Daily brief: Top 7 business stories October 19, 2016
Here are the top 7 business headlines you need to know today:
GCC non-oil economy to grow by 1.75 per cent in 2016
The International Monetary Fund (IMF) revealed that the economic activity in the GCC region is projected to slow down this year despite continued expansion in hydrocarbon output. The fund said fiscal tightening and declining liquidity in the financial sector are projected to reduce non-oil growth in the region to 1.75 per cent in 2016, down from 3.75 per cent last year. In 2017, the growth is projected to pick up to three per cent as the pace of fiscal consolidation eases.
Emirates to suspend Dubai-Abuja service
Emirates Airline will suspend its four times weekly service between Dubai and Nigeria’s capital Abuja starting October 30, a company spokesman said on Wednesday.
The airline will continue to serve Nigeria with a daily flight to and from the country’s most populous city, Lagos, he added.
The announcement comes just a day after Emirates President Tim Clark said the airline could reduce the frequency of flights to Africa or cut them altogether because of persistent financial challenges on a continent that has seen steep currency declines.
Dubai ranks 16th among world’s top innovation-driven cities
Dubai is placed 16th on a ranking of 28 global cities that are currently considered the most prominent players in the field of innovation and creativity.
On Dubai Chamber’s Innovation Index, the Middle East city registered an innovation rate of 39.14 per cent. Dubai has also progressed to 11th place in the world for efficiency in innovation outputs.
Ooredoo Oman CEO resigns
Ooredoo Oman, the sultanate’s No.2 telecom operator which is majority-owned by Qatar’s Ooredoo, said its chief executive Greg Young had resigned.
The company said its board appointed chief financial officer Jorgen Latte as acting chief executive in the interim until a new CEO is appointed.
Egypt to send new investment law to cabinet next month
A draft of a new investment law will be sent to the Egyptian cabinet next month, Investment Minister Dalia Khorshid said. The new law will focus on the diversification of incentives and guarantees for investors, the minister added. It has been in the works for six months.
Saudi’s SABIC says Q3 net profit falls 6.8 per cent on lower sales, prices
Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, reported a 6.8 per cent drop in third-quarter net profit, extending a profit slump amid a decline in the price and volume of sales.
SABIC made a net profit of SAR5.22 billion in the three months to September 30, down from SAR5.60bn in the year-earlier period.
Dubai airport bans Samsung Galaxy Note 7
Dubai’s airports have prohibited all passengers from carrying Samsung Galaxy Note 7 Smartphones on any airline flying from the city.
“In light of advisories from various aviation regulatory bodies and concerns raised by Samsung about its Galaxy Note 7 Smartphones, passengers are advised that these devices are prohibited on all flights leaving Dubai International and DWC,” a statement from the operator of Dubai Airports read.
This follows a ban imposed by UAE-based airlines on the Samsung Galaxy Note 7 Smartphone earlier this month after the South Korean manufacturer stopped production and recalled more than 2.5 million phones due to faulty batteries. Reports had emerged that batteries in the Note 7 were overheating and exploding since its launch in August.