UAE supports ‘unconditional increase’ in oil production
The UAE supported an increase in oil output from August but suggested deferring to another meeting a decision by Opec+ on extending its global oil supply pact beyond April 2022, the Ministry of Energy and Infrastructure said on Sunday. The Organisation of the Petroleum Exporting Countries (Opec) and its allies, a group known as Opec+, will resume talks on Monday after failing to reach a deal on oil output policy on Friday as the UAE opposed some aspects of the pact.
“The UAE backs an output increase from August as the market is in dire need of higher production. It is willing to extend the agreement further, if required, but asks that baseline production references — the level from which any cuts are calculated — be reviewed to ensure that they are fair to all parties,” according to the energy ministry statement. The UAE and its international partners have invested significantly in growing its production capacity and believes that, if/when the agreement is extended, the baseline reference figures should reflect its actual production capacity, rather than the outdated October 2018 production reference, the statement said.
Dutch businessman granted UAE’S 10-year golden visa
Dubai-based Dutch businessman Bilal Moti has been granted a 10-year Golden Visa in the UAE. Bilal Moti, managing partner of Windmills Valuation Services, has been a UAE resident for over five years and received his Golden Visa on July 4.
“I am very honoured to be granted a 10-year Golden Visa by the UAE authorities. It further enhances our love, sense of contribution, and commitment to the country,” said Moti. The UAE is a distinguished country in many ways, he noted. “Its leadership, safety, pro-business regulations, advanced infrastructure, diversity, excellence in many economic sectors, and no income tax environment make it one of the most suitable countries for living, working and investing here.” Moti added, “Dubai was the first city in the region to offer expats a freehold right on real estate properties almost 20 years ago, freehold ownership of the business in free zones about 10 years ago, and now the first one again to allow businessmen 100 percent ownership of their companies.” In 2019, the UAE implemented a new system for long-term residence visas that enable foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland. These visas are issued for five or 10 years and will be renewed automatically.
Dubai summit to debate future of $6.8t global digital economy
The course of the $6.8 trillion global digital transformation will be the key topic to be discussed by world leaders from various spectra at the fourth edition of the Global Manufacturing and Industrialisation Summit, which the UAE is hosting from November 22-27. The agenda of GMIS 2021 will spotlight the importance of data intelligence and connectivity, highlighting the evolving integration of humans and machines, reinventing businesses, repurposing capabilities, and rewiring societies. The discussion at the summit, to be held at Expo’s Dubai Exhibition Center, will take place across several formats, including panel sessions, presentations, interactive workshops, networking events, youth sessions, fireside chats and interviews with prominent industry experts. According to the International Data Corporation (IDC), direct digital transformation investments are expected to total $6.8 trillion between 2020 and 2023, and 65 percent of the world’s GDP is set to be digitalised by 2022. This will be driven by the accelerated adoption of digitalisation and the heightened demand for contactless solutions and cloud services. “Under the theme ‘Rewiring Societies: Repurposing Digitalisation for Prosperity’, GMIS2021 will draw on key global leaders from government, business, and civil society to discuss and debate how data and connectivity are becoming the leading factors shaping the future of supply chains, green manufacturing, sustainable energy, climate action, policymaking, and resilient global economies,” the event’s organisers said.
UAE private sector outlook improves for 7th consecutive month
The UAE non-oil private sector saw a slightly weaker improvement in business conditions in June, but the outlook for future activity improved for the seventh month in a row. The UAE’s private sector also recorded the fastest growth in nearly two-and-a-half years, in terms of new job creation, according to the headline seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI) for June released on Monday. Data for June showed IHS Markit UAE PMI slipping marginally from 52.3 in May to 52.2 in June to signal a moderate expansion in the non-oil economy that was the slowest since February.
Majority of GCC mobile traffic will be on 5G networks beyond 2023
The majority of mobile traffic in the GCC region will be on 5G network beyond 2023, with new data by Ericsson predicting that the GCC region will have 62 million 5G mobile subscriptions by the end of 2026. Speaking in a webinar on Monday, Zoran Lazarevi, chief technology officer at Ericsson Middle East & Africa, highlighted how the 5G landscape is set to change the GCC’s technology and communications landscape. Citing new data from the 20th edition of the Ericsson Mobility Report, he revealed that 5G will account for 73 percent of all mobile subscriptions in the GCC by 2026 – the second highest 5G market penetration globally. North East Asia is expected to account for the largest share of 5G subscriptions by 2026, with an estimated 1.4 billion 5G subscriptions According to Ericsson’s new report, 5G mobile subscriptions will exceed 580 million globally by the end of 2021, driven by an estimated one million new 5G mobile subscriptions every day. This means that 5G is on track to become the fastest adopted mobile generation.