Economy

Markets

“Indian Rupee Depreciates Against UAE Dirham, Ending Nine-Day Upward Trend”

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The Indian rupee, after a continuous nine-day ascent, experienced a setback by depreciating 11 paise to reach 82.97 against the US dollar (23.05 against the UAE dirham) in early trading on Tuesday. This shift was attributed to the strength of the US dollar against major global currencies and subdued sentiment in the equity markets. Despite some foreign fund inflows providing support, the Indian currency faced challenges from volatile crude oil prices. The rupee opened weaker at 82.95 and extended its decline to 82.97 against the US dollar in the initial trade, reflecting a loss of 11 paise from its previous close.

Markets

“UAE Gold Prices Witness Further Decline, Decreasing by Dh3 per Gram in the Last 24 Hours: Is it the Right Time to Buy?”

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“UAE Gold Prices Experience Decline, Dropping by One-and-a-Half Dirham: Global Rates Influence Precious Metal’s Value Gold prices in the UAE witnessed a decrease of one-and-a-half dirham on Wednesday morning, aligning with the global rate drop. The 24K variant of the precious metal opened at Dh245.25 per gram, compared to the previous night’s closing rate of Dh246.75 per gram. Similarly, 22K, 21K, and 18K variants were also trading lower at Dh227.0, Dh219.75, and Dh188.5 per gram, respectively. The 24K variant of gold has seen a decline of Dh3 per gram since Tuesday morning when it was trading at Dh248.25 per gram, attributed to the continued strengthening of the US dollar. Globally, spot gold dropped by 0.4 percent to $2,020.24 per ounce at 9:22 am UAE time, marking its most substantial single-day decline since December 4, 2023. Federal Reserve governor Christopher Waller emphasized on Tuesday that, while inflation was nearing the central bank’s 2 percent goal, the Fed should not hastily lower interest rates until sustained lower inflation becomes evident. Analysts, including Alex Kuptsikevich, senior market analyst at FxPro, attribute the decline in gold prices to the impact of a strengthening dollar following overly optimistic expectations for an interest rate easing cycle set by policymakers in Davos. Kuptsikevich noted that the technical pullback behind the dollar’s strength comes after markets exceeded expectations, anticipating rate cuts at every Fed meeting since March. He added that further dollar strengthening could significantly increase pressure on gold, diminishing its attractiveness against the backdrop of high yields on US bonds supported by the growth of the US currency.”

Infrastructure

“Dubai to Construct New 4-Lane Bridge, Capable of Accommodating 14,400 Vehicles per Hour in Both Directions”

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Dubai’s Roads and Transport Authority (RTA) has unveiled plans for a 1.4km four-lane bridge connecting Dubai Islands and Bur Dubai, marking a significant development in the Al Shindagha Corridor Improvement Project. This initiative aims to enhance connectivity and accessibility in the region. The bridge, spanning the Dubai Creek between the Infinity Bridge and the Port Rashid Development Project, will offer direct entry and exit points on the Bur Dubai side. According to the RTA, the bridge will measure 1,425 meters and feature four lanes in each direction, accommodating a total capacity of 16,000 vehicles per hour in both directions. Elevated 15.5 meters above the waters of Dubai Creek, the bridge will also incorporate a 75-meter-wide canal, facilitating the passage of various types of ships. The project includes provisions for dedicated lanes catering to cyclists and pedestrians, promoting sustainable modes of transportation. To enhance accessibility, two elevators will be installed at both ends of the bridge for the convenience of pedestrians and cyclists. Additionally, surface roads extending approximately 2,000 meters will be constructed to connect with existing roads on both ends of Dubai Islands and Bur Dubai. The formal agreement to construct this bridge, connecting Dubai Islands and Bur Dubai, was signed by Mattar Al Tayer, RTA Director General and Chairman of the Board of Executive Directors, and Mohammed Ibrahim Al Shaibani, Chairman of the Board of Directors of Nakheel, on Wednesday. Al Tayer emphasized that this project is a pivotal component of the Al Shindagha Corridor Improvement Project, one of the largest initiatives currently undertaken by the RTA with an estimated cost of Dh5.3 billion. He highlighted the strategic significance of the corridor, which will serve Deira and Bur Dubai, along with various development projects such as Dubai Islands, Dubai Seafront, Dubai Maritime City, and Port Rashid. The corridor is anticipated to benefit around one million people, significantly reducing travel time from 104 minutes to just 16 minutes by 2030. The time saved over 20 years is estimated to be worth approximately Dh45 billion. Al Shaibani emphasized that the Dubai Islands will become easily accessible by both land and sea through well-planned road bridges and water transport, further enhancing the connectivity and convenience of the region. The project is scheduled for completion in 2026, contributing to the ongoing development and infrastructure enhancements in Dubai.

Infrastructure

“Dubai Plans Construction of 40 Air-Conditioned Rest Areas for Delivery Riders”

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Dubai’s RTA to Build Air-Conditioned Rest Areas for Delivery Riders Dubai’s Roads and Transport Authority (RTA) is set to construct air-conditioned rest areas for delivery riders across the city to enhance road safety and reduce the risks of accidents. Approximately 40 such rest areas will be strategically located to offer amenities for delivery riders, promoting their well-being and encouraging compliance with traffic laws. Two rest areas in Al Barsha are already completed, with the remaining facilities scheduled for construction in three phases. The rest areas, equipped with snack dispensers, water coolers, and phone charging stations, aim to provide a comfortable environment for riders while waiting for new orders. The project is part of RTA’s commitment to fostering a suitable working environment for delivery riders, addressing the significant growth in the delivery business in recent years. Note: The article heading is a concise summary of the content.

Energy

“Saudi Aramco Invests $4 Billion in Venture Capital Program”

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Aramco Boosts Venture Capital Program with $4 Billion Injection Saudi Aramco plans to significantly increase its venture capital program by injecting an additional $4 billion, more than doubling the total capital allocated to Aramco Ventures. The move aims to provide financial backing for transformative solutions and support businesses at various stages of development globally. Before this new allocation, Aramco Ventures managed three funds: the Digital/Industrial Fund ($500 million), the Prosperity7 Fund ($1 billion), and the Sustainability Fund ($1.5 billion). The venture capital program aligns with Aramco’s long-term strategy, focusing on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies. Ahmad Al Khowaiter, Aramco Executive Vice President of Technology and Innovation, stated, “By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level.”

Energy

“Tesla Cybertruck and Nissan Leaf Among Electric Vehicles Losing US Tax Credits”

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Electric Vehicles, Including Tesla Cybertruck and Nissan Leaf, Lose US Tax Credits Under New Battery Sourcing Rules Washington: Effective Monday, several electric vehicles, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive, and Chevrolet Blazer EV, are no longer eligible for tax credits of up to $7,500, according to the U.S. Treasury. The new rules, outlined in December, focus on battery sourcing requirements to reduce reliance on China in the U.S. electric vehicle supply chain. The eligibility for U.S. EV tax credits has dropped from 43 to 19 models, considering different versions of the same vehicle type. Some manufacturers are yet to submit information on eligible vehicles, potentially leading to further changes in the list. Under the new guidelines, buyers can claim the tax credit at the point of sale, with limits on vehicle price and buyer income. Vehicles like the Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, BMW X5 xDrive50e, Audi Q5 PHEV 55, Cadillac Lyriq, and Ford E-Transit no longer qualify for the tax credits. Volkswagen expressed optimism that its MY2023 ID.4s and all MY2024 ID.4s will be eligible under the new rules after confirming their eligibility for the federal EV tax credit. Automakers are adjusting their supply chains to ensure compliance with the new clean vehicle credit, partnering with allies, and bringing jobs and investment back to the United States, according to the Treasury. Ford Motor announced last month that its E-Transit would lose the $3,750 tax credit, along with the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid. However, the F-150 EV Lightning and the Lincoln Corsair Grand Touring retained credits. General Motors noted that all its EVs, except the Chevrolet Bolt, would temporarily lose eligibility. The Lyriq and Blazer EV are losing the credit due to two minor components, but GM expects them to regain eligibility in early 2024 after a sourcing change. The Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV, and Cadillac OPTIQ produced after the sourcing change will be eligible for the full incentive. The 2022 Inflation Reduction Act reformed the EV tax credit, requiring vehicles to be assembled in North America to qualify, eliminating nearly 70% of eligible models at the time.

Banking & insurance

“Workforce Turbulence: U.S. Top Banks Cut Over 17,000 Jobs in 2023; Additional Layoffs on the Horizon?”

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Major U.S. Banks Trim Workforces by 17,700 in 2023: Further Layoffs Expected? Wells Fargo, Bank of America, and Citigroup collectively reduced their workforces by a total of 17,700 employees in the previous year, as reported in their fourth-quarter earnings. The decline in dealmaking and softened borrower demand prompted these banking giants to either lay off employees or refrain from replacing those who departed. In contrast to the trend, JPMorgan Chase, the largest lender in the nation, continued to expand its workforce for the third consecutive year. The banking industry faces ongoing challenges in 2024, with potential headwinds in commercial real estate and proposed capital rules that may lead banks to curtail lending. The economic uncertainty of the previous year weighed on dealmaking, impacting Wall Street businesses. While the S&P 500 banks index recorded a 7% increase in 2023, it lagged behind indexes tracking industrial or consumer discretionary companies. Citigroup experienced a workforce reduction of 1,000 employees, bringing its total to 239,000 in 2023. The bank outlined plans to cut an additional 20,000 jobs over the next two years as part of a broader reorganization and business changes. Bank of America and Wells Fargo saw their workforces contract by approximately 2% and 5%, respectively, during the same period. In contrast, JPMorgan increased its employee count by more than 16,200, marking the third consecutive year of expansion. The bank acquired failed lender First Republic Bank in a rescue deal in May 2023, contributing to its consistent growth. Goldman Sachs and Morgan Stanley are expected to disclose their latest headcount figures in the coming week. As of September’s end, both banks had collectively cut over 4,300 jobs compared to the previous year. Goldman Sachs conducted its largest round of layoffs since the 2008 global financial crisis earlier in 2023 but expressed readiness for selective investments in headcount by October.

Banking & insurance

“UAE Takes Center Stage: Actively Engages in World Economic Forum Annual Meeting 2024”

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Dubai: UAE Announces Active Participation in the 54th World Economic Forum 2024 in Davos-Klosters The UAE proudly declares its engagement in the 54th edition of the World Economic Forum (WEF) 2024, scheduled to be held in Davos-Klosters, Switzerland, from January 15th to 19th. Over 100 prominent personalities, including heads of national companies, corporate leaders, government officials, and senior business figures, will represent the UAE, with 80 percent of the delegation comprising major national companies and private sector representatives. This year’s UAE participation underscores the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to enhance the country’s global leadership across various cooperation and partnership domains. It aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, aimed at strengthening the UAE’s global economic key role and competitiveness while fostering sustainable national and global economies. Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, emphasized the UAE’s commitment to international dialogues and knowledge exchange on pivotal sectors. The UAE’s active involvement in the World Economic Forum reflects its dedication to fostering global economic development, prosperity, and well-being. Under the theme “Impossible is Possible,” the UAE’s pavilion at the forum will host media conferences, bilateral meetings, and sessions involving major private sector companies, CEOs of national firms, and officials from both the government and private sectors. The UAE’s participation spans five consecutive days, featuring press conferences, public and closed sessions, committee meetings, and panel discussions covering economic, diplomatic, educational, and technological topics. The UAE and WEF share a strategic partnership, with Minister Al Gergawi joining the WEF Leadership Council during the 2023 forum. This partnership, initiated during the World Economic Forum 2022, involves cooperation in innovation, technology, artificial intelligence, and Fourth Industrial Revolution solutions. With a history of over 20 years of participation, the UAE’s engagement in the World Economic Forum provides a platform for major national companies and the private sector to exchange experiences, solidify partnerships, and contribute to global cooperation and collaborative action. The 2024 forum, themed “Rebuilding Trust,” will bring together over 3,000 influential figures, leaders, and decision-makers to address global challenges, discuss solutions, and build partnerships across various economic and developmental sectors, contributing to sustainable development and addressing key international challenges.

Aviation

“Dubai Soars: Emirates Announces Plans to Recruit 5,000 Cabin Crew; Unveils Eligibility Criteria”

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Emirates Airlines Launches Ambitious Recruitment Drive: Plans to Hire 5,000 Cabin Crew Members in 2024 Dubai-based Emirates Airlines is embarking on an extensive recruitment campaign, aiming to bring onboard 5,000 new cabin crew members in the year 2024. This initiative aligns with Emirates’ strategic move to introduce its long-anticipated A350s from mid-year and the Boeing 777-Xs, scheduled for delivery starting in 2025. The airline’s order book includes 65 A350s and a combination of 205 Boeing 777-9s and 777-8s. The primary focus of this recruitment drive is on individuals entering or recently entering the workforce. Emirates is particularly interested in candidates with fresh graduate credentials, internship experience, or part-time job exposure, as well as those possessing about a year of hospitality or customer service background. To be eligible for consideration as Emirates cabin crew, candidates must meet the following criteria: Emirates’ recruitment team plans to conduct open days and assessments in over 460 cities across six continents to identify suitable candidates. In 2023, Emirates significantly expanded its cabin crew, hiring 8,000 individuals and organizing recruitment events in 353 cities as part of its post-pandemic service ramp-up. By August 2023, the airline surpassed the 20,000 cabin crew milestone, reaching a strength of 21,500. Cabin crew members at Emirates enjoy a host of benefits, including a competitive tax-free salary, flying pay, profit share eligibility, hotel stays, layover expenses, concessional travel and cargo privileges, annual leave, furnished accommodation, transportation to and from work, comprehensive medical, life, and dental insurance coverage, laundry services, and discounted flight tickets for friends and family. The Emirates cabin crew community represents more than 140 nationalities, speaking a total of 130 languages. Career progression opportunities are available, allowing crew members to advance to higher cabin classes, and pursue roles as cabin supervisors, pursers, or trainers. With 1,180 pursers who climbed the career ladder, Emirates provides internal vacancy opportunities throughout the Emirates Group. New cabin crew recruits undergo an intensive eight weeks of training at Emirates’ state-of-the-art facility in Dubai, acquiring transferable skills in communication, initiative, leadership, effective teamwork, and the ability to thrive under pressure. Access to the latest training programs and LinkedIn courses further supports ongoing development for Emirates cabin crew members.

Aviation

“Fog Woes: Over 160 Indian Flights Experience Delays and Cancellations as Dense Fog Disrupts Air Traffic”

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Dense Fog Continues to Disrupt Northern India: Over 160 Flights Delayed and Cancelled The grip of an intense cold wave, shrouded in dense fog, persists across northern India, causing significant disruptions in air travel for the third consecutive day. More than 160 flights have been affected, with New Delhi, the capital, experiencing delays and cancellations at its international airport. According to Flightradar24, the aviation site, New Delhi’s international airport witnessed 128 delayed flights and 33 cancellations. The repercussions extended to flight schedules nationwide, creating a cascade effect. At 8 am, visibility at the airport was reported to be as low as 50 meters (164 feet), with weather officials anticipating similar conditions throughout the week. The winter chill in New Delhi hit its lowest temperature at 3.3 degrees Celsius on Monday, leading to the delay of around 500 flights and the cancellation of 87. Passengers expressed their frustration through heated arguments with airline staff, captured in images circulated on television and social media. One video even depicted passengers having dinner while waiting on the tarmac for a delayed flight. To address the situation, authorities are expediting efforts to utilize an additional runway equipped with the CAT III navigation system. This system enables aircraft to land safely even in conditions of low visibility, providing a potential solution to alleviate the disruptions caused by the persistent dense fog.

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