Dubai airports chief expects vaccine passport to replace testing

Dubai airports chief expects vaccine passport to replace testing
The airport boss also predicted “a flood of demand” as soon as air travel returns. (Shutterstock)
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Updated 02 June 2021

Dubai airports chief expects vaccine passport to replace testing

Dubai airports chief expects vaccine passport to replace testing
  • He said a vaccine passport system would not require a physical check, making it more efficient

DUBAI: Vaccine passports are a long-term solution to reopening travel corridors, Dubai Airports chief Paul Griffiths said.
“Those digital systems should enable people to travel without having any problems at the airport because of course, testing works but it does require quite a lot of capacity for testing at the arrival airport,” he said in an interview with CNN.
He said a vaccine passport system would not require a physical check, making it more efficient.
“If we're going to move towards that personal mobility, we've all been missing for more than a year now, the vaccine passport, in my view, is the only way to get there,” Griffiths added.
The airport boss also predicted “a flood of demand” as soon as air travel returns, as “four billion people having been under lockdown over the last year are desperate to travel.”
The UAE has recently signed a travel corridor agreement with Italy to allow traffic between the two countries. In 2019, more than 2.2 million transit and direct journeys happened between the pair.
Griffiths is expecting the UAE to secure more quarantine-free travel corridors with the EU and the US to help coax passengers back.


Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework
Updated 5 sec ago

Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework

DUBAI: The regulator for DIFC, Dubai’s state-owned financial free zone and the Middle East’s major finance center, has released the first part of a regulatory framework for digital tokens aimed at opening up trading of the fast-growing asset class.

The move by the Dubai Financial Services Authority comes as Gulf countries start to look at how to regulate digital assets to attract new forms of business as regional economic competition heats up.

The framework initially covers security and derivative tokens it refers to as investment tokens — digital representations of rights and obligations equivalent to those conferred by assets such as shares or futures contracts, issued, transferred and stored using distributed ledger technology such as blockchain.

It expects to issue another consultation this year for tokens not yet covered by the regulation, including exchange tokens — also known as cryptocurrencies — utility tokens and some asset-backed tokens known as stablecoins.

Last month, the UAE’s Securities and Commodities Authority and the Dubai World Trade Centre Authority agreed a framework that allows DWTCA to approve and license financial activities relating to crypto assets.

 Bahrain in 2019 released rules regulating crypto assets. 


Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for quick delivery is huge challenge for retailers, warns CEOs
Updated 24 min 32 sec ago

Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for fast delivery of products is one of the biggest challenges facing companies today, according to retail group leaders.

Speaking at the Future Investment Initiative Forum in Riyadh, heads of major firms set out how pandemic-caused changes in shopping behavior, together with developments in technology, has shifted expectations from consumers.

Yusuf Ali, chairman of Abu Dhabi-based Lulu Group International, told delegates that e-commerce was not growing in the Gulf region before Covid-19 swept the globe, but now the picture is different and his company “will increase e-commerce platforms”. 

John Hadden, CEO of Alshaya Group, headquartered in Kuwait, highlighted food and beverage deliveries as an area changed by the pandemic.

“The new challenge is how to get the right products to the consumers as quickly as possible,” he said.

The head of online marketplace Noon.com warned that customers now expect small grocery deliveries within 20 minutes, adding: “Buyers’ desire to get orders quickly is increasing and this is the challenge for companies.”


Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia
Nuclear power plant Baden-Wuerttemberg, Germany. Getty Images
Updated 49 min 4 sec ago

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia
  • EY may be the closest to winning the deal after offering the lowest price among advanced companies

RIYADH: Saudi Arabia is about to determine the winner of the presentation of the technical advice bid for its first nuclear power program, Banking sources told CNBC Arabia.

King Abdullah City for Atomic and Renewable Energy, the government agency responsible for implementing the Saudi nuclear program, has been studying the offers from four bidders, Deloitte, EY, HSBC, and PwC.

EY may be the closest to winning the deal after offering the lowest price among advanced companies, sources added.

Saudi Arabia intends to become a leader in renewable energy by building 16 nuclear reactors by 2030, estimated to cost more than $100 billion with a combined capacity of 22GW.


FII: MISA says investment in jobs and supply chains secure pandemic growth

FII: MISA says investment in jobs and supply chains secure pandemic growth
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Updated 26 October 2021

FII: MISA says investment in jobs and supply chains secure pandemic growth

FII: MISA says investment in jobs and supply chains secure pandemic growth
  • Last month, the Kingdom forecast economic growth of 2.6% this year and 7.5% in 2022


RIYADH: Saudi Arabia’s Minister of Investment Khalid Al-Falih said the Kingdom put maintaining jobs and securing supply chains as one of its top priorities during the height of the pandemic, reported Argaam.

Speaking at the Future Investment Initiative in Riyadh he added that the Kingdom’s economy was able to remain flexible and grow as the health crisis eased.

The Minister said: “The pandemic came as a shock to the business enterprise sector; it taught us different lessons in various fields.”

Last month, the Kingdom forecast economic growth of 2.6% this year and 7.5% in 2022, in a pre-Budget statement, after a 4.1% contraction in 2020.


UPS Q3 earnings beat estimates as revenue grows 9%

UPS Q3 earnings beat estimates as revenue grows 9%
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Updated 26 October 2021

UPS Q3 earnings beat estimates as revenue grows 9%

UPS Q3 earnings beat estimates as revenue grows 9%
  • The results exceeded Wall Street expectations

United Parcel Service Inc. on Tuesday reported third-quarter profit of $2.33 billion.


On a per-share basis, the Atlanta-based company said it had profit of $2.65. Earnings, adjusted for non-recurring costs, were $2.71 per share.


The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.52 per share.


The package delivery service posted revenue of $23.18 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $22.61 billion.