UAE Consumer Spending Soars; Saudi Arabia Drives GCC Unity Amid Global Oil and Policy Shifts
UAE consumer spending reaches $3.7 billion amid tech and consumer goods growth; Saudi Arabia and Russia reinforce OPEC+ oil commitments ahead of key meetings.
In the UAE, consumer spending surged to $3.7 billion in the third quarter of 2024, largely driven by gains in the fast-moving consumer goods and technology sectors, according to the NielsenIQ Retail Spend Barometer.
Meanwhile, oil prices fell as U.S. gasoline stocks rose unexpectedly, with markets eyeing a key OPEC+ meeting set for December 5, which might address a potential delay in the planned output increase due to changes in global demand dynamics.
Speaking of the region, Saudi Arabia continues to embrace diversity and promote equality, as exemplified by its Vision 2030 initiative, hosting over 13 million foreign residents and implementing reforms across work, tourism, and investment sectors.
Further keeping an eye on Saudi Arabia, its Foreign Minister Prince Faisal bin Farhan arrived in Kuwait for a critical GCC Preparatory meeting, as leaders aim to finalize the agenda for the upcoming GCC Supreme Council session set for December 1.
In a related note, Saudi Arabia joined forces with Russia and Kazakhstan to reaffirm their commitment to OPEC+ oil production cuts, emphasizing stability in the global market and reaffirming voluntarist measures.
Lastly, in European news, France has sparked debate by declaring Israeli Prime Minister Benjamin Netanyahu’s immunity from the ICC, a stance that has drawn criticism from human rights groups but highlights France's intention to pursue peace in the Middle East amidst diverse international opinions.
Meanwhile, oil prices fell as U.S. gasoline stocks rose unexpectedly, with markets eyeing a key OPEC+ meeting set for December 5, which might address a potential delay in the planned output increase due to changes in global demand dynamics.
Speaking of the region, Saudi Arabia continues to embrace diversity and promote equality, as exemplified by its Vision 2030 initiative, hosting over 13 million foreign residents and implementing reforms across work, tourism, and investment sectors.
Further keeping an eye on Saudi Arabia, its Foreign Minister Prince Faisal bin Farhan arrived in Kuwait for a critical GCC Preparatory meeting, as leaders aim to finalize the agenda for the upcoming GCC Supreme Council session set for December 1.
In a related note, Saudi Arabia joined forces with Russia and Kazakhstan to reaffirm their commitment to OPEC+ oil production cuts, emphasizing stability in the global market and reaffirming voluntarist measures.
Lastly, in European news, France has sparked debate by declaring Israeli Prime Minister Benjamin Netanyahu’s immunity from the ICC, a stance that has drawn criticism from human rights groups but highlights France's intention to pursue peace in the Middle East amidst diverse international opinions.
