Oil prices rose on hopes that a deal between OPEC and non-OPEC members to cut production would drain a global supply glut. Here are the top seven business news you need to know today.
Dubai Financial Market’s capitalisation up 12.3 per cent in 2016
The Dubai Financial Market (DFM) General Index increased 12.1 percent to 3,531 points at the end of 2016 compared to 3,151 points at the end of 2015. Indexes of eight out of the nine sectors featured on the DFM ended the year in the green, with the Services sector rising the most, by 36 percent, followed by the Consumer Staples and Discretionary sector, rising by 22.1 percent, and Telecommunications sector by 21.6 percent. In contrast, the Industrial sector dipped 16.7 percent.
Oil prices rise as markets eye production cuts
Oil prices rose in the first trading hours of Monday, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.
Dubai International Airports receive record number of travellers in single day
On new year’s eve, Dubai International Airports received a record 105,326 passengers in a single day for the first time, Major General Mohammed Ahmed Al Marri, Director-General of the General Directorate of Residency and Foreigners’ Affairs in Dubai, has revealed.
UAE among top five career destinations to global expats, research finds
Expats have recognised the UAE as the 4th best destination globally for an international career, according to new data released by HSBC’s annual Expat Explorer Survey.
Dubai Harbour: New mega project announced in the emirate
Dubai-based holding company, Meraas, has been awarded a contract to develop the emirate’s latest megaproject, Dubai Harbour. The project would be spread over 20 million square feet in the area between Jumeirah Beach Residence and Palm Jumeirah.
Dubai Future Accelerators launches second cycle
Dubai Future Accelerators has launched the 2nd cycle with 11 new global challenges in vital sectors for innovative enterprises. There are 11 challenges covering the vital sectors in the second cycle of the Dubai Future Accelerators programme, participated by 11 entities from government and private sectors, according to Mohammed Al Gergawi, Vice Chairman of the Board of Trustees, and Managing Director of Dubai Future Foundation.
30 per cent of Sharjah’s 2017 budget allocated for infrastructure
Infrastructure received about 30 per cent of Sharjah’s total government expenditure for 2017, an amount that totals to AED22 billion, Sheikh Mohammed bin Saud Al Qassimi, Chariman of the Central Department of Finance in Sharjah, said.