Here’s what you need to know in UAE business and globally on this Monday morning:
• IMF head Lagarde speaks on the UAE
Christine Lagarde is making her first visit to the country as head of the fund this week, and she told The National that a raft of liberalising measures are needed "to accelerate diversified growth led by the private sector". This comes as Abdulla Fareed Al Gurg, the group general manager of Easa Saleh Al Gurg Group, warned that companies here are facing a liquidity crunch. "There is a bit of pessimism right now, but it is not 2008. It's not that dramatic, but unless we snap out of it soon it will be worse this year," he said.
• Smart choices in Barcelona
The Mobile World Congress has kicked off in Barcelona, with Samsung first out of the blocks with its new Galaxy S7 smartphone. It's received a lukewarm reaction due a lack of new features and an appearance that is much the same as the S6.
• Oil gains with talks to be concluded
Brent oil rose as Russia said talks on an output freeze will be done by March 1, while Nigeria said some countries should have production capped at higher levels. After the agreement last week between Russia, Qatar, Saudi Arabia and Venezuela to cap output had little impact on the oil price - especially after Iran failed to commit - Brent rose slightly this morning to $33.63.
• Brighter times ahead for Arabtec?
The Dubai contractor reported a yearly loss of Dh2.3 billion yesterday but the fourth quarter losses eased compared to the other quarters and the company is now taking a more aggressive approach towards getting paid for work it has carried out and is also going to take "a more selective approach to project tendering".
• Into the lion's den
Saudi oil minister Ali Al Naimi faces a tricky task tomorrow when he speaks at the annual IHS CERAWeek conference in Houston. He will be going face-to-face with the US shale producers who are suffering after the Saudi decision to keep the pumps flowing despite the fall in prices - which has seen many shale producers go bankrupt and tens of thousands of jobs lost.
business@thenational.ae
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