Daily brief: Etihad Airways restructuring, oil prices rise ahead of 2017
Abu Dhabi’s Etihad Airways announced cutting jobs in some units of its businesses, part of a restructuring and cost-cutting process. Here are the top seven business news you need to know about today.
Saudi Aramco, GE to launch Saudi Arabia’s first wind turbine
Saudi Aramco plans to commission its wind turbine pilot project, the first in the kingdom, next month, the state oil company said on Sunday.
This comes part of nationwide plans to diversify energy supplies and to meet an increase in demand.
Switzerland unblocks assets frozen in Egypt probe
Blocked assets worth 180 million Swiss francs ($175.52 million) have been unfrozen by the Swiss Office of the Attorney General, the OAG said, after it dropped part of a criminal inquiry related to the Arab Spring in Egypt.
The OAG had been investigating “several” unnamed persons in Switzerland, since 2011, on suspicion of money laundering and supporting or participating in a criminal organisation.
Etihad Airways says to trim its workforce to reduce costs
Etihad Airways said on Sunday it is cutting jobs in some parts of its business as a part of its restructuring.
An Etihad Airways spokesman said that a majority of those affected by the headcount reduction are through “natural attrition” and the vacancies will not be filled. He declined to comment on the number of jobs affected.
Dubai Parks and Resorts officially opens in Dubai
Dubai Parks and Resorts, the largest theme park destination in the world, was officially inaugurated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai on Sunday evening.
The entertainment destination stretches over an area of 30.6 million square feet on the road between Dubai and Abu Dhabi, the AED13 billion complex features three main theme parks – Hollywood themed Motiongate, Legoland Dubai and Bollywood Parks.
Algeria’s Sonatrach commissions new refining plant studies
Algerian oil and gas company Sonatrach signed contracts on Sunday with Spanish firm Tecnicas Reunidas and British-based Amec Foster Wheeler to undertake studies for two new refinery processing plants, Chief Executive Amin Mazouzi said.
Oil prices rise in anticipation of tighter 2017 market
Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices.
Brent crude futures, the international benchmark for oil prices, were trading at $55.57 per barrel at 0401 GMT, up 36 cents, or 0.7 per cent, from their last close.
Half of employers see UK’s allure fading with Brexit: Survey
Half of British employers think the country’s attractiveness as a place to invest and hire will diminish over the next five years as it leaves the European Union, an annual business survey showed on Monday.
The Confederation of British Industry (CBI) and recruitment agency Pertemps Network Group said there was scant sign that uncertainty around Brexit had hurt companies’ hiring plans for next year or plans for pay increases.