S & P Expects Weak Tourism To Weigh On Dubai Economy Until Late 2022

PARIS, France – Dubai is set for a ‘modest’ recovery this year on the back of a high vaccination rate in the United Arab Emirates and limited COVID – 19 restrictions, but weak international tourism will drag on the economy until late 2022, S & P Global Rating said. The economy of the Middle East trade, … More S & P Expects Weak Tourism To Weigh On Dubai Economy Until Late 2022

Zara Owner To Charge For Paper Bags In Spanish Stores In Push For Reuse

MADRID, Spain – The owner of the fashion brand Zara, Inditex, will start charging 10 euros cents ($0.12) for paper bags from next week at all of its shops in Spain as part of a push for sustainability and packaging reuse, the company said on Friday.  The world’s biggest fashion retail will roll out the … More Zara Owner To Charge For Paper Bags In Spanish Stores In Push For Reuse

UAE Oil Minister Says Energy Demand Peaking, Important To Maintain Market Balance

PARIS, France – Demand for energy and especially natural gas is peaking, the oil minister of the United Arab Emirates said on Thursday, adding that it was important to maintain balance in the market. The minister, who was speaking on the sidelines of an energy forum in Moscow, also said that the United Arab Emirates … More UAE Oil Minister Says Energy Demand Peaking, Important To Maintain Market Balance

Macron Unveils 30 – Bln Euro Plan For Innovation And Industrial Revival

PARIS, France – France wants to be a leader in green hydrogen by 2030 and build low – carbon planes and small nuclear reactors as part of a 30 billion euro ($35 billion), investment plan, President Emmanuel Macron said on Tuesday. Macron said the road map, dubbed ‘France 2030’, would ensure France decarbonizes its industry … More Macron Unveils 30 – Bln Euro Plan For Innovation And Industrial Revival

Saudi To Supply Additional Crude TO Some Asian Refiners In Nov – Sources

PARIS, France – Saudi Aramco has agreed to supply additional crude to at least three Asian buyers in November, while meeting full contractual volumes for four others, sources with knowledge  of the matter said on Monday. Full supply volumes were expected for the month, one of the source said. The world’s top oil exporter has … More Saudi To Supply Additional Crude TO Some Asian Refiners In Nov – Sources

Geneva Motor Show Postponed Further Until 2023

PARIS, France – The organizers of the Geneva International Motor Show said on Thursday that they would not organize the event next year due to ‘industry wide issues relating to the COVID – 19 PANDEMIC’. The organisers said in a statement that direct and indirect issues linked to the pandemic left them ‘with no alternative’. … More Geneva Motor Show Postponed Further Until 2023

Saudi Non – Oil Business Growth At Seven – Year High In Sept – PMI

MILAN, Italy – Saudi Arabia’s non – oil private sector grew in September, with new orders rising at the fastest rate in seven years, a business survey showed, as a relaxation of COVID – 19 restrictions on activity and travel boosted customer demand. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) surged to … More Saudi Non – Oil Business Growth At Seven – Year High In Sept – PMI

Saudi Launches $13 Bln Plan To Turn Costal Region Into Tourism Hub

Milan / Italy – Saudi Arabia’s crown prince Mohammed bin Salman launched a 50 billion riyal ($13 billion) strategy on Tuesday to develop the Aseer region on the Red Sea coast into a tourism hub that would attract 10 million visitors by 2030. The aim is to develop tourist attractions in the mountains area and … More Saudi Launches $13 Bln Plan To Turn Costal Region Into Tourism Hub

Qatar Airways Annual Losses Double On Pandemic, Impairments

Milan / Italy – Qatar Airways Group on Monday reported a doubling of annual losses to 14.9 billion riyal ($4.1 billion), hit by the COVID-19 collapse in long – haul travel and aircraft impairment charges. The state – owned group, which includes the airline and other aviation assets, said it booked a one – off … More Qatar Airways Annual Losses Double On Pandemic, Impairments

Saudi Arabia’s SIIG And Petrochem Plan Merger Through Share Exchange

Dubai/UAE — Saudi Arabian petrochemicals companies Saudi Industrial Investment Group (SIIG) and the National Petrochemical Company (Petrochem) said on Tuesday they had signed a non – binding agreement on  a proposed merger. The deal would consist of a share exchange offer made by SIIG to acquire the remaining 50% of Petrochem that SIIG did not … More Saudi Arabia’s SIIG And Petrochem Plan Merger Through Share Exchange