Here’s what you need to know in UAE business and globally on this Monday morning.
• Clarity awaited on Doha oil meeting
The Qatari oil minister and current Opec president, Mohammed Al Sada, said last week that a meeting of "Opec and non-Opec producers" had been scheduled for April 17 in Doha. However, the purpose of the meeting remains hazy and it's not yet clear who will attend. Brent this morning fell for a second day, extending declines from a three-month high, as the number of drill rigs active in the US rose for the first time in three months amid the global glut. It was trading at $40.84 a barrel on the London-based ICE Futures Europe exchange.
• Apple to unveil new iPhone
Tim Cook will present a smaller, cheaper iPhone this evening, hoping to tap into the market of those who can't afford the iPhone 6S and 6S Plus, or who just want a more slimline handset. Read more here.
• Brighter times for China
China’s economy is showing signs of improvement while capital outflows from the country are moderating, top Chinese officials said on Sunday, seeking to shore up fragile investor confidence after recent market volatility. “We don’t want to shy away from saying that China’s economy is facing downward pressure, but overall the progress is steady,” Reuters reported vice premier Zhang Gaoli as saying.
• Brexit to hit UK jobs
Leaving the European Union might cost the UK £100 billion pounds ($145bn) in lost economic output and 950,000 jobs by 2020, the Confederation of British Industry said as it stepped up its campaign against a so-called Brexit. A vote to leave the bloc in the referendum prime minister David Cameron has called for June 23 “would cause a serious shock to the UK economy,” Britain’s main business lobby group said, citing a study it commissioned from PricewaterhouseCoopers of two Brexit scenarios. A referendum has been called for June 23. Bloomberg
• Arabtec wins big contract
The recent talk of Hasan Ismaik increasing his stake in the Dubai contractor has died down, but Arabtec are still in the news - this time for winning a Dh1.7 billion contract to build 1,100 houses for Emiratis in Fujairah. Read the full story here.
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