Complex Made Simple

Daily brief: Top 7 business stories November 3, 2016

35th Sharjah International Book Fair opens

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, inaugurated the 35th edition of the Sharjah International Book Fair on Wednesday.

Running from November 2 to 12, the fair hosts 1,681 publishing houses from 60 countries, putting more than 1.5 million titles on display during the 11-day event.

HH Sheikh Mohammed opens UAE satellite manufacturing

His Highness Sheikh Mohammed bin Rashid AL Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, opened the second phase of the UAE Satellite manufacturing and assembling complex, a facility capable of handling several space projects at a time.

His Highness also approved the start of the manufacturing process of Hope Probe prototypes.

Hope Probe is the Arab World’s first Mars probe and part of the Emirates Mars Mission.

Egypt pound hits five-week high on black market

The Egyptian pound strengthened by 21 percent to its highest level in five weeks on the black market late Wednesday, reversing a rapid slide that had angered importers and prompted them to halt trade.

The pound has been falling on the black market since 2011.

Facebook earnings better than expected

Facebook Inc reported a 55.8 percent rise in quarterly revenue, beating analysts’ estimates, as its mobile-advertising sales soared, Reuters reported.

Mobile ad revenue accounted for 84 percent of Facebook’s total advertising revenue of $6.82 billion in the third quarter ended Sept. 30, compared with 78 percent a year earlier.

Qatar workers’ complaints drop 30 per cent in a year

Complaints by migrant workers against their employees in Qatar dropped by 30 per cent over the past year, since the government put an electronic salary payment system in place, last November.

Prior to the implementation of the system, employers used to compensate their workers through cash-in-hand payments, a method that rights groups had said was risky for workers.

UAE celebrates National Flag Day

Nationals and residents of the United Arab Emirates celebrate the National Flag Day on Thursday, November 3.

The occasion is marked with the flag being raised at the highest of buildings, including all of the country’s government departments and buildings, at 11:00am sharp on Thursday.

The National Flag Day coincides with the anniversary of His Highness Sheikh Khalifa Bin Zayed Al Nahyan’s assumption of office as President of the UAE.

Abu Dhabi Supreme Petroleum Council approves 2030 ADNOC strategy

The Abu Dhabi Supreme Petroleum Council approved the 2030 strategy for the Abu Dhabi National Oil Company, a five-year business plan and operational budget. All of these aim to generate sustainable, strategic growth within ADNOC’s segments.