Breaking Arabian Business News: Insights Into the Latest Industry Developments
The Arabian business landscape is always evolving and buzzing with industry developments that both local and international companies must constantly monitor to stay ahead of the competition and make informed decisions.
In this article, we will provide you with insights into the latest breaking Arabian business news to help you stay up-to-date with the latest industry developments.
Oil prices surge as OPEC+ agree to production cuts
On July 18, 2021, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, agreed to increase oil production by 400,000 barrels per day. This move aims to stabilize oil prices and help boost the economic recovery from the COVID-19 pandemic.
On the same day, oil prices surged to new highs, with Brent crude oil trading at $73.88 per barrel and West Texas Intermediate crude oil at $71.89 per barrel. As a result, businesses in the energy sector are poised to reap higher profits and potentially invest in other areas of their business.
Saudi Arabia plans to become a major hydrogen producer
The Saudi Arabian government has announced an ambitious plan to become a major hydrogen producer and exporter by 2030. This plan seeks to support the kingdom’s broader vision of reducing dependence on oil and diversifying its economy.
Hydrogen is seen as a critical fuel of the future, with companies exploring its use in various industries, including transportation and power generation. Saudi Arabia has a significant advantage in this area due to its abundance of renewable energy sources, such as solar, wind, and geothermal.
The government aims to leverage this advantage and become a major player in the global hydrogen market, with an estimated revenue of $200 billion by 2030.
Dubai launches manpower exchange platform to support SMEs
Dubai’s Department of Economic Development (DED) has launched a new online platform to facilitate the exchange of skilled and unskilled manpower among small and medium-sized enterprises (SMEs) in the Emirate.
Known as Wasel, the platform aims to address the issue of labor shortages and help SMEs in Dubai access the talent they need to grow and thrive. Wasel provides a comprehensive database of available workers, allowing businesses to hire as per their requirement in a timely and cost-effective manner.
SMEs represent a significant portion of the Arabian business landscape, and this initiative will undoubtedly foster more entrepreneurship and innovation in the region.
Conclusion
The Arabian business landscape is constantly evolving, and keeping up with the latest industry developments is crucial to staying ahead of the competition. The above breaking news stories are just a snapshot of the myriad developments in the Arabian business landscape.
Businesses that can anticipate and adapt to the ever-changing business environment are those that will thrive and succeed in the long run. As always, staying informed and keeping abreast of the latest Arabian business news will be key to this success.
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