Growth in Q2 was reasonably strong at 3.4%, up from 2.9% in Q1. The growth came despite the continuation of the OPEC-led oil production cuts, in which Bahrain is participating voluntarily (as it
is not a member of OPEC). Saudi Arabia’s strong support for Bahrain provides a backstop to the economy in the event of a crisis, such as reserves depletion.
Expect higher UAE loan, credit card interest rates, say analysts UAE residents who are planning to take out a loan or are juggling multiple credit card balances can expect to spend more out of their pockets on interest rates in 2018.The UAE Central Bank announced last week it would raise its key interest rate by 25 basis points, just after the US Federal Reserve announced a similar adjustment.Analysts have warned that the move would lead to higher consumer expenses on the cost of personal loans, car loans, mortgages and credit cards.
Petrofac Wins Contracts Worth $960 Million in Oman and Iraq UK.-headquartered oilfield services company Petrofac has announced it has secured two contracts in the Middle East worth a combined $960 million, one in Oman and the other in Iraq.The larger of the two was a lump-sum contract worth approximately $800 million awarded by BP for the second phase of a central processing facility at the Khazzan gas field in Oman. The contract will see Petrofac help drive an increase in total production capacity for the facility to 1,500 mmscfd (million standard cubic feet per day).
Bitcoin Futures Launch Prompts Price To Peak Bitcoin, the largest cryptocurrency in global markets, clocked an all-time high price of $17,448 on Tuesday, according to Coin Desk‘s price index. It rocketed from $13,159 on December 10 to its peak of $17,448, a 32.5% increase in just three days.The blockchain-based digital currency reached its peak price two days after U.S. derivatives exchange Global Markets launched bitcoin futures; a move that aimed to legitimize the unregulated digital currency, which has been associated with ransomware attacks and other illegal activities.
MEVP Invests in Dubai Logistics Startup One Click Middle East Venture Partners (MEVP) has invested an undisclosed amount into Dubai-based One Click Delivery Services, a last-mile delivery startup, the venture capital firm said in a statement. It’s the first investment announced by the Dubai-headquartered venture capital firm since September 2017, when it launched the $250 million Middle East Venture Fund III (MEVFIII), which is focused on early and growth-stage tech companies in the Middle East, North Africa and Turkey. MEVP’s new fund is part of a strategic partnership with Dubai businessman and founder of e-commerce platform Noon.com Mohamed Alabbar.
Majid Al Futtaim and Image Nation Abu Dhabi Invest in U.S. VR Startup US.-based virtual reality entertainment startup Dreamscape Immersive has closed a $30 million series B round from a group of investors including Dubai-based conglomerate Majid Al Futtaim and media company Image Nation Abu Dhabi. Other investors in the round included Nickelodeon, 21st Century Fox, Warner Bros., Bold Capital Partners and VRSense Solutions Limited. Dreamscape Immersive will use the funding to expand operations, develop content and further its global expansion into new territories.
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