Dubai Expo helps UAE's non-oil private sector to expand in September: IHS Markit 

Dubai Expo helps UAE's non-oil private sector to expand in September: IHS Markit 
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Updated 05 October 2021

Dubai Expo helps UAE's non-oil private sector to expand in September: IHS Markit 

Dubai Expo helps UAE's non-oil private sector to expand in September: IHS Markit 

Business conditions in the UAE’s non-oil economy showed robust improvement on the back of rising output and orders, the latest IHS Markit report said.

This improvement is largely driven by the ongoing World Expo in Dubai, which the report said supported recovery in footfall and contracts. 

“With the Expo 2020 beginning, the UAE economy appears to be in a good shape,” David Owen, an economist at the London-based economic intelligence firm, said. 

The report showed the UAE’s Purchasing Managers’ Index falling to 53.3 in September, from 53.8 the previous month. 

But Owen said it “still pointed to a strong improvement in non-oil business conditions, as firms continued to see a recovery in demand from the pandemic.”

The central bank in June had forecast UAE real gross domestic product growth of 2.4 percent this year and 3.8 percent in 2022.

 


Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan
Updated 11 sec ago

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

RIYADH: Egypt’s Ministry of Public Enterprise Sector has announced that it has completed digital transformation projects in 15 companies. Digital transformation of 56 firms is currently underway, it added. In another development, healthcare startup Doxx has raised a significant amount in a seed funding round. Meanwhile, the European Investment Bank has expressed interest in taking part in the North African county’s seawater desalination plan. 

·      The Ministry of Public Enterprise Sector has announced that it has completed the digital transformation project for a total of 15 companies out of the 71 companies, local newspaper Youm 7 reported. According to sources, the ministry will continue implementation of the digital transformation project, also known as the Enterprise Resource and Planning and Management program, in the remaining firms. 

·      Egypt-based digital platform healthcare startup Doxx has secured $1.5 million in a seed round led by Egyptian healthcare-focused venture capital firm Elevate, local newspaper Daily News Egypt reported. The investment falls in line with Elevate’s goal of facilitating access to quality healthcare in the country.

·      The private sector is a key driver of economic relations between the US and Egypt, local newspaper Youm 7 quoted the head of the Egyptian-American Business Council, Omar Muhanna, as saying. Moreover, the partnership between both countries will result in the creation of various direct as well as indirect job opportunities in Egypt, Muhanna said.

·      The European Investment Bank is contemplating contributing to Egypt’s scheme to desalinate seawater in terms of financing, local newspaper Egypt Today reported, citing water expert at EIB Walid Salem. 

·      Egyptian banks’ net foreign assets are anticipated to recover post devaluation of the Egyptian pound, credit rating agency Fitch Ratings reported. This is mainly attributed to the increase in foreign investors’ confidence amid a more lenient exchange rate system as well as a new IMF program. 

 


Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading
Updated 5 min 39 sec ago

Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading

RIYADH: Saudi Arabia’s Ministry of Energy has launched an electronic service that enables license issuance for import and export activities of petroleum products, it said in a statement. 

The ministry explained that obtaining licenses and permits is a prerequisite for practicing petroleum trading activities. 

The new decree adds that the ministry shall set the necessary procedures to regulate all aspects of commercial activity related to trade in petroleum products.


ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
Updated 28 min 4 sec ago

ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
  • In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession

May 19 (Reuters) - Abu Dhabi National Oil Company on Thursday announced three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day, the company said on Thursday.

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental (OXY.N), and around 100 million barrels of oil in place were discovered.

In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said.


Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions
Updated 22 May 2022

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

RIYADH: Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

A slide in US Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1 percent to $1,843.29 per ounce. Prices hit a one-week high earlier in the session.

US gold futures settled up 0.1 percent at $1,842.10.

Platinum falls

Silver fell 0.1 percent to $21.69 per ounce, but was up about 2.9 percent for the week.

Platinum fell 1.4 percent to $948.77, while palladium eased 2.4 percent to $1,958.81. 

Wheat, corn ease 

Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high it hit earlier this week as technical selling pressured the market, traders said.

Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed. 

Soybeans gained on strong export demand, amid tight supplies.

The most-active wheat contract on the Chicago Board of Trade lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.

CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.

Soybeans firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.

UK to impose duties on Chinese aluminum extrusions

Britain may impose anti-dumping duties of up to 29 percent on aluminum extrusions from China to protect domestic producers, a trade agency said on Friday.

Aluminium extrusions — widely used in the transport, construction and electronics industries — are being dumped in Britain at lower prices than they are sold in China, the Trade Remedies Authority said in an interim report.

“The TRA determined that there is already damage to the UK industry, having found clear evidence of price undercutting, indicating that UK businesses are struggling to compete with the dumped imports,” a statement said.

Provisional measures will be imposed as the TRA completes its investigation, requiring Chinese companies exporting to Britain to provide a bank guarantee beginning on May 28, it added.

Duties ranging from 7.3 percent to 29.1 percent were recommended, depending on the company and the level of dumping margin, the interim report said.

(With input from Reuters) 


India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub
Updated 22 May 2022

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

MUMBAI: India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation.

Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.

The new tax regime on petrol and diesel could result in a loss of about 1 trillion Indian rupees to the government in annual revenue due to the lower collection, she said in a series of tweets.

The government also removed the import duty on anthracite, PCI coal and coking coal in a bid to reduce raw material costs for local market demand.

The latest measures will be effective from May 22, the government said in a notification after the announcement by Sitharaman, who also urged state governments to follow suit with similar reductions on fuel prices keeping in line with federal plans.

Jet Airways to fly again

India’s Jet Airways said on Friday the country’s aviation regulator has cleared it to resume operation of commercial flights.

Once India’s biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.

Jet said the grant of an air operator certificate by the Directorate General of Civil Aviation “was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness.”

The airline had said in June that the National Company Law Tribunal approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.

Apple looks to boost production in India - WSJ

Apple Inc. has told some of its contract manufacturers that it wants to increase production outside China, the Wall Street Journal reported, citing people familiar with the matter.

India and Vietnam, which are already sites of Apple production, are among the countries short-listed by the company as alternatives, the report added.

Apple last month forecast bigger supply problems as COVID-19 lockdowns slowed production and demand in China.

The report said that Apple is citing China’s strict anti-Covid policy and other reasons for its decision.

Apple declined to comment to WSJ and couldn’t be immediately reached by Reuters on Saturday.

(With input from Reuters)