• Monday 2 November 2020

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    SOCIAL, ECONOMIC DEVELOPMENT
    UAE cabinet approves $15.8bn federal budget for 2021

    The UAE cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, VP, Prime Minister of the UAE and Dubai ruler, has approved the federal budget of AED58 billion ($15.8 billion) for the fiscal year 2021 with focus on social and economic development.

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    1

    'FREIGHT RELATIVELY STABLE'
    Mideast summer air traffic falls over 90%: ACI

    The Middle East recorded a decline of 90.3% in air passenger traffic during August 2020 compared to 2019 as the Covid-19 pandemic continued to have a dramatic impact on global traffic during the ordinarily busy summer peak, said a report.

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    2

    75pc BRIDGE WORK COMPLETED
    Dubai's $1.36bn Shindagha Corridor Project on track

    Steady progress is being made on the Dh5 billion ($1.36 billion) Shindagha Corridor Project, which extends 13km from Sheikh Rashid Street through Al Mina and Al Khaleej Street to Cairo Street in Dubai. Nearly 75 per cent of the bridge has been completed.

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    3

    TRENDS
    Ericsson report sheds light on the workplace of 2030

    Nearly six in 10 respondents to a survey foresee a permanent increase in online meetings and need tools that better support remote interaction, half want a digital workstation allowing presence at work from anywhere by 2030, a report said.

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    4

    SPOTLIGHT
    Airlines unable to cut costs enough to save jobs: IATA

    The airline industry cannot slash costs sufficiently to neutralize severe cash burn to avoid bankruptcies and preserve jobs in 2021, said IATA in new analysis, noting that recovery has been delayed due to new Covid-19 outbreaks.

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    Top Trade News

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    Industry Sectors

    Construction & Real Estate

    Work set to begin soon on Kuwait Mutla’a project

    Work is set to begin on Phase One of Mutla’a Project in Kuwait City which involves the construction of roads, parking lots and infrastructural services networks for more than 12,000 plots in addition to 284 substations, said a report.

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    Retail & Wholesale

    Gold demand plunges 19pc in Q3 as Covid crisis bites

    Global gold demand dropped by 19 per cent year-on-year to 892 tonne during the third quarter, as consumers continued to feel the impact of the Covid-19 pandemic. This was the lowest quarterly total since the third quarter in 2009, said a report.

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    Energy, Oil & Gas

    OMV, Mubadala close deal for strategic 39pc Borealis stake

    OMV, the international integrated oil and gas company based in Vienna, said it has completed the transaction with Abu Dhabi-based Mubadala Investment Company for acquisition of an additional 39 per cent stake in top global chemical company Borealis.

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    Finance & Capital Market

    Saudi Arabia's Q3 non-oil income up 63% to $32.8bn

    Saudi Arabia's non-oil revenue increased by 63% y-o-y to SR123 billion ($32.8 billion) in the third quarter and growth in other revenues amounted to SR47.6 billion, an increase of SR22.2 billion y-o-y, a report said.

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    Analysis, Interviews, Opinions

    Ericsson report sheds light on the workplace of 2030

    Nearly six in 10 respondents to a survey foresee a permanent increase in online meetings and need tools that better support remote interaction, half want a digital workstation allowing presence at work from anywhere by 2030, a report said.

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    Industry, Logistics & Shipping

    Drydocks World joins Montenegro consortium

    Drydocks World, a DP World company, has joined a consortium to transform the Bijela Shipyard in Montenegro into a world-class superyacht service, maintenance, repair and refit facility.

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    Travel, Tourism & Hospitality

    Bahrain International Airport gets major ACI recognition

    Bahrain International Airport (BIA) has become the latest airport in the region to receive key health accreditation from Airports Council International (ACI) for its efforts to safeguard the wellbeing of passengers and staff during the Covid-19 pandemic.

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    IT & Telecommunications

    Zain ranked region's best telecom employer in Forbes list

    Zain Group, a leading mobile telecom services operator in Middle East and Africa, has been ranked the region's best telecom employer in Forbes’ World’s Employers list for 2020. It was also named fourth best employer across all industries in the region.

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    Lifestyle
    Health & Environment
    Media & Promotion

    Dubai Miracle Garden set to open on November 1

    Dubai Miracle Garden, said to be the largest natural flower garden in the world, will be back for its ninth season on November 1 featuring the largest display of the most fragrant and colourful blooms, with over 150 million flowers of 120 varieties.

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    Education, HR & Training

    Saudi to scrap sponsorship system, bring in work contract

    Saudi Arabia is set to abolish the sponsorship system from the first half of 2021, a landmark move set to benefit over one million expatriates. This system, which has been in force for seven decades, will be replaced by the work contract, said a report.

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    Miscellaneous
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