Saturday 25 October 2014

Majid Al Futtaim to open $683m Mall of Egypt

Majid Al Futtaim is set to invest 4.9 billion Egyptian pounds ($683.4 million) in the construction of the Mall of Egypt. Top government officials including Ibrahim Matlab, Egyptian Prime Minister along with Ashraf Salman, Ministry of Investment and Dr Mostafa Madbouli, Minister o


Tesco chief to quit over finance blow

The chairman of Britain's biggest grocery chain, Tesco, resigned after the company reported a bigger than expected hole in its finances and said accounting transgressions went back further than initially thought. Tesco, Britain's biggest private employer and once the jugg


Xerox revenue hit by weak services growth

Xerox Corp has reported a 2 per cent fall in third-quarter revenue due to tepid growth in its services business and slowing demand in the printing business. The company's shares were down 3 per cent at $12.79 in afternoon trading on the New York Stock Exchange.


Yas Mall to unveil brand new retail concepts

Yas Mall, Abu Dhabi’s ultimate retail destination set to open in November, is set to unveil a variety of brand new concepts launched for the first time by leading regional and international retail stores. Designed with all ranges of consumers in mind, the mall will provide


Sole Dxb to showcase latest collection at d3

Sole, UAE’s premier lifestyle platform, will showcase the latest in footwear, apparel, hip-hop, street art, and basketball at the latest edition of the Sole Dxb exhibition at the Dubai Design District (d3). D3, to be held on November 14 and 15, is a purpose-built community dedica


Fawaz Alhokair quarterly net rises 7.7pc

Saudi Arabia retailer Fawaz Abdulaziz Alhokair Company reported a 7.7 per cent rise in second-quarter profit on Monday as sales increased and it made foreign exchange gains, but the profit missed analysts' estimates. The company made a net profit of SR303.74 million ($81.0 mi


Qatar to buy $616m stake in HK retail operator

Qatar's sovereign wealth fund has agreed to buy a HK$4.78 billion ($616 million) stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China, Lifestyle said on Monday. A unit of Qatar will pay HK$14.75 ($1.90) per share fo


Microsoft ‘to launch smartwatch within weeks’

Microsoft Corp is preparing to launch a smartwatch within the next few weeks that will passively track a user's heart rate and work across different mobile platforms, Forbes reported on Sunday. The wearable gadget's battery life will exceed two days of regular us


Abu Dhabi in group bidding to buy Reebok

An investor group that includes funds affiliated with the Abu Dhabi government and a Hong Kong-based private equity firm is launching a bid to buy Reebok from Adidas AG for about $2.2 billion, the Wall Street Journal reported on Sunday. Jynwel Capital, a private equity i


Jarir Marketing to double stores over five years

Saudi Arabian retailer Jarir Marketing Co plans to invest SR1.1 billion ($293 million) over the next five years to roughly double the number of its stores in Saudi Arabia and the Gulf, its chairman said. The kingdom's largest listed retailer aims to open six new stores on ave

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