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While the coronavirus continues to rage worldwide, so many things have happened in the Middle East, particularly in the UAE and Saudi Arabia, that some of the top stories this week might have slipped under your radar. Zawya takes a look at the five business stories this week that you shouldn’t miss.
Ban on international haj pilgrims in Saudi
For the first time, international pilgrims who may wish to make the annual Islamic pilgrimage in Saudi Arabia next month won’t be allowed entry. The kingdom has not only decided to limit the number of domestic pilgrims to around 1,000 in a bid to curb the spread of coronavirus, it will also ban Hajj visitors from abroad. The country’s religious sites, Mecca and Medina usually attract around two million people during the annual pilgrimage.
Record deal for Abu Dhabi’s gas pipelines
While the pandemic continues to decimate business revenues, Abu Dhabi National Oil Company (ADNOC) has something to cheer about as it just secured a multi-million-dollar deal with a consortium of global infrastructure and institutional investors. The transaction will allow an investor group to lease 38 pipelines for a 20-year period and result in upfront proceeds of more than $10 billion to ADNOC.
More jobs axed in UAE
However, for some businesses, the grim outlook continues. Dubai’s largest bank, Emirates NBD, started cutting hundreds of jobs this week as the economic fallout of the coronavirus crisis accelerated planned lay-offs. It’s not clear how many people lost their jobs, but one source said the bank let go of about 10 percent of the workforce, equivalent to approximately 800 people.
Some property investors return to market after reopening
As the UAE attempts to restart the local economy by allowing businesses to operate at full capacity and lifting coronavirus restrictions, the real estate market is finally seeing some buyers jumping back into business.The first three weeks of June recorded a 9 percent increase in realty sales compared to the previous month, with investors keeping an eye out for ready properties.
World’s first climate-controlled “Raining Street” in Dubai
Despite the pandemic, the UAE hasn’t stopped making world record attempts. The home of the world’s tallest tower, largest picture frame and biggest shopping mall is about to introduce another world-first: a climate-controlled “Raining Street.”
Work on the one-of-a-kind boulevard has just started, the developer Kleindienst Group said this week. It will have year-round rainfall and will be one of the top tourist attractions in the $5 billion Heart of Europe development taking shape at The World Islands. It will span one kilometer and will be surrounded by hotels, resorts, cafes and retail outlets.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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