BUSINESS | Al Bawaba

Emirates Airline to Lay Off More Pilots and Cabin Crew

Dubai's flagship airline Emirates made redundant more pilots and cabin crew this week in a fresh round of job cuts warranted by the grounding of its operations in the wake of the outbreak of the

How Is the UAE Planning on Upgrading Its Business Game Using Drones?

Riham Darwish

Despite becoming increasingly popular, especially after their use as cameras in this very visual age has taken peoples' breaths away with enchanting aerial photos of their favorites cities and towns, drones have not yet become

Andrey Khovratov Introduces New Economic Evolution of The World to Dampen Crisis Impact

Sponsored Content There can be no doubt that many global and local economic crises might have been averted had the population of the world at large been more financially literate and capable of disposing of

Saudi Arabia: Flour Mills Privatisation Yields Over $740 Million in First Phase

Saudi Arabia has sold two flour mills for a total consideration of SR2.777 billion ($740.38 million) under the first phase of the kingdom's flour milling sector privatization programme. The National Center for Privatization and PPP

Saudi Arabia: Insurance Stocks Soar As Vehicle Checks Enforced

Saudi insurance stocks surged on Wednesday after the traffic department said that it would enforce vehicle checks to ensure drivers had appropriate cover. The move sent the share prices of several insurers soaring as investors

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Saudi Arabia Allocates Over $57 Billion to Confront COVID-19 Impact

July 9th, 2020

Saudi Arabia spent more than SR214 billion ($57 billion) on 142 initiatives to tackle the impact of the coronavirus in the Kingdom, the Saudi Press Agency reported. Initial measures undertaken ...

Amazon Injects Over $308 Million in India's Unit

July 9th, 2020

Amazon.com Inc has invested 23.10 billion rupees ($308.02 million) in Amazon Seller Services, an Indian unit, strengthening the business at a time when more people shop online in a bid ...

Dwayne Johnson Beats the Kardashians As Instagram’s Highest-Paid Celebrity

July 9th, 2020

American-Canadian actor Dwayne Johnson is Instagram’s highest-paid celebrity. According to social media marketing firm Hopper HQ, the 48-year-old star can charge advertisers roughly 1,015,000 USD for a sponsored post, reported ...

Gold Soars to $1,800 an Ounce for the First Time in 9 Years

July 9th, 2020

Gold prices on Wednesday breached the $1,800 an ounce barrier for the first time since 2011, as investors opted for safe-haven commodity amid mounting fear of rising coronavirus cases. Spot ...

GoDaddy Launches New Beta Arabic Website

July 9th, 2020

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Facebook Removes Over 100 Accounts Linked to Trump Ally Roger Stone

July 9th, 2020

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Is OPEC+ Fulfilling The Global Oil Market's Needs?

July 9th, 2020

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EIA Revises Up Brent Oil Price Forecast By $2.50 per Barrel for 2020

July 9th, 2020

The US Energy Information Administration (EIA) has revised up its Brent crude oil price forecast for 2020 by $2.50 per barrel, according to its monthly Short-Term Energy Outlook (STEO) report ...

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1. Mansour Group - Egypt: The group was founded by Loutfy Mansour. Egypt’s Mansour Group has operations in over 100 countries. It is run by the Mansour brothers: Yasseen, Mohammed, and Yousseff Mansour. All three are billionaires with a combined net worth of $7.4 billion.

2. Al-Futtaim Group - UAE: the group was founded in the 1930s and expanded rapidly in the 1940s and 1950s becoming an integrated commercial, industrial, and services organization. Al-Futtaim Group employs over 44,000 people and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas. Al-Futtaim ranked #1001 on Forbes World’s Billionaires list 2020 with a net worth of $2.1 billion.

3. Olayan Group - KSA: The group was founded in 1947 by Suliman S. Olayan. The Olayan Group built its foundations in contracting and commerce in Saudi Arabia. The family owns 4.93% of Swiss bank Credit Suisse, and 18.24% of the Saudi British Bank. Real estate assets include 550 Madison Avenue in New York City, Knightsbridge Estate in London, and the Hotel Ritz in Madrid, as well as office, retail, and residential assets in Paris’s 8th Arrondissement.

4. Majid Al Futtaim - UAE: Majid Al Futtaim Holding (MAF) was founded in 1992 by the billionaire Majid Al Futtaim. The retailing and entertainment behemoth currently owns and operates 27 shopping malls and 13 hotels. Majid Al Futtaim ranked #590 on Forbes World’s Billionaires list 2020 with a net worth of $3.3 billion.

5. Rashed Abdul Rahman AlRashed & Sons Group - KSA: The group is a dynamic, leading conglomerate in Saudi Arabia. Founded in 1950 by Rashed Al Rashed. The group has 26 wholly-owned companies. It operates in seven business areas, including building materials, cement, and bulk materials, finishing materials, real estate, contracting, industrial products, automotive products, and food products.

6. Abdul Latif Jameel Group- KSA: The group was founded in Jeddah in 1945 by Abdul Latif Jameel as a small trading business. Ten years later, the group was appointed as a Toyota distributor and built the largest vehicle distribution network in the Kingdom. Its core operations are mainly in transportation, engineering and manufacturing, financial services, land and real estate, energy and environmental services, consumer products, and advertising and media sectors. The group has grown through various investments and acquisitions.

7. Al Ghurair - UAE: Al Ghurair’s portfolio includes Al Ghurair Properties, which manages several residential, office, street retail, industrial, and hospitality businesses. It established the Al Ghurair Centre in 1982, the first shopping mall in the MENA region. Al Ghurair Foods, operates the largest poultry farm in the U.A.E. and produces flour, semolina, and oats. Billionaire Abdulla Al Ghurair owns the holding company and founded Mashreq Bank, the largest private sector bank in the U.A.E. Founder, Abdulla Al Ghurair ranked #494 on Forbes World’s Billionaires List 2020 with a net worth of $3.7 billion.

8. Alghanim Industries - Kuwait: It was founded by Yusuf Alghanim in 1932. Yusuf was a founding member of the Commercial Bank of Kuwait, the Kuwait National Petroleum Company, and the Kuwait Pipes Company. Today the group has over 30 businesses in six key segments—automotive, engineering, food, and beverage, industrial, consumer, and services. Among the famous brands under its portfolio are Costa Coffee, Wendy’s, GM, and Ford. Executive chairman Kutayba Alghanim is a billionaire, with a fortune worth $1.3 billion.

9. Al Ghurair Group - UAE: The group was founded by Saif Ahmed Al Ghurair in 1960. The BurJuman Centre in Bur Dubai is the group’s flagship property under its real estate portfolio. Its petrochemical business, Taghleef Industries, is among the largest global manufacturers of biaxially oriented polypropylene film used in food packaging. The group is also involved in metal manufacturing through Al Ghurair Iron and Steel, a producer of hot-dipped galvanized steel.

10. Zamil Group Holding - KSA: The group’s founder, Abdullah Hamad Al Zamil, first established his trade and services business in Bahrain in 1920. Today, Al Zamil Group owns shares of two publicly listed companies on Saudi Stock Exchange, Zamil Industrial and Sahara petrochemical. Zamil Industrial became the first family-owned company in Saudi Arabia to be listed on the Saudi Stock Exchange in 2002.

Emirates Airlines: Emirates Airlines, which employs more than 38 thousand employees, decided to temporarily reduce basic salaries by rates ranging between 25 and 50 percent for the majority of its employees in the month of March, and many employees were dismissed as they saw that their jobs became redundant, and the company received In the period of suspension, half a million requests for refund of canceled trip money were canceled. It is worth noting that the company received government support to avoid losses and also resorted to borrowing from foreign banks. However, despite this, the company stated that it will not fully recover from the losses until 2024.

Etihad Airways: Due to COVID-19 outbreak, Etihad Airways has laid off hundreds of employees, including cabin crews after the forced lockdown and suspension of flights. The company also reduced salaries, as executives, pilots and engineers received 50% of their basic salaries, while cabin crews received 25%.

British Airways: The national carrier in the United Kingdom is the largest airline in the Kingdom and the third largest airline in Europe. The company announced its plan to lay off 12,000 employees due to the repercussions of the COVID-19 outbreak, despite receiving aid from the British government to support salaries. Currently, the company reinstates a number of its employees, but with lower salaries, as the company requires the employees to renew the contracts to reduce their salaries between 50% and 75%. Those who refuse to sign the new contract will be fired.

Qatar Airways: the company laid off at least 20% of its employees and reduced the salaries of the oldest foreign pilots by 25%, and the salaries of others by 15%. It also suspended the operation of the Airbus A380 aircraft until late 2021. In March, the airline was still operating flights to 170 destinations on 234 aircraft. Today, it is only operating to 35 destinations.

Royal Moroccan Airlines: It is the official carrier in Morocco, and one of the largest airlines in Africa. Royal Moroccan Airlines is awaiting an agreement with the state that will revive its budget so that it can fly again. At the same time, it is looking to reach an agreement with its employees that will lead to a reduction in wages or a reduction in their number. It is worth noting that the company's activity decreased 60% last March and 100% last April, and the company's losses reached $5 million per day. Its CEO, Abdelhamid Addou, expected that it would take about 3 years to return to the level of activity of last year.

Kuwait Airways: It is the official carrier in Kuwait. Due to the pandemic, the company laid off 1500 employees. The process excluded Kuwaitis, GCC nationals, and those married to Kuwaitis or Kuwaiti women.

Lufthansa Airline: Lufthansa is the largest German airline with flights to 18 domestic destinations and 197 international destinations in 78 countries across Africa, the Americas, Asia and Europe. The company intends to terminate around 26,000 employees. The company also closed one of its subsidiaries with layoffs of 1,200 employees. The company was mulling filing for bankruptcy until Lufthansa shareholders approved a nine billion euro ($10 billion) government bailout package to protect the future of the German carrier, after it nearly collapsed by the Covid-19 pandemic.

Thai Airways: It is the official carrier of Thailand. The company filed for bankruptcy in order to prepare a restructuring plan. As a result, the company will not receive financial assistance from the government and its 20,000 employees will not be laid off.

1. Saudi Arabian Oil Company (Saudi Aramco)- KSA: Ranked number 5 on the Forbes’ list: Global2000, The World’s Largest Public Companies, with a market value of 1684.8 Billion US Dollars.

2. Qatar National Bank (QNB) - Qatar: Ranked globally number 190 with a market value of 43.7 Billion US Dollars.

3. Saudi Basic Industries (SABIC)- KSA: Ranked 212 globally with a market share of 59.8 Billion US Dollars.

4. First Abu Dhabi Bank (FAB) - UAE: Global ranking is 303 with a market share of 34.4 billion US Dollars.

5. Saudi Telecom (STC) - KSA: Ranked globally number 335 with a market share of 48.3 billion US Dollars.

6. Emirates NBD - UAE: Global ranking is 351 with a market share of 14.8 billion US Dollars.

7. Emirates Telecommunication Group Company PJSC (Etisalat) - UAE: Global ranking is 358 with a market share of 36.7 billion US Dollars.

8. National Commercial Bank - KSA: Global ranking is 396 with a market share of 29.6 billion US Dollars.

9. Al-Rajhi Bank KSA Global ranking is 473 with a market share of 38.1 billion US Dollars.

10. Saudi Electricity KSA Global ranking is 590 with a market share of 18.9 Billion US Dollars.

1. Italy: Italy reopened its borders on June 3 to citizens of the EU, the UK, the Schengen area, Andorra and Monaco after the country's closure, which came into effect on March 9. Italy is the first European country to fully open its international borders, dropping the 14-day quarantine requirement for visitors.

2. Austria: Austria closed its land borders with Germany, Italy, Switzerland, Liechtenstein, Slovakia and the Czech Republic due to the spread of Coronavirus. Vienna plans to reopen its borders with Germany completely on June 15. Travellers need to provide a medical certificate that’s not more than 4 days old proving that they are free from COVID-19 infection.

3. Bulgaria: Bulgaria issued an order allowing representatives of firms and companies registered in the EU and the Schengen area to enter Bulgaria without the requirement for 14-day quarantine starting May 22.

4. Croatia: Croatia completely opened borders to nationals of 10 neighboring countries including Czech Republic, Hungary, Austria, Estonia, Latvia, Lithuania, Poland, Slovenia, Germany and Slovakia whose nationals will now not have to prove the reason for their entry into the Republic of Croatia. Entries will be recorded with the collection of additional data for epidemiological reasons.

5. Cyprus: Cyprus outlined plans for the phased resumption next month of commercial flights from a select number of countries with low COVID-19 infection rates to jump-start its vital tourism sector. The first group allows passengers from 13 countries to enter Cyprus providing a health certificate confirming that they are virus-free obtained no more than three days prior to their departure.

6. Czech Republic: By the end of May, Czech Republic opened the borders with Germany, Austria, and with Slovakia and Hungary but with some restrictions. Residents of member states of the EU can enter to do economic activities, visit relatives or study at the university. Each passenger must provide a medical certificate that they are free of COVID-19.

7. Spain: Spain was one of the most hit countries with COVID-19. It officially closed its borders on March 17. However, borders will be reopened to tourists on July 1.

8. Switzerland: Switzerland, which imposed border closure on March 13, will reopen its borders with Germany, Austria and France on June 15 while all travel restrictions on the borders with Italy will remain in effect until further notice. The country can only be entered via Zurich, Geneva and Basel airports. Foreigners who don’t have residency or work permit are still not allowed to enter.

9. Netherlands: The Netherlands opened borders for travelers within the Schengen area. However, the government strongly advised travellers not to take unnecessary trips. It has announced several times on its website that "the Dutch government does not encourage travel of any kind and has invited everyone to stay at home".

10. France: France plans to reopen borders with EU Countries for non-essential travel and tourism on June 15 if the situation does not worsen with the possibility of not asking travelers for a quarantine period upon entry.

1. Stéphane Bancel (Real time net worth: $1.8 Billion. Nationality: French): Bancel, 47, he is the CEO of a biotech firm “Moderna Therapeutics” which was the first company to begin human trials of its vaccine for COVID-19, on March 16, 2020 in Seattle, USA. He owns a roughly 9% stake in the publicly traded company.

2. Gustavo Denegri (Net worth: $5.1 Billion. Nationality: Italy): Denegri owns a 45% stake in Italian biotech firm DiaSorin, which he acquired in 2000. DiaSorin has launched both swab-based diagnostic tests and antibody blood testing kits for COVID-19 — its new antibody tests, launched in April, are now being distributed to several regional governments in Italy. DiaSorin has manufacturing plants in the U.S., the U.K., Germany and Italy.

3. Seo Jung-Jin (Real time net worth: $9.2 Billion. Nationality: South Korea ): Seo co-founded Seoul-based biopharma company Celltrion in 2002 and took it public in 2008. The firm has been hard at work on both testing kits and a potential treatment for COVID-19, with human trials of its antiviral treatment expected to begin in the third quarter of 2020. Celltrion’s self-administered rapid diagnostic test, which the firm claims can deliver results within fifteen to twenty minutes, is scheduled to be released over the summer

4. Alain Merieux (Real time net worth: $8.2 Billion. Nationality: France): Mérieux founded BioMérieux in 1963 as the diagnostic testing arm of Institut Mérieux, a medical conglomerate founded by Mérieux's grandfather, Marcel, in 1897; Alain’s son Alexandre now runs the company as CEO. BioMérieux’s COVID-19 diagnostic testing kit, released in late March, cut testing times for the virus down to 45 minutes.

5. Maja Oeri (Real time net worth: $3.2 Billion. Nationality: Switzerland): Maja Oeri owns about 5% of the Swiss pharma “titan Roche” which announced on March 19 that it was initiating phase three clinical trials of its arthritis drug as a treatment for COVID-19 patients in the U.S.; the company also developed a new serology test, which detects antibodies in people who have already had the disease.

6. Leonard Schleifer (Real time net worth: $2.6 Billion. Nationality: USA): Leonard Schleifer is the CEO of New York based Regeneron Pharmaceuticals. On March 16, Regeneron began clinical trials of its drug on COVID-19 patients in New York, in partnership with French firm Sanofi; preliminary results from phase two trials showed that the drug rapidly lowered a key marker of inflammation, phase three trials are ongoing.

7. George Yancopoulos (Real time net worth: $1.4 Billion. Nationality: USA): George Yancopoulos is the Chief Scientific Officer of biotech firm Regeneron. Yancopoulos owns 2% of Regeneron stock, he led the invention of seven approved drugs and a technology platform designed to invent more.

8. Thomas and Andreas Struengmann (Real time net worth: $7.4 Billion. Nationality: Germany): The billionaire Struengmann twins invest in biotech and healthcare companies through their Switzerland-based investment firm, Santo Holding, but their most high-profile bet is Mainz, Germany biotech upstart BioNTech which partnered with Pfizer PFE and Fosun Pharmaceuticals on a vaccine for COVID-19 — the first human trials began in Germany on April 23, and the firm plans to expand them to the U.S. pending approval from regulators.

9. Li Xiting (Real time net worth: $13.5 Billion. Nationality: Singapore): Co-Founder of Mindray Medical International, China’s largest producer of medical equipment. Mindray has been actively involved in fighting COVID-19 since it first emerged in China, The company has donated $4.6 million worth of medical devices — including much-needed ventilators — to hospitals around the world, especially the hard-hit areas of Wuhan and northern Italy.

Business Insights

IT and Technology

Amazon Injects Over $308 Million in India's Unit

GoDaddy Launches New Beta Arabic Website

Facebook Removes Over 100 Accounts Linked to Trump Ally Roger Stone

Facebook Ad Boycott Organizers See No Progress on Hateful Content

Huawei Releases 2019 Sustainability Report

Oil and Renewables

Is OPEC+ Fulfilling The Global Oil Market's Needs?

EIA Revises Up Brent Oil Price Forecast By $2.50 per Barrel for 2020

How EU Carbon Tax Could Benefit GCC Cleantech Sector

IEA, Indonesia Inaugurate Green Energy Joint Project

Germany to Fully Rely On Renewable Sources by 2038

Travel and Tourism

The Ritz-Carlton Spa, Dubai Has Re-Opened and Is Ready to Welcome Back Ladies and Gentlemen

How COVID-19 Paralyzed The Flow of Global Tourism

Etihad Airways Welcomes Ufc President Dana White and Welterweight Champion Kamaru Usman to Abu Dhabi

UAE: Tourists From These 10 Countries Required to Present Negative COVID-19 Test Before Flight

Survey: People Traveling Again But Avoiding Planes, International Trips

Economy and Policy

How Is the UAE Planning on Upgrading Its Business Game Using Drones?

Andrey Khovratov Introduces New Economic Evolution of The World to Dampen Crisis Impact

Saudi Arabia Allocates Over $57 Billion to Confront COVID-19 Impact

World Bank Approves $26.9 Million to Rescue Yemen from COVID-19 Impact

What Does a Dollar Peg Mean and How Does It Affect Countries’ Currencies?

Banking and Finance

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

Al Salam Bank-Bahrain Announces its Virtual Internship Programme

Click to Pay with Visa Launches in Middle East to Transform the Online Checkout Experience for Merchants and Consumers

Deutsche Bank to Sign Multi-Year Contract with Google

FAB Partners With Mohre to Deliver a Unified Payment Solution for UAE Domestic Workers Fully Integrated With Payit

Infrastructure and Property

Nakheel Mall Swings Into Summer With Dh350,000 in Prizes, Music, Art and More This DSS

MINA by Azizi Reaches 94% Construction

EY Appoints Ahmed Al-Esry as MENA Tax Leader

Saudi Arabia: Amlak Completes IPO with Over 260,000 Retail Subscriber

Kuwait: Property Market Suffers Due to Mass Exodus of Expats

Transport and Aviation

Emirates Airline to Lay Off More Pilots and Cabin Crew

Saudi Arabia: Insurance Stocks Soar As Vehicle Checks Enforced

Emirates resumes flights to 6 more cities

Dynamic extravagance: the BMW 8 Series Golden Thunder Edition

Renault of Arabian Automobiles partners with ADCB, presents customers 72 hours of exceptional deals

Education and Employment

AUB Holds the WHO World No Tobacco Day 2020 Award Ceremony

Bridgestone announces mid-long term business strategy framework, sets new vision

Sharjah Media City (Shams) Sponsored a Webinar Organized by the American University of Sharjah (AUS) in Support of the Future of Education

Saudi Arabia: Expat Businessmen Breathe Sigh of Relief After COVID-19 Lockdown

Qatar Foundation Launches Reading Program for Expectant Mothers

Goods and Services

Saudi Arabia: Flour Mills Privatisation Yields Over $740 Million in First Phase

Gold Soars to $1,800 an Ounce for the First Time in 9 Years

Experts Advise a Different Approach to Preventing Heart Disease in Women

DIFC Presidential Directive Ends on 31 July 2020

Emirates Building Systems Provides 2000 MT of Steel for Dubai Municipality’s Iconic Prosecution Building

Mind Your Own Business

Why Are Middle Eastern Giants Sponsoring Sport Events and Clubs?

Commodities

Markets

Podcast

Companies

1. Mansour Group - Egypt: The group was founded by Loutfy Mansour. Egypt’s Mansour Group has operations in over 100 countries. It is run by the Mansour brothers: Yasseen, Mohammed, and Yousseff Mansour. All three are billionaires with a combined net worth of $7.4 billion.

Kuwait Airways: It is the official carrier in Kuwait. Due to the pandemic, the company laid off 1500 employees. The process excluded Kuwaitis, GCC nationals, and those married to Kuwaitis or Kuwaiti women.

Thai Airways: It is the official carrier of Thailand. The company filed for bankruptcy in order to prepare a restructuring plan. As a result, the company will not receive financial assistance from the government and its 20,000 employees will not be laid off.

1. Saudi Arabian Oil Company (Saudi Aramco)- KSA: Ranked number 5 on the Forbes’ list: Global2000, The World’s Largest Public Companies, with a market value of 1684.8 Billion US Dollars.

2. Qatar National Bank (QNB) - Qatar: Ranked globally number 190 with a market value of 43.7 Billion US Dollars.

3. Saudi Basic Industries (SABIC)- KSA: Ranked 212 globally with a market share of 59.8 Billion US Dollars.

4. First Abu Dhabi Bank (FAB) - UAE: Global ranking is 303 with a market share of 34.4 billion US Dollars.

5. Saudi Telecom (STC) - KSA: Ranked globally number 335 with a market share of 48.3 billion US Dollars.

6. Emirates NBD - UAE: Global ranking is 351 with a market share of 14.8 billion US Dollars.

7. Emirates Telecommunication Group Company PJSC (Etisalat) - UAE: Global ranking is 358 with a market share of 36.7 billion US Dollars.

8. National Commercial Bank - KSA: Global ranking is 396 with a market share of 29.6 billion US Dollars.

9. Al-Rajhi Bank KSA Global ranking is 473 with a market share of 38.1 billion US Dollars.

10. Saudi Electricity KSA Global ranking is 590 with a market share of 18.9 Billion US Dollars.

3. Bulgaria: Bulgaria issued an order allowing representatives of firms and companies registered in the EU and the Schengen area to enter Bulgaria without the requirement for 14-day quarantine starting May 22.

7. Spain: Spain was one of the most hit countries with COVID-19. It officially closed its borders on March 17. However, borders will be reopened to tourists on July 1.

10. France: France plans to reopen borders with EU Countries for non-essential travel and tourism on June 15 if the situation does not worsen with the possibility of not asking travelers for a quarantine period upon entry.

7. George Yancopoulos (Real time net worth: $1.4 Billion. Nationality: USA): George Yancopoulos is the Chief Scientific Officer of biotech firm Regeneron. Yancopoulos owns 2% of Regeneron stock, he led the invention of seven approved drugs and a technology platform designed to invent more.

Business Insights

Mind Your Own Business

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