Value of non-oil trade at Dh1.3 trillion in Dubai, and e-commerce sees double-digit increase in Middle East and North Africa. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00The value of non-oil trade in Dubai remained flat at 1.3 trillion dirhams in 2018 compared
00:08to 2017 amid trade tensions across the world and the global economic growth slowdown.
00:13The chairman of DP World, Sultan Bin Salaim, said, however, that he thought the non-oil
00:17trade in Dubai was flexible and agile enough to overcome any trade challenges.
00:21In other local news, UAE production levels of oil will continue to drop until global
00:25oil markets stabilize, according to the country's energy minister, Soheil al-Mazrouei.
00:30The energy minister said on Twitter on Sunday that the country will, quote, continue to
00:34deliver on the OPEC and non-OPEC commitments for production adjustments until global markets
00:39rebalance.
00:40The output cuts, which seek to take off 1.2 million barrels of oil every day, took effect
00:45in January.
00:46And finally, e-commerce in the Middle East and North Africa grew by double digits in
00:502018 compared to 2018, as payment volumes increased by nearly a third during that time.
00:56The number of online transactions in the region also jumped by 44% in 2018 compared to 2017.
01:02And a report by Visa says that online shopping in the Middle East and North Africa is expected
01:07to grow by threefold up until 2022.
01:10For more details on these stories and more, please check us out at gulfnews.com forward
01:14slash business.
01:15This has been the Daily Business Wrap.
01:16Thank you so much for watching.
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