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PayPal ‘likely to purchase’ Pinterest in $45bn

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PayPal is reportedly negotiating to purchase social media group Pinterest for almost $45 billion.

If the online payments company successfully acquire Pinterest, it would be one of the largest corporate takeover deals of 2021.

Both the companies have declined to comment on the reports.

However, as the news of acquisition surfaced, Pinterest’s shares climbed over 13 per cent to $63.31. The group gained a market capitalisation of over $40 billion with the jump of share price. Pinterest’s shares have almost trebled since its stock market debut in April 2019.

PayPal has apparently proposed the San Francisco-based company $70 a share offer. However, PayPal’s stock tumbled more than 5 per cent.

With the aim to join popular financial service, PayPal has recently purchased Japan’s company, Paidy for $2.7 billion. The company has been using its convincing stock price to support its acquisition strategy to become a super app, which would be able to offer payments and also act as a social media platform.

During the pandemic when people are preferring to work and shop online, Pinterest’s business boosted initially, but the company couldn’t maintain the momentum. In July, the company’s earnings report couldn’t meet expectations of Wall Street as it lost $8 billion from its market value in a single day.

However, despite fluctuations in Pinterest’s business, some analysts see the acquisition optimistic.

According to Wedbush analyst Moshe Katri, it would be a good deal for PayPal and despite market speculations, it could be a game changer.

Katri was of the view that Pinterest already has a partnership with Shopify and it wouldn’t be its first deal. However, its partnership with PayPal would make strategic sense, he added.

Katri said that it’s estimated social commerce could grow from $26.8 billion last year to $52.5 billion in the next two years.

Colin Sebastian, a research analyst at Baird, said Pinterest’s more than 450 million monthly users want to purchase products online and PayPal would be the best platform for them.

Sebastian added that digital marketing is an underappreciated part of PayPal’s plans and this potential deal could propel PayPal into one of the leading digital marketing platforms.

Announcements

Zimbabwe Partners with T Ten Global to Boost Business Opportunities

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The Government of Zimbabwe has entered into a strategic partnership with T Ten Global Sports to enhance the nation’s global profile and attract significant foreign investment. This initiative aligns with President Emmerson Mnangagwa’s vision of showcasing Zimbabwe as ‘Open for Business’ and leverages international platforms to highlight the country’s substantial economic potential.

With a viewership exceeding 500 million on television and OTT platforms, and a social media reach of 2.5 billion across 100 countries, T Ten’s cricket leagues offer Zimbabwe an unparalleled opportunity to promote its investment prospects. The partnership will officially be launched at the 2024 Abu Dhabi T10 in Abu Dhabi, positioning Zimbabwe as a premier destination for international business.

Speaking on the partnership, Zimbabwe President Emmerson Mnangagwa said“Zimbabwe is open for business, and this partnership with T Ten Global Sports is a testament to our commitment to engaging with the world. Through T Ten’s extensive reach, we will showcase Zimbabwe as a thriving hub for investment and innovation. This collaboration marks a significant step forward in building our nation’s global reputation and economic future.”

Under President Mnangagwa’s leadership, Zimbabwe has experienced notable economic growth. In 2023, Zimbabwe’s GDP was valued at $26.54 billion, reflecting a 4.5% growth rate from the previous year. The nation has also attracted significant investments across various sectors including the beverage industry, mining sector, real estate and infrastructure, renewable energy and agriculture modernization.

Varun Beverages, the bottling partner of PepsiCo, has invested over $40 million, creating employment opportunities and bolstering the manufacturing sector.  Zimbabwe is endowed with vast mineral resources, including lithium, platinum, gold, and diamonds. Investments from companies such as Zhejiang Huayou Cobalt and Prospect Resources are positioning Zimbabwe as a key player in the global green energy revolution.

UAE-based conglomerate Mulk International is developing the $500 million Zim Cyber City in Mount Hampden, Harare. This state-of-the-art mixed-use development is set to transform Zimbabwe’s real estate landscape, offering high-end residential and commercial spaces. Collaborations with international firms are underway to harness Zimbabwe’s abundant solar and hydropower resources, supporting sustainable energy solutions and reducing reliance on non-renewable sources. Partnerships with global agribusinesses have enhanced Zimbabwe’s agricultural output, ensuring food security and creating export opportunities.

Shaji Ul Mulk, Chairman of T Ten Global Sports further said“We are honored to partner with Zimbabwe to deliver this transformative vision. Through T Ten’s five global leagues, we will ensure that Zimbabwe’s message reaches key markets, connecting the nation with influential investors and creating new opportunities for growth and collaboration.”

There are numerous unparalleled opportunities for global investors in Zimbabwe across various sectors. The country is home to vast reserves of lithium, platinum, gold, nickel, and rare earth minerals, essential for the global renewable energy and technology industries. With a growing industrial base and favorable policies, Zimbabwe provides opportunities in food processing, automotive assembly, and consumer goods production.

Abundant sunshine and river systems make Zimbabwe ideal for large-scale solar and hydropower projects, attracting renewable energy investors globally. Rapid urbanization and modernization efforts create lucrative opportunities in construction, transport, and logistics.

Paul Tungwarara, Special Presidential Investment Advisor, UAE further said, “This partnership reflects Zimbabwe’s forward-looking strategy for international outreach. By leveraging T Ten’s global media presence, we will amplify the message that Zimbabwe is ready for business and global partnerships. It has been a privilege to contribute to this historic initiative.”

Through its collaboration with T Ten Global, Zimbabwe will gain exposure across the five cricket leagues’ (Abu Dhabi T10, US Masters T10, Lanka T10 Super League, African T10, Sri Lanka T10) influential markets. It allows the nation to engage audiences in the Middle East and Asia, and also target North America’s business leaders. The partnership further helps Zimbabwe in strengthening their presence in South Asia’s thriving markets and highlighting Zimbabwe’s leadership in Africa.

This partnership represents a bold step toward economic reform, global engagement, and solidifying Zimbabwe’s position as a premier investment destination.

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Resorts World Cruises Celebrates Maiden Sailing from Dubai

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Resorts World Cruises, the World-Class Cruise Line that Knows the Gulf Best had arrived in Dubai with the Resorts World One commencing her first sailing from 1 November 2024 onwards. The 1800-passenger cruise ship departs from the Port Rashid Cruise Terminal 2 in Dubai three times a week to the Gulf destinations.

A special celebratory event was held on the ship today with close to 600 invitees to commemorate this milestone event. Resorts World Cruises’ President, Mr. Michael Goh and its senior management welcomed onboard regional dignitaries, authorities, members of the press and key influencers. The port-stay event included a series of special memento presentations with invitees having the chance to experience the onboard LIVE performances, the wide array of cuisines and a guided ship tour of the ship’s accommodations, facilities and offerings.

As part of the inaugural sailing celebration, guests can look forward to special added-value promotions. This includes receiving complimentary Food & Beverage Onboard Credits valued at AED 700 or US$190 per cabin for sailings in November for both the 3-Night Oman Cruise and the 2-Night Qatar Cruise. During the deployment, the Resorts World One will provide exciting new vacation options from Dubai for the weekend with the 2-Night Sir Bani Yas Weekend Cruise departing Fridays. Guests can also look forward to the 2-Night Doha (Qatar) Cruise departing Wednesdays and the 3-Night Muscat-Khasab (Oman) Cruise departing Sundays. For longer cruises, guests may combine the itineraries to become a 4-, 5- and 7-Night cruise.

“We have been counting down the days and we are delighted that the Resorts World One has arrived in Dubai and is ready to sail. We would like to extend our sincere thanks to the local and regional governments, authorities, travel business partners, media and our guests for the support. We are looking forward to bringing unique experiences to the Gulf region and we are excited to launch our first cruise with a special onboard Diwali celebration for the entire week,” said Mr. Michael Goh, President, Resorts World Cruises.

Mr. Saud Hareb Almheiri, Cruise Tourism & Yachting Lead at the Dubai Department of Economy and Tourism (DET), said: “Dubai extends its warmest congratulations to Resorts World Cruises on the successful launch of its new services, which it is proud to be the homeport for. This significant development underscores Dubai’s ongoing growth as a premier cruise destination, attracting world-class operators, and providing exceptional experiences for global travellers seeking to explore the region, as envisioned by our leadership, and in line with the goals of the Dubai Economic Agenda, D33, to further consolidate Dubai’s position as a leading global city for business and leisure. As we embark on an exciting new season, we would like to extend our gratitude to our partners and stakeholders, whose unwavering support has made this possible. Together, we look forward to further reinforcing Dubai’s position as the cruise hub of the region.”

The Resorts World One is certified by the highly reputable Organisation of Islamic Cooperation and The Standards and Metrology Institute with the ship offering certified Halal cuisines, including vegetarian / Jain cuisine; and Muslim-friendly onboard offerings, which will provide peace of mind for Muslim guests from the Gulf and across the region.

For more information or bookings, please visit www.rwcruises.com or email to enquire@rwcruises.com or contact your local travel agent.

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World Biohack Summit 2024: Revolutionizing Human Performance Optimization

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Following the overwhelming success of last year’s event, we’re back—bigger, better, and set to deliver the largest biohacking experience in the MENA region. If you’re passionate about enhancing your health, wellness, and performance, this is the event you cannot afford to miss.

This year’s theme, Human Performance Optimization, is centered around five key pillars: Longevity, Peak Performance, Age Reversal, Recovery, and Mental Health. The World Biohack Summit 2024 will gather global pioneers and experts in biohacking to explore these pillars and the innovations shaping the future of human potential.

Expect immersive experience zones where you can interact with cutting-edge biohacking equipment, hands-on workshops led by top experts, and the opportunity to test the latest tools and techniques driving this rapidly growing field.

Powered by global sponsors, the event will showcase keynote speeches and panel discussions from the brightest minds in wellness and performance optimization, with all sessions focused on actionable insights that can transform your daily life. Whether you’re looking to connect with fellow enthusiasts, wellness professionals, or thought leaders, the summit offers unparalleled networking opportunities.

At the heart of this event is Dr. Sajeev Nair, renowned transformation strategist, biohacker, and founder of Vieroots. As the chief curator of the World Biohack Summit 2024, Dr. Sajeev’s pioneering work in epigenetic lifestyle modifications has impacted over a million lives, making him a global leader in the biohacking space.

The summit will take place on October 18th and 19th at the luxurious JW Marriott, Dubai Marina. Don’t miss your chance to be part of the future of human optimization at the World Biohack Summit 2024—where you can unlock your full potential and elevate your life to the next level.

Date: 18th & 19th of October
Venue: JW Marriott, Dubai Marina
Time: 8 am to 6 pm
Tickets: https://dubai.platinumlist.net/event-tickets/94058/world-biohack-summit-2024
Website: www.worldbiohacksummit.com

The UAE’s premier event focused on human performance optimization and biohacking. Gathering global pioneers in health, wellness, and cutting-edge technologies, the summit offers immersive workshops, expert-led discussions, and hands-on access to the latest in biohacking tools and techniques.

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