 142 stores open after it fell into administration last week. It has agreed terms on 120 branches and is in "advanced" talks on the remainder of its estate, it added. But seven stores will not reopen when the government lifts coronavirus restrictions on non-essential shops. How...

Disney World furloughing 43,000 more workers due to virus

Walt Disney World plans to stop paying wages to 43,000 workers in about a week while allowing them to keep their benefits for up to a year in what is the largest wave of furloughs since the theme park resort closed in mid-March because of the new coronavirus spread. Workers will be able to keep their medical, dental and life insurance benefits f...

Dubai's Shuaa Capital announces $12.8m annual net profit

Dubai-based Shuaa Capital has revealed a net profit of AED47 million ($12.8m) in its annual results. The company, which was created by the merger of Shuaa Capital and Abu Dhabi Financial Group (ADFG) last year, held its first general meeting virtually where it reported an EBITDA of AED186m ($50.6m), including merger costs. Jassim Alseddiqi, chie...

WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

WeWork is suing SoftBank for abandoning a $3 billion share buyout and accusing the Japanese company of inventing reasons to back out of the plan, as financial pressure mounts and the Covid-19 pandemic worsens. The tender offer was part of a rescue package agreed to late last year, when WeWork's botched IPO left it teetering on the edge of insolv...

U.K. Extends Virus Job-Retention Program to Avert Mass Firings

U.K. Chancellor of the Exchequer Rishi Sunak extended a government program that pays most of the wages of employees furloughed because of the coronavirus, averting potentially thousands of job losses. The three-month Coronavirus Job Retention Scheme will now run until June 30, Sunak said in an e-mailed statement on Friday. The extra month could ...

Baharin's Investcorp acquires German cybersecurity company firm Avira

Bahrain-based Investcorp has announced that its European-based tech business has acquired German cybersecurity firm Avira Holding for $180 million. Investcorp Technology Partners acquired Avira, a multinational cybersecurity software solutions firm that services the OEM (Original Equipment Manufacturer) and consumer end markets, with over 500 mi...

Green’s retail empire could close over 100 stores

Sir Philip Green's Arcadia group is serving notice on landlords to walk away from more than 100 stores by the end of the summer. The fashion group owns brands such as Topshop and Dorothy Perkins and has 550 stores across the UK, but all are shut due to coronavirus restrictions. Arcadia was struggling before the pandemic. In 2019 it did a deal to...

UAE's NMC Health to go into 'administration'

Abu Dhabi headquartered NMC Health will come under administration. This means that a UK Court appointed administrator will oversee the immediate future of the troubled hospital operator. This follows breakdown in talks between NMC's new management and ADCB, the bank which has got exposures Dh3.6 billion with it. In a statement late on Wednesday,...

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