Wednesday 28 October 2020

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MOVE BOON TO MILLIONS OF EXPATS
Saudi to scrap sponsorship system, bring in work contract

Saudi Arabia is set to abolish the sponsorship system from the first half of 2021, a landmark move set to benefit over one million expatriates. This system, which has been in force for seven decades, will be replaced by the work contract, said a report.

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LEAD DESIGN CONSULTANT
SNC-Lavalin unit wins Six Flags Qiddiya theme park contract

SNC-Lavalin, a leading engineering and construction group, said its Atkins business has been awarded the lead design consultant services contract by Saudi-based Qiddiya Investment Company (QIC) for its Six Flags Qiddiya theme park project in the kingdom.

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2

‘REBOUND EXPECTED BY Q3 2021’
International arrivals down 70% as Covid curbs bite

Restrictions on travel due to the Covid-19 pandemic continue to hit global tourism hard, with the latest data from the World Tourism Organization (UNWTO) showing a 70% fall in international arrivals for the first eight months of 2020.

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3

SPOTLIGHT
Airlines unable to cut costs enough to save jobs: IATA

The airline industry cannot slash costs sufficiently to neutralize severe cash burn to avoid bankruptcies and preserve jobs in 2021, said IATA in new analysis, noting that recovery has been delayed due to new Covid-19 outbreaks.

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4

ANALYSIS
5G and edge: unlocking new possibilities

With 5G we'll see an entirely new range of applications enabled by low latency of 5G and the proliferation of edge computing – transforming the art of the possible, said professional services firm Accenture in a new report.

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Top Trade News

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Industry Sectors

Construction & Real Estate

Alstom, Hyundai land big Baghdad metro project

A consortium led by Alstom, a global leader in rail transport and sustainable mobility, and Hyundai Engineering & Construction have signed a memorandum of intent with Iraq's government for the implementation of the Baghdad Elevated Train (BET) project.

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Retail & Wholesale

Al Taher, Al-Futtaim to introduce Ikea at Oman mall

Al Taher Group, a diversified business group in Oman, has signed a strategic agreement with the UAE based conglomerate Al-Futtaim Group to introduce globally renowned furniture brand Ikea, at Oman Avenues Mall, in Muscat.

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Energy, Oil & Gas

Med-Red, Israel’s EAPC sign tie-up for oil transport

Med-Red Land Bridge (MRLB), a UAE-Israel joint venture, has signed a partnership with Israeli state-owned EAPC to create a land bridge for transferring of oil and oil products from the UAE and other Eastern markets to the Western markets.

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Finance & Capital Market

Bahrain banking sector’s centennial celebration next Tuesday

The Bahrain Association of Banks (BAB) is organising a grand celebration on the occasion of the 100th anniversary of the establishment the banking sector in the kingdom.

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Analysis, Interviews, Opinions

AI can save GCC govts $7bn a year: report

The efficiencies generated by artificial intelligence (AI) technology can support Middle Eastern government budgets by up to $7 billion annually, said Oliver Wyman, a global leader in management consulting, in a new report.

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Industry, Logistics & Shipping

UAE outlines key challenges facing mining sector

Leading players in the energy and industrial sector joined senior government officials and investors at a key event, Mining Show Virtual, which put the spotlight on the daunting challenges facing the sector and also discussed the future roadmap.

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Travel, Tourism & Hospitality

IATA further cuts 2020 traffic forecast for Mideast

Full-year 2020 passenger numbers in the Middle East (to/from/within) are forecast to reach only 30% of 2019 levels, down significantly from the 45% that was projected in July, the International Air Transport Association (IATA) said.

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IT & Telecommunications

Etisalat Q3 net profit up 6% to $653m

Etisalat Group, the leading telecom service provider in the UAE, today reported a 6% increase in consolidated net profit for the third quarter (Q3) 2020 to AED2.4 billion ($653 million), resulting in a net profit margin of 18%.

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Lifestyle

Infiniti launches QX80 luxury SUV in Middle East

The 2021 Infiniti QX80 full-size luxury SUV has launched in the Middle East, featuring added equipment, innovative new technologies and stylish features befitting its luxury status, in addition to a new ‘Black Edition’ grade.

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Health & Environment

Expo 2020 joins Mastercard in planting 100 million trees

Mastercard has announced that Expo 2020 Dubai has joined as a strategic partner the Priceless Planet Coalition, which unites the efforts of consumers, financial institutions, merchants and cities to fight climate change.

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Media & Promotion

Lockheed Martin interns showcase new AI solution

Top-performing Emirati interns at Lockheed Martin, the US-based global technology leader, recently showcased their work on advanced technology projects to senior UAE defence industry officials.

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Education, HR & Training

New autonomous underwater robot does successful run

A state-of-the-art underwater survey robot being developed by a collaboration of companies from across the UK is on schedule for completion next spring after a successful first demonstration.

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Miscellaneous

Baker McKenzie-SparkBeyond AI tie-up to reimagine legal industry

Leading global law firm Baker McKenzie and cutting-edge problem-solving platform SparkBeyond have announced a market-first collaboration to apply SparkBeyond's technology to disrupt the legal industry and reimagine what legal services might look like for

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