عربي               | Tuesday 17 September, 2019
Human Rights

Message from the Community Police Directorate

Message from the Community Police Directorate

Community partnership is a principle the community police follow, to achieve and support their goals through direct communication between security bodies and the community.   The c...

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World News

11 Sep 2019

With $42 Billion, Jack Ma, Ex-Teacher, Steps Down As Alibaba Big Boss

Jack Ma has become the face of Chinese business even while a member of the ruling Communist Party.
NDTV:

Jack Ma is giving up the reins of Alibaba Group Holding Ltd. after presiding over one of the most spectacular creations of wealth the world has ever seen.

The former English teacher steps down as executive chairman of China's largest company on his 55th birthday after amassing a $41.8 billion fortune -- a trove surpassed only by India's Mukesh Ambani in Asia, according to the Bloomberg Billionaires Index. His record-breaking rise from a bootstrapped entrepreneur working out of his apartment in 1999 to jet-setting e-commerce mogul is one for the history books, mirroring China's own evolution from technological backwater to world's No. 2 economy.

Over two decades, Ma and his co-founders built a business-to-business marketplace into a $460 billion titan that bested EBay Inc. and Amazon.com Inc., operates one of the world's largest cloud computing businesses, and runs a logistics network that delivers millions of parcels every day. Now the country's most recognizable businessman, he hands the helm on Tuesday to finance maven Daniel Zhang -- a momentous transition for Asia's largest corporation.

Asia's Richest

Ma became Asia's richest person in 2016, overtaking Dalian Wanda Group Chairman Wang Jianlin. The title now belongs to Reliance Industries Ltd. Chairman Ambani, who's worth $47.4 billion, according to a Bloomberg ranking of the world's 500 wealthiest individuals.

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