Daily brief: Top 7 business stories you need to know Monday October 10
Here are the top business headlines you need to know today:
Sharjah’s Air Arabia ranked 3rd among top 50 airlines in the world
The region’s first low-cost carrier ranked third in the list of top 50 global airlines, compiled by UK-based Airfinance Journal and reportedly evaluating the performance of 137 airlines around the world.
Report: Samsung suspends production of Galaxy Note 7
Technology giant Samsung Electronics has reportedly announced that it is halting the production of its troubled Galaxy Note 7, units of which have been catching fire.
The firm was already struggling to recall all of the sold units to replace them, but fresh reports emerged earlier this week that many replacement phones were overheating and catching fire too.
Etihad Airways to support sports activities in Abu Dhabi
Abu Dhabi carrier Etihad Airways signed a three-year contract with the Abu Dhabi Sports Council (ADSC) to support sports activities and events in the Emirati capital.
Egyptian court hears appeal for Saudi island deal
Egypt’s Supreme Administrative Court held its first hearing of a government appeal to overturn a ruling made in June, reversing an agreement to hand over control of two Red Sea islands to Saudi Arabia.
Dubai Municipality works on detailed design for Aladdin City
The Dubai Municipality is working on a detailed design for Aladdin City, a district inspired by tales of Aladdin and Sinbad, set to be located on the Dubai Creek, local media reported.
Dubai signs AED184m deal with Ethiopia
A UAE trade mission visiting Ethiopia concluded its visit by signing an AED184 million agreement.
The deal was struck between S.S. Lootah International and Oromia International Bank SC of Ethiopia, to provide assistance in coffee, agriculture and livestock sectors.
Expatriates aged 60+ working in Saudi Arabia equivalent to two staff members
Any expatriate aged above 60 working in Saudi Arabia will be counted as equivalent to two employees under the Nitaqat Saudization program, the Ministry of Labor and Social Development announced, local media reported.
However, expats registered as investors, doctors or academics will be exempt from this formula.