Dubai Plans to List District Cooling Firm Empower in IPO Push - Bloomberg
Dubai plans to list Emirates Central Cooling Systems Corp., a venture between a unit of Dubai Holding and a state-owned utility, on its stock market as part of plans to deepen its capital market.
The media office cited directives from Dubai’s ruler and deputy ruler for the listing of the company, also known as Empower. It didn’t provide further information.
It’s the second announcement in less than a week on initial public offering from Dubai as it seeks to revive trading volumes on its stock market and catch up with rival exchanges in Abu Dhabi and Riyadh. Last week, Dubai said it plans to list Tecom Group, which houses business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
The government said last month it wants to sell shares in 10 companies, and it has been encouraging private and family-owned businesses to follow suit. The sheikhdom, part of the United Arab Emirates, has already announced plans to sell shares in its main utility Dubai Electricity & Water Authority and the Salik road toll-collection system.
Saturday 11 December 2021
#Qatar energy and ExxonMobil sign Cyprus energy exploration deal | Reuters
Qatar energy and ExxonMobil sign Cyprus energy exploration deal | Reuters
A consortium consisting of Qatar Energy and ExxonMobil (XOM.N) has signed an agreement with Cyprus for energy exploration and production sharing in Block 5 in the southeast of the island, Qatari News Agency said on Friday.
Under the agreement, Qatar Energy will own a 40% stake in Block 5 while ExxonMobil will own 60% and be the operator in the area, the agency added.
A consortium consisting of Qatar Energy and ExxonMobil (XOM.N) has signed an agreement with Cyprus for energy exploration and production sharing in Block 5 in the southeast of the island, Qatari News Agency said on Friday.
Under the agreement, Qatar Energy will own a 40% stake in Block 5 while ExxonMobil will own 60% and be the operator in the area, the agency added.
Longer weekends are the next economic battleground | Reuters tks @peter_tl
Longer weekends are the next economic battleground | Reuters
The United Arab Emirates has staked out a new economic battlefield: longer weekends. The Gulf state is slicing half a day from the working week as it aligns its official days off with much of the world. A lasting shift to shorter hours would require other countries to follow, even as technology makes it harder to log off. But following a global pandemic that has upended regular working practices, employees may be more willing to swap labour for leisure.
The UAE’s decision to shorten the workweek read more to four-and-a-half days has several practical explanations. Shifting the current Friday-Saturday weekend to Saturday and Sunday aligns the financial and business hub with most other countries. But the UAE cannot make the traditional Muslim day of worship a full shift. As a result, work will end at noon on Fridays.
The UAE’s main motivation is probably to differentiate itself from Saudi Arabia, which is trying to lure international companies from Dubai and Abu Dhabi. Riyadh moved its weekend to Friday-Saturday, from Thursday-Friday, back in 2013, but religious sensitivities will probably prevent it from following the UAE’s lead.
A shorter workweek also taps into a broader rethink of office hours. Consumer giant Unilever (ULVR.L) has spent the past year trialling a four-day week for staff in New Zealand; financial technology firm Bolt launched a similar experiment in September. The idea is that happier and better-rested employees will be more productive in the hours they spend at work, making up for the shorter week.
But such examples are still the exception rather than the norm. Also, people working for international companies in Abu Dhabi and Dubai say they currently take calls or reply to emails from colleagues in other countries on Fridays. Extending the official weekend won’t remove that pressure. Moreover, technology means people can increasingly work from anywhere, at any time.
The convention of giving workers two official days off dates back to the Great Depression of the early 1930s. Around the same time, John Maynard Keynes predicted that future gains in productivity would enable people to work no more than 15 hours a week. The economist underestimated our expanding demands for material comforts. However, Covid-19 has prompted some people to revisit that tradeoff. If the UAE is right, longer weekends may in future prove as much of a lure for international workers as low taxes.
The United Arab Emirates has staked out a new economic battlefield: longer weekends. The Gulf state is slicing half a day from the working week as it aligns its official days off with much of the world. A lasting shift to shorter hours would require other countries to follow, even as technology makes it harder to log off. But following a global pandemic that has upended regular working practices, employees may be more willing to swap labour for leisure.
The UAE’s decision to shorten the workweek read more to four-and-a-half days has several practical explanations. Shifting the current Friday-Saturday weekend to Saturday and Sunday aligns the financial and business hub with most other countries. But the UAE cannot make the traditional Muslim day of worship a full shift. As a result, work will end at noon on Fridays.
The UAE’s main motivation is probably to differentiate itself from Saudi Arabia, which is trying to lure international companies from Dubai and Abu Dhabi. Riyadh moved its weekend to Friday-Saturday, from Thursday-Friday, back in 2013, but religious sensitivities will probably prevent it from following the UAE’s lead.
A shorter workweek also taps into a broader rethink of office hours. Consumer giant Unilever (ULVR.L) has spent the past year trialling a four-day week for staff in New Zealand; financial technology firm Bolt launched a similar experiment in September. The idea is that happier and better-rested employees will be more productive in the hours they spend at work, making up for the shorter week.
But such examples are still the exception rather than the norm. Also, people working for international companies in Abu Dhabi and Dubai say they currently take calls or reply to emails from colleagues in other countries on Fridays. Extending the official weekend won’t remove that pressure. Moreover, technology means people can increasingly work from anywhere, at any time.
The convention of giving workers two official days off dates back to the Great Depression of the early 1930s. Around the same time, John Maynard Keynes predicted that future gains in productivity would enable people to work no more than 15 hours a week. The economist underestimated our expanding demands for material comforts. However, Covid-19 has prompted some people to revisit that tradeoff. If the UAE is right, longer weekends may in future prove as much of a lure for international workers as low taxes.
#Kuwait’s $33 Billion Holding Firm Appoints Sheikha Dana as CEO - Bloomberg
Kuwait’s $33 Billion Holding Firm Appoints Sheikha Dana as CEO - Bloomberg
Kuwait Projects Co., the holding company with assets of about $33 billion, appointed Sheikha Dana Nasser Sabah Al Ahmad as its chief executive officer, in another senior appointment for a woman in the Gulf.
Sheikha Dana was previously the CEO of Al Futtooh Holding Co. and on Kuwait Projects’ board since 2020, according to a statement. She holds board positions in Gulf Insurance Group, OSN and Kamco Invest and her appointment is effective January 1.
Boards all over the world are under mounting pressure to increase diversity, in gender and race, and of late Gulf states have been pushing toward that. The United Arab Emirates, home to Dubai and Abu Dhabi stock markets, now requires listed companies to have at least one woman on their boards. First Abu Dhabi Bank, the nation’s biggest lender, appointed a woman as its CEO in January.
In neighboring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul, in 2017. The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $450 billion Public Investment Fund.
Kuwait Projects, also known as Kipco, said Faisal Al Ayyar will retire as an executive after more than 30 years with the company. He will, however, continue to be the vice chairman.
Kuwait Projects Co., the holding company with assets of about $33 billion, appointed Sheikha Dana Nasser Sabah Al Ahmad as its chief executive officer, in another senior appointment for a woman in the Gulf.
Sheikha Dana was previously the CEO of Al Futtooh Holding Co. and on Kuwait Projects’ board since 2020, according to a statement. She holds board positions in Gulf Insurance Group, OSN and Kamco Invest and her appointment is effective January 1.
Boards all over the world are under mounting pressure to increase diversity, in gender and race, and of late Gulf states have been pushing toward that. The United Arab Emirates, home to Dubai and Abu Dhabi stock markets, now requires listed companies to have at least one woman on their boards. First Abu Dhabi Bank, the nation’s biggest lender, appointed a woman as its CEO in January.
In neighboring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul, in 2017. The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $450 billion Public Investment Fund.
Kuwait Projects, also known as Kipco, said Faisal Al Ayyar will retire as an executive after more than 30 years with the company. He will, however, continue to be the vice chairman.
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