UAE’s Etisalat recognized as world’s fastest mobile network

The UAE’s largest telco Etisalat has been recognized as the world’s fastest mobile network operator in Q2-Q3 2020 in a new ranking from Speed test by Ookla. The ranking is based on analysis by Ookla of millions of tests actively initiated by customers across every network to check internet speeds using various web and mobile platforms. The S...

Gap considers closing all its UK stores

US retailer Gap could close all of its own UK stores, putting thousands of jobs at risk, as it mulls shifting its operations to franchise-only in Europe. Shops in the UK, France, Ireland and Italy could shut next summer, along with its UK-based European distribution centre, the retailer said. Gap would not disclose the number of UK stores it has...

UAE merges Insurance Authority with the Central Bank of UAE

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai tweeted on Saturday that the UAE had merged the Insurance Authority with the Central Bank of UAE. He added that the new economic organization in the country aims at raising the efficiency of the insurance sector and raising the efficie...

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...

Saudi Chemicals Maker Sabic Returns to Profit as Demand Recovers

Saudi Basic Industries Corp., the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs of a recovery in demand from impact of the coronavirus. The company, known as Sabic, said third-quarter profit was 1.09 billion riyals ($290 million) compared with 740 million riyals in the same period...

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...

Ant Group IPO pricing ‘history’s largest’, says Alibaba’s Jack Ma

The mammoth dual listing for Chinese biotech giant Ant Group will be the world’s biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday. “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City” he told the Bund...

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...

Coke is canceling 200 drink brands

Coca-Cola is saying goodbye to 200 brands, or half of its portfolio. The beverage giant had already announced that it will discontinue some beloved, if outdated, drinks, like Tab, Zico and Odwalla. Thursday was the first time the company said it would get rid of 200 of them. Reducing the portfolio will allow Coca-Cola to focus on its most profit...

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 ...

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