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Activist investor Third Point purchases stake in Cartier proprietor Richemont

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Chair Johann Rupert has long enjoyed the command over Swiss gathering due to exceptional democratic freedoms

Activist mutual funds Third Point has taken a stake in Swiss luxury group Richemont, which possesses watch and gems brands Cartier and Van Cleef and Arpels, as indicated by individuals acquainted with the matter. The US-based asset Artisan Partners, which has been a Richemont investor for a long time and possesses a generally 1.2 percent stake, has additionally been squeezing the gathering to work on its presentation, as indicated by one individuals. Third Point didn’t return demands for input, while Artisan couldn’t quickly be gone after remark. Richemont, which will report its half-year results on Friday, declined to remark. An activist crusade at Richemont would need to battle with amazing seat Johann Rupert, who has since quite a while ago set procedure and picked administrators for the 26 maisons that have a place with the gathering. Albeit the South African finance manager claims just 9.1 percent of the capital, he controls 50% of the democratic freedoms under a double class share structure. Pundits contend that Richemont has not stayed up with contenders during a very long term blast for the extravagance business generally determined by Chinese buyers. Its market capitalisation has ascended by 79% in the beyond five years, while those of LVMH and Hermes have generally quadrupled. Investigators have additionally scrutinized the gathering’s failure to stem misfortunes at its web based business unit Yoox Net-a-Porter, which has lost piece of the pie to more up to date contenders like Farfetch and not conveyed a since a long time ago guaranteed turnround.

It still up in the air the thing Third Point was planning to accomplish at Richemont, or the size of its interest in the organization. However, the mutual funds constrained by extremely rich person financial backer Dan Loeb can embrace forceful strategies, for example, when it encouraged Nestlé to sell resources in 2017 and as of late when it required the separation of Royal Dutch Shell. It can likewise be more sober minded with its speculations, for example, when it took a stake in Vivendi this year in front of its twist out of Universal Music Group however didn’t freely push for changes there. Craftsman is a more conventional long haul store however has taken a more dissident attach a portion of its ventures recently, for example, a public mission it mounted for this present year to eliminate Emmanuel Faber as Danone CEO. Richemont’s portions failed to meet expectations area pioneers LVMH and Hermès last year as financial backers worried that its adornments dependent business would experience the ill effects of the Covid-19 pandemic. In any case, the greatest players in extravagance have snapped back quicker than anticipated from the emergency, helped generally by excited Chinese shoppers who have continued to purchase at home despite the fact that they can presently don’t venture out to shop in Europe’s design capitals. That has helped Richemont’s portions rise 48% this year, beating a 35 percent ascend for LVMH and a 12 percent ascend for Kering, proprietor of Gucci, however failing to meet expectations a 63 percent ascend for Hermès. Experts have credited the Richemont rally to investors wagering that it has space to improve. Third Point’s venture was first revealed by autonomous design distribution, Miss Tweed.

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Dubai’s Top Government Entities for 2024 Announced

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The Mohammed bin Rashid Housing Establishment (MBRHE) has achieved remarkable success, topping both the Customer Happiness and Employee Happiness indices for 2024 with a rating of 96.7%. This accolade reflects Dubai’s steadfast commitment to excellence in governance and public service.

https://twitter.com/HamdanMohammed/status/1880610083098210376

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, recently approved the results of the 2024 Customer, Employee, and Mystery Shopper Happiness Study. The study revealed that the average customer happiness score for all government entities in Dubai exceeds 90%, underscoring the city’s dedication to creating exceptional service experiences.

Top Rankings in Customer Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Dubai Electricity and Water Authority (DEWA) (97.01%)

3rd Place: Islamic Affairs and Charitable Activities Department (IACAD) (96.99%)

Top Rankings in Employee Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Awqaf Dubai (96.2%)

3rd Place: General Directorate of Residency and Foreigners Affairs (GDRFA) (95.3%)

Mystery Shopper Index

The 2024 Mystery Shopper survey, critical in evaluating the quality of government services, recorded an impressive average happiness score of 95.8%. This assessment covered service centres, call centres, websites, and mobile applications, providing a holistic view of customer experience across all touchpoints.

The study, published annually by the Dubai Government Excellence Programme (DGEP), also highlighted these key metrics:

Average Customer Happiness Index: 93.8%

Average Employee Happiness Index: 86.7%

Average Daily Mystery Shopper Index: 95.8%

Focus on Continuous Improvement

The indices were compiled using an advanced online platform designed to track and compare performance. Sheikh Hamdan has directed the DGEP team to develop a comprehensive mechanism to integrate customer and employee happiness studies with institutional assessments, further enhancing the quality of governance.

Congratulating the Mohammed bin Rashid Housing Establishment for maintaining its leadership in happiness indices for three consecutive years, Sheikh Hamdan praised the team’s unwavering commitment to excellence. “This achievement reflects their dedication to delivering high-quality services while fostering an environment where employees and customers feel valued,” he said.

Sheikh Hamdan also lauded DEWA and IACAD for their outstanding customer satisfaction and recognized Awqaf Dubai and the GDRFA-Dubai for their exceptional employee engagement. “These accomplishments exemplify the values of excellence and service that define the Government of Dubai,” he concluded.

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UAE to host IBBC conference about opportunities in Iraq this week

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The Iraq Britain Business Council (IBBC) is organizing the IBBC Autumn Conference ‘Growing Opportunities’, on December 13, 2024, at Taj Hotel Dubai. H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy UAE, will grace the occasion to deliver the welcome address.

Talking about the conference, Christophe Michels, Director of IBBC  said, “The IBBC Autumn Conference in Dubai 2024 offers unparalleled networking opportunities with top industry leaders and policymakers shaping the future of business in Iraq, UAE and beyond. Attendees will gain invaluable insights and strategies for success in one of the world’s most dynamic economic hubs.”

Iraq is undertaking the most significant expansion in thirty years as the stability in country improves with investment opportunities currently in the region of $400bn, in Infrastructure, housing, and the great Dry Road initiative from Al Faw port to Turkey. Iraq’s GDP is set to rise 5.3% in 2025 (IMF) and stock exchange funds up 17% this year. The national census has recorded 45 million people and is therefore the largest Middle East market.

UAE is also supporting the tech start up ecosystem in Iraq for a new incubator for AI and Fintech, set to be announced in 2025 .

The Conference is hosting most of Iraq’ s leading businesses, including key energy companies, BP, Shell, BGC, their construction partners like Wood group, KSA, GE, Siemens and Financial services giants like SC, IFC and Central Bank of Iraq.

Of note for UAE businesses is the emergence of a new Maritime agency, being developed by IBBCs maritime companies, that will serve the Al Fawr port and Iraq’s ambitions to trade more regionally. Mr Tugrul Titanoglu, CJ-ICM; Mr Ahmed Shaban, Chairman of the IBBC Maritime Committee; Dr Abduladheem Kareem Khalil, Iraq Supreme Maritime Authority;and Al Zaman group will all be present for conversations.

Education too, is evolving to meet the needs of a modern Iraq, and the Minster for higher education is speaking on a dedicated day 12th December, covering primary to higher level with a full house and UK and Iraqi Universities and schools attending.

Mr Vikas Handa, chairman of the conference, says, “For business and investors seeking growth Iraq offers strong returns in a stable environment and is affirming its position as a driver of Middle East opportunity. Meet the people making this happen on 12 and 13th December at the Taj Hotel. We welcome the UAE and all businesspeople.”

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Zahrawi Group celebrates successful opening of advanced distribution centre in Dubai

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– Zahrawi Group, a leading provider in healthcare solutions across the GCC, on Wednesday announced the successful official inauguration of its new state-of-the-art 38,000 square foot Distribution Centre, strategically located opposite Terminal 3 of Dubai International Airport. This milestone marks a significant chapter in the Group’s growth journey and its commitment to operational excellence.

The opening ceremony brought together Zahrawi Group’s leadership, including Chairman Isam M. Al-Muhaidib, alongside key partners, customers, representatives from governmental institutions, and Zahrawi’s senior management team. The guests were welcomed to a comprehensive tour of the facility, which showcased the advanced technologies and enhancements designed to optimise efficiency and scalability.

Guests also got the opportunity to explore the facility’s key features, including an advanced inventory management system, temperature-controlled storage, automated loading bays, and high-capacity order processing stations. Zahrawi Group’s leadership highlighted how these innovations improve operational accuracy, reduce turnaround times, and ensure the highest quality standards, positioning the facility as a benchmark in healthcare logistics across the region.

Abdulrahman Ramadan, Group CEO, highlighted the strategic significance of the new facility, emphasising how the Distribution Centre’s advanced technologies and increased capacity position Zahrawi Group to address the evolving needs of the healthcare industry. He underscored the company’s commitment to operational excellence and its focus on delivering exceptional value to its partners and customers, ultimately benefiting patients.

 “This facility significantly enhances our capacity to meet the evolving needs of the healthcare sector. With cutting-edge technology and streamlined workflows, we are now better equipped than ever to ensure faster deliveries, greater accuracy, and the highest quality standards. This investment reinforces our position as a trusted partner in healthcare solutions across the GCC,” he said.

Isam M. Al-Muhaidib, Chairman of Zahrawi Group, reflected on the broader significance of this achievement. “This distribution centre is a reflection of our vision to innovate and elevate our operations to meet the growing demands of the healthcare sector. It is not just an investment in infrastructure but also a testament to the trust and partnerships we’ve built over the years. This milestone strengthens our foundation and supports our mission to empower healthcare providers and improve patient outcomes across the GCC,” he stated.

 Established in 1989, Zahrawi Group is a pioneer medical devices and life science distributor in the Gulf, with a presence in UAE, KSA, Qatar, Oman, and Bahrain. Specialising in surgical, medical, nuclear medicine, diagnostic, and analytical lab solutions, Zahrawi Group is known for driving progress in the healthcare sector by leveraging innovation and collaboration. The new distribution centre will help the company support healthcare providers and improve patient outcomes across the GCC.

“Zahrawi Group remains dedicated to driving progress in the healthcare sector by leveraging innovation and collaboration. Our new distribution centre is a cornerstone of this commitment, enabling the company to support healthcare providers and improve patient outcomes across the GCC. This achievement reinforces the Group’s mission to improve peoples’ lives by leading with excellence, integrity, and unwavering dedication to its stakeholders,” added Abdulrahman Ramadan, Group CEO.

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