Sunday, April 23, 2017

Business News


Saudi Aramco chief warns of looming oil shortage

The head of Saudi Aramco is warning of a looming oil shortage. CEO Amin Nasser said there’s been a trillion dollar drop in crude production investment since 2014. In an interview with Financial Times, he observed that 20 million barrels a day in production capacity was required to meet demand ...

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Saudi Prince Alwaleed is world’s richest Arab: Forbes

Forbes Middle East has unveiled its 2017 rankings of the World’s Richest Arabs. Saudi Businessman HRH Prince Alwaleed bin Talal remains at the top with an estimated net worth of $18.7 billion. For the first time, the UAE’s Majid Al Futtaim lands in the number two spot at $10.6 billion. ...

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Siemens to set up global logistics hub at Expo 2020 Dubai site

German industrial giant Siemens will use Dubai’s Expo site as its new global logistics hub after the event finishes in April 2021. Roland Busch, chief technology officer at Siemens, said: “This strategic decision highlights Dubai’s significance as a major player in global transport and logistics.” “Siemens’ decision is a vote ...

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Abu Dhabi Financial Group to launch REIT

Abu Dhabi Financial Group (ADFG) is the latest UAE company to launch a Real Estate Investment Trust, known as a ‘REIT’. The fund will include about AED 3 billion worth of property across the UAE. The company would start with a portfolio of 10 income-producing properties in four emirates. The ...

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Abu Dhabi villa prices drop 9% in first quarter of 2017

Villas in Abu Dhabi decreased in price by 9 per cent in the first quarter of 2017. A new report by Chestertons MENA blames a sluggish job market and shrinkage in the oil and gas sector for this result. When it came to the cost of apartments in the first ...

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