00:00Hello and welcome to Gulf News Daily Business Wrap-up.
00:05The pain continues for Uber Technology shares after a dismal market debut on Friday.
00:11Share prices of Uber Technologies fell about 12% on Monday, causing a $14 billion slump
00:17in market cap to be at about $60 billion.
00:21Remember that Uber had to lower its valuation twice in the past two months amid concerns
00:27from investors over mounting losses and Uber had to finally price its IPO at the lower
00:33end of the price range.
00:35In a memo to its employees, the CEO, the Chief Executive Officer of Uber Technologies, Dara
00:41Kosoro Sashi, has said that he didn't expect Uber to trade in such a manner post the IPO.
00:49He said that we have all the capital in the world to improve its path to profits and margins.
00:54Karim Networks, a Dubai-based company which was recently acquired by Uber for $3.1 billion,
00:59has started a bus ride service from Jeddah to the holy city of Mecca for 25 riyals.
01:07And finally, some good news for stock market investors.
01:11The MSCI will add the Saudi Tadawul Index to its MSCI Managing Market Index from May
01:2028.
01:21They will add about 30 stocks to start with.
01:24The Tadawul is up about 2% in today's trade.
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