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$60bn GROSS OUTPUT
UAE logistics sector's contribution to GDP to hit 8pc by 2021
The UAE's logistics industry has registered solid growth in recent years, with its gross output hitting Dh219 billion ($60 billion) last year, said an expert, adding the sector's contribution to the country's GDP will increase to 8 per cent by 2021.
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DIFC DRIVES SECTOR GROWTH
Dubai ranked among world's top 10 financial hubs
Dubai has risen up the ranks of the Global Financial Centres Index (GFCI) to number eight position, representing its highest ever ranking for its role in developing the regional economy and new pathways to boost the fintech sector.
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OVER 39,000 NEW PLANES NEEDED
'Global aircraft numbers to more than double by 2038'
The world’s passenger and freighter aircraft fleet is set to more than double from today’s nearly 23,000 to almost 48,000 by 2038, due in part to an increase in passenger traffic and replacement of older planes, according to Airbus.
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ANALYSIS
Crude oil spike deflates but geo-risks remain
While the risk of a supply shortfall due to recent attacks on Saudi Arabia’s oil facilities has been ruled out with the kingdom tapping into its domestic stockpiles, the geo-political risk premium is likely to remain, says an industry expert.
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ANALYSIS
Oil markets vulnerable after strikes on Saudi facilities
Oil markets stand exposed to price shocks after attacks on Saudi Arabia’s oil facilities slashed over half its total production. If the country uses its own oil stocks to meet the shortage, it will be just weeks before markets run dry.
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NEWS IN PICTURES
National Day line-up
Emirati female artists Balqees and Shamma Hamdan are set to take the stage in Dubai this week as part of an exhilarating line-up of live acts to celebrate Saudi Arabia's 89th National Day.
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Sharjah developer to hand over first Aljada homes in Q1 2020
Arada, the UAE's newest developer, said construction work was in full swing at its ambitious project Aljada, the largest mixed-use community development in Sharjah, with the first homes scheduled to be handed over in Q1 2020.
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Honor unveils first 5G smartphone
Honor has unveiled Honor Vera30 Series, the company’s first suite of handsets that are equipped with the Kirin 990 chipset and supports dual-mode 5G all-access network. The smartphone is set to make its debut in Q4 2019.
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SNC-Lavalin wins Abu Dhabi oil and gas contract
SNC-Lavalin, a leading project management and infrastructure company, has won a front-end engineering and design (Feed) contract from Al Yasat Petroleum, a joint venture company of Abu Dhabi National Oil Company (Adnoc).
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Refinitiv announces D&I Index of top 100 organisations
Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has announced the 2019 Top 100 most diverse and inclusive organizations globally as ranked by the Diversity & Inclusion (D&I) Index.
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Oil markets vulnerable after strikes on Saudi facilities
Oil markets stand exposed to price shocks after attacks on Saudi Arabia’s oil facilities slashed over half its total production. If the country uses its own oil stocks to meet the shortage, it will be just weeks before markets run dry.
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Saudi appoints new head of renewable energy office
Saudi Arabia’s Ministry of Energy has appointed Faisal Abdullah Al-Yemni as its head of Renewable Energy Project Development Office (Repdo).
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New Ibis hotel to open at Omran's Madinat Al Irfan East
Oman Tourism Development Company (Omran), the sultanate’s executive arm for tourism development, has announced new investment opportunities at Madinat Al Irfan East - the country's largest urban development project - including a new 282-key Ibis hotel.
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Bahrain broadband subscriptions up 9pc in Q2
The number of broadband subscriptions in Bahrain reached to 2.34 million subscriptions at the end of the second quarter (Q2) of 2019, with an increase of 9 per cent compared to Q2 2018, said the Telecommunications Regulatory Authority.
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Hyundai Motorsport set to go electric
Hyundai Motorsport has begun work on its first ever electric race car in an exciting new project that will herald a new motorsport era for the company.
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Dubai FM group Emrill outsources fleet to Hertz
Dubai-based facilities management group Emrill has outsourced the management of its 127 vehicles to fleet management specialist, Hertz. The partnership will also see Hertz provide leased vehicles and manage maintenance and driving staff.
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Grandis signs up ELM as main contractor for UAE hospital project
Abu Dhabi-based Emirates Link Maltauro (ELM) has been awarded the main construction contract for the Barraquer-UAE Eye Hospital by Grandis Investment Company, the investment firm behind the project.
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Dubai launches festival to drive media sector growth
Dubai Media City has announced the launch of ON.DXB, a new regional festival designed to support industry growth and talent development in the media, entertainment and content development industries.
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DSI completes key phase of Kuwait University campus
UAE-based Drake & Scull International (DSI), a leader in engineering and construction services, has announced the completion of Phase One of Sabah Al Salem University development in Kuwait. The project is due for handover by the year-end.
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Nestlé’s Kitkat Green Tea Matcha launched in UAE
Nestle’s KitKat Green Tea Matcha, a limited-edition four-finger treat, manufactured using UTZ-certified cocoa beans and real Matcha green tea from Japan and China, is now available across major retailers in the UAE, Saudi Arabia, and Kuwait.
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