Economics and Politics
Oil prices at around $100 a barrel are reasonable for both consumers and producers, Saudi Arabia’s Oil Minister Ali Al Naimi said on Monday, again highlighting the top crude exporter’s preferred oil price.
Driven by a big surge in exports, Dubai’s non-oil foreign trade jumped 13 per cent in 2012 to Dh1.235 trillion ($336 billion) figures released by Dubai Customs show.
Dubai’s trade with Iran plunged by a third in 2012, the Dubai customs authority said on Monday, an indication of how much US financial sanctions are hurting Iranian business with the rest of the world.
Companies and Business
Saudi Telecom Co (STC) has appointed the company’s chairman as acting chief executive, two sources familiar with the matter said on Monday, in the latest management upheaval at the Gulf’s No.2 operator.
The Dubai Multi Commodities Centre (DMCC) has hosted the first transaction on its new sharia-compliant commodity trading platform, a deal done between two local banks, company officials said on Monday.