Finance World

A strong week for energy and metals helped give the Bloomberg Commodity Index its best week in six. Renewed dollar weakness provided some overall support while the re-balancing process and worries about new US sanctions on Iran supported oil. A dovish Fed and weak inflation data supported gold while industrial metals surged higher as Beijing continued its efforts to curb supply in order to reduce pollution ahead of the Chinese Communist Party Congress and the coming winter.

DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation Sultan bin Sulayem pointed out that Dubai plays a pivotal role in sustaining and developing the information technology sector thanks to its adoption of latest technologies and applications. 

The Middle East Facility Management Association (MEFMA) has forecasted that the value of Saudi Arabia’s flourishing facilities management (FM) market is expected to reach USD 49.82 billion by the end of 2030. The statement is part of a report commissioned by MEFMA, also showing that the expected growth can be attributed to key drivers that include steadily booming real estate, tourism, and retail sectors.

The Dubai Land Department has reported that sales of off-plan properties at this year’s Cityscape Global totalled more than AED870 million,with a steady stream of sales expected in the coming month off the back of the event’s success, which the show organisers report welcomed 45,500 participants during the three days,a growth of almost 20 per centyear on year.

The GSMA today published a new report, titled The Mobile Economy: Middle East and North Africa 2017, highlighting that operators in the Middle East and North African (MENA) region1 will be amongst the first in the world to launch commercial 5G networks. The new study, which was published at the GSMA Mobile 360 Series – MENA conference in Dubai, forecasts that there will be more than 50 million 5G connections across the MENA region by 2025, with 5G networks covering approximately 30 per cent of the region’s population by that point. The report also highlights how mobile broadband (3G/4G) networks account for about half of total mobile connections in the MENA region today and are forecast to increase to 70 per cent of the total by the end of the decade2.