If you follow the news on Al Bawaba Business then you’ll know that A LOT can happen in a week.
There was a major announcement involving Zain and STC, a hotel that will never let you check out, and photos from Labor Day protests – the bloodiest in years.
Israel filed a lawsuit against Egypt for breach of contract and is asking for a $3-billion compensation for Egypt's 2012 gas cuts, Shoura council said 'no' to sports colleges for women, and Etihad announced it was cutting funds off Alitalia after the latter filed for bankruptcy.
Here are the top business stories of the past seven days:
1. Sad Day in Saudi Arabia: Shoura Says 'No' to Sports Colleges for Women
The Shoura Council rejected a proposal to establish sports colleges for girls in Saudi Arabia. The proposal required at least 76 votes to get passed with a majority, but got only 73 votes. The proposal was presented by three members – Lina Almaeena, Lateefa Al-Shaalan and Ata Al-Subaiti. Al-Shaalan expressed sorrow over the fate of the proposal, saying that "this was the most frustrating day for the Saudi women." I couldn't agree more.
2. Cover Letters Are the Hardest Thing in the World, But They're Totally Worth It
While CVs are considered as the most important part of a job application, some might argue that a cover letter is even of a greater importance. If you don’t write a cover letter, or need re-convincing for some reason, Amer El-Mousa of regional job site Bayt.com lists four reasons why a cover letter is still a vital part of your job application process.
3. Once You Check In, You'll Never Check Out: Dubai Brings Region's First Cinema-themed Hotel
The hotel will feature cinema-themed suites inspired by blockbuster movies, Bollywood and more, in addition to an outdoor cinema developed in collaboration with Majid Al Futtaim Cinemas, owner of the VOX Cinemas brand in the Middle East. We can't wait for it to open.
4. Tear Gas, Rubber Bullets and Molotov Cocktails Mark Labor Day Celebrations in 2017: Photos
Thousands of workers in several countries engaged in clashes with riot police as they marked International Workers’ Day, also known as 'Labor Day' or 'May Day', on May 1, 2017. Some protesters in Istanbul hurled Molotov cocktails and fireworks at the police forces, who detained over 200 protesters.
A statement by the government said that police had seized some 40 Molotov cocktails, 17 hand grenades, 176 fireworks, and illegal posters from the demonstrators.
5. When Egypt Plays With Fire...
Sources reported that Egyptian energy companies will have to pay an estimated $3 billion to Israeli energy firms in compensation for losses that occurred after Cairo cut supplies of natural gas to Israel in 2012. This follows a Swiss court's rejection of an appeal by two Egyptian firms against an earlier compensation order made in 2016. But why is Egypt selling gas to Israel anyway?
6. Dramatic Fall in Number of SMEs in Oman in 2017: Report
There was a dramatic fall in the number of Small and Medium Enterprises (SMEs) in Oman in the first quarter of 2017, compared with the same period of last year. In fact, the number of SMEs in Oman declined by 31.2 percent year-on-year in the first quarter of the current year, according to a recent report. The good news is, the number of SMEs in Oman logged a 40.7 percent increase in March 2017, so it's not that bad after.
7. ArabNet Summit in Dubai Set to Be the Biggest, Boldest Digital Event in 2017
The region's key decision makers will gather for the fifth edition of the ArabNet Digital Summit in Dubai on May 16-17. The two-day event will bring together 80 speakers, 50 exhibitors, 1,200-plus attendees, over 50 international and regional investors, as well as 35-plus key talks and sessions. This event is certainly not to be missed.
8. "Saudi Arabia's Non-Oil Income Doubled in Past Two Years," Says Deputy Crown Prince to Al Arabiya
In a rare interview with Al Arabiya TV, the Saudi Deputy Crown Prince Prince Muhammad spoke on several issues concerning the Saudi Vision 2030, as well as other local and regional concerns.
The Prince stressed on the importance of addressing housing, unemployment, privatization and the country's fight against corruption, saying that "no person will be spared in the fight against corruption". He also said that austerity measures will be revived if the country passes through difficult economic conditions. He added that Saudi kept economic indicators high despite the drop in oil prices and that there has been a higher-than-expected increase in non-oil revenues in the first quarter of 2017.
He ruled out any dialogue with Iran, a country he said was busy "plotting to control the Muslim world".
9. Zain, STC or Etisalat: Who Will Win the Race for Oman's Third Mobile License?
Mobile telecommunications companies Zain and STC said they submitted a bid to the Omani Telecommunications to compete for Oman's third mobile network licence. The Saudi Telecom Company (STC) said it had submitted the technical and financial offer to bid for the license. Etisalat announced on Thursday that it was also joining the race for Oman's new mobile license.
10. End of a Love Story: Etihad Says Goodbye to Alitalia in ‘Tearful Farewell’
Etihad Airways said on Wednesday that despite its significant investments in Alitalia, the Italian airline had announced bankruptcy. The two airlines signed a deal in August 2014, which resulted in a $1.86 million investment by Etihad and other shareholders to restructure Alitalia.
In a public statement issued to the press on Wednesday, James Hogan, President and CEO of Etihad, said: "We have done all we could to support Alitalia, as a minority shareholder, but it is clear this business requires fundamental and far-reaching restructuring to survive and grow in future. Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest. We would like to thank the other shareholders, and the Italian government, for their commitment as we have worked together since we took our shareholding."
Let me translate that for you the Trump way. Etihad (in Trump's voice): "Alitalia is bankrupt. We've invested a lot of money in it but our investments went in vain. We're letting it go. We're very, very disappointed."
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Reem Boudraa
