The Middle East is a region that continues to provide exciting business news stories week after week, and this week is no exception. Here are some of the top business news stories that have been making headlines this week:
1. Dubai’s Real Estate Market Impacted by Pandemic
The global Covid-19 pandemic has impacted Dubai’s real estate market, particularly luxury properties. However, the market has shown some signs of recovery in recent weeks. According to Property Finder, there has been a 51% increase in the sale of prime villas in Dubai in the first quarter of this year compared to the same period in 2020.
2. Saudi Aramco Reports Strong Earnings
Saudi Arabian Oil Co., or Saudi Aramco, just announced their earnings for the first quarter of 2021, which exceeded analysts’ estimates. Net profits reached $21.7 billion, aided by higher oil prices and improved demand for petroleum products.
3. Egypt’s Tourism Industry Prepares for a Boost
Egypt’s tourism industry, which has been heavily impacted by the pandemic, is preparing for a post-pandemic comeback. To aid in the recovery, the government plans to increase investments in tourism projects, including resort developments on the Red Sea. The industry anticipates an increase in tourists this year, with bookings already up by 30% in some areas.
4. Qatar Airways Continues Expansion
Qatar Airways has been steadily expanding its network in recent months, despite the pandemic. Last week, the airline announced it will be launching flights to Abidjan, Côte d’Ivoire in June. The airline has also announced plans to increase flights to locations such as Cape Town, Mauritus, and Seychelles, in an effort to capture the upcoming rebound of travel demand.
5. Kuwait Petroleum Corporation Launches New Initiative
Kuwait Petroleum Corporation (KPC) launched a new initiative this week aimed to reduce the company’s carbon footprint. The initiative aims to reduce the amount of greenhouse gas emissions generated by KPC through a series of sustainable practices, including the development of carbon capture, renewable energy projects, and green hydrogen production.
These are just some of the top business news stories of the week in the Middle East. The region continues to innovate and adapt, even in the face of the global pandemic, and we can expect to see more exciting developments in the weeks and months ahead.
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