x Abu Dhabi, UAEFriday 28 July 2017

The 5 important things in business right now

Here’s what you need to know in UAE business and globally on this Monday morning.

Gas flares from an oil production platform at the Soroush oilfields in Iran. Raheb Homavandi / Reuters
Gas flares from an oil production platform at the Soroush oilfields in Iran. Raheb Homavandi / Reuters

Here’s what you need to know in UAE business and globally on this Monday morning:

The oil price rally appears to be over

After a four-day advance, the oil price rally has met resistance at $35 a barrel. “Unless we begin to see some tangible news emerge on production cuts, we’re getting toward the limits of this rally,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said. “Oil will struggle to get past $36.” Will interested parties agree to a production cut?

US carriers re-open the Open Skies row

It’s been a while since words were publically exchanged across the Atlantic between the US carriers and Gulf airlines, but American, Delta and United have claimed that bookings from Orlando, San Francisco and Chicago to the region and beyond were down by as much as 13.3 per cent following the entry of Emirates, Etihad Airways and Qatar Airways on those routes.

Better bank results

Last week wasn’t the best for UAE bank results - NBAD’s Q4 net profit was down 25 per cent, while Mashreq’s was 13.7 per cent lower. There’s been a better start this week, however, with ADCB reporting a 16 per cent rise and FGB saying that its net income in the fourth quarter gained 11 per cent to Dh1.71bn versus Dh1.55bn in the same period the previous year, boosted by “other operating income”.

• DXB still No 1 for international passenger traffic

Traffic exceeded 78 million in 2015, the airport announced this morning. And it’s set to continue growing with Concourse D slated to open this quarter.

• Dubai residents await fire insurance claims

A month on from the fire at The Address Downtown Dubai hotel and residents are waiting to find out whether they are covered by Emaar’s own building insurance.

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