Middle East Experience

The United Arab Emirates has achieved the goal of its National COVID-19 Vaccination Campaign, announcing that 100 percent of the targeted categories have been vaccinated, state news agency (WAM) reported on Thursday.The national campaign aimed to vaccinate and immunize frontliners, volunteers, and individuals from the age groups specified according to the type of vaccine, the elderly as well as those who suffer from chronic diseases and who can take the vaccine.The UAE has through the Ministry of Health and Prevention worked to make the COVID-19 vaccine available to citizens and residents of the country in order to reach acquired immunity and hence decrease the number of COVID-19 cases and control the spread of the virus.For more coronavirus news, visit our dedicated page.The UAE earlier this year topped the list of countries with a population of over one million in addressing the COVID-19 pandemic, in terms of rate of fully vaccinated individuals, according to an index released by Our World In Data.The UAE also ranked second globally in terms of the number of tests conducted per 1,000 people, fourth in terms of vaccinated individuals per 100 people, and first in recipients receiving at least one vaccine dose,With inputs from Al Arabiya English’s Jennifer BellRead more: Peanut, shellfish allergies may be protecting people against COVID-19: StudySpike in Mumbai cases pushes India’s COVID-19 infections to month highJapan tax official arrested over COVID-19 aid fraud
Source: Al Arabiya
Full Article: UAE achieves 100 percent COVID-19 vaccination target

From rent, to food, fuel and utility bills, expatriates in the United Arab Emirates are beginning to feel the pinch of the global cost-of-living crisis.As COVID-19 affected global supply chains, climate events disrupted food production and agriculture, and geopolitical pressure and turbulence have caused a spike in energy prices. As a result of this, UAE-based expats told Al Arabiya English that they are now changing their spending habits.For all the latest headlines follow our Google News channel online or via the app. This comes as a leading consumer expert warned that Dubai’s “casual spenders” will become victims of the cost-of-living crisis should they not change their spending habits and financial mindsets.Kate Hardcastle, a British broadcaster and business consultant known for her retail and consumer-related work, told Al Arabiya English: “The cost-of-living crisis is everywhere – from the UK to the US to the UAE; It is incredibly prevalent.“This has been an issue that has been arising for months for many factors.”This included a knock-on effect from the COVID-19 crisis, which caused issues in supply chains, weather-related crises hampering crop outputs, and high inflation outstripping wage increases, leading to a fall in “real” disposable incomes in addition to the recent energy crisis.Hardcastle said, while those with lesser income are usually the victims of the cost-of-living crisis, it is also those who are failing to reign in their spending after “finding freedom” following the COVID-19 pandemic.“There has been a jubilation after the restrictions from COVID-19 pandemic lifted,” she said. “People feel they were savvy about money and were working from home and not spending during the crisis.”Now that has ended, many are determined to go back to planning holidays and spending as they would before, said Hardcastle.“People have a newfound vigor about spending, which makes me think the worst is yet to come with the cost-of-living crisis.“Originally, the people I was affecting were those feeling the effects of the rising price of fuel and food. That’s because, simply put, food, fuel, public transport and heating a house: That’s a bigger part of a spend if it’s an income that is small. So, if those prices go up you have less to maneuver.“But now you have another situation. People are saying, ‘I am going on holiday,’ ‘I am having a night out’ – all while heading into increasing costs.”Hardcastle said this could be especially prevalent in Dubai where the ‘keeping-up-with-the-Joneses’ lifestyle sees people choosing to carry on with lavish spending rather than tightening their belts.This, she said, will lead to a “paradigm shift of people dipping into their savings rather than pressing forward with their savings goal” and ultimately facing “really challenging times” in the future.Hardcastle said this can be avoided by people being “financially-open” about their saving goals to friends and family.“In a lot of cultures all over the world, it is not the status quo to talk about finances – such as the British ‘stiff upper-lip.’ People will still shove bills metaphorically into drawers. It’s an embarrassment factor.“The cost-of-living crisis is an absolute undeniable present issue in our times created by a storm of issues that is not the consumer’s fault. However, consumer habit, social media, the pressure to fit in, the mental habits of many of us… it is not helping.“The cost-of-living crisis is against a backdrop when you have a constant need to perform, go to the latest brunch, go on holiday… but there comes a point when we need an open conversation.“We need to treat finances with respect -- most people do not give it the time of day. They will never put time down with bills at home. I understand -- the fear of addressing finances is overwhelming -- but some people cannot be bothered. Be friends with your finances and over time it will pay you back in droves.“Remember; if you have to ask the price, often you cannot afford it.”Creeping costsArnab Ghosh, a 45-year-old Indian expatriate, has lived in Dubai for decades and has watched the prices of food, rent and services creep up.“I've been here since the era of free parking across the (much smaller) city -- across the nation, for that matter.“There was a time when a falafel sandwich cost a Dirham, and a shared taxi ride from Dubai to Sharjah would cost AED 4.“Coming back to the 21st century given the aftermath of the restrictions due to COVID-19, and recent world events, prices were bound to go up.“COVID-19 drove Europeans to seek a second home in Dubai. Starting from Q2 last year, that resulted in a surge in the sales (and consequently the prices) of luxury real estate. The rest of the market followed suit, piggybacking on the advent of Expo 2020.”Rents went up, further aided by the introduction of new visa categories, one of which was for expats working in other countries being able to live in Dubai.“Real estate and fuel prices, combined with the rising cost of logistics since last year, have had a direct impact on the cost of living, with prices of basic commodities rising to meet the higher operating costs of doing business.“I'm not sure how exactly, but in some manner this is reminiscent of 2008-09: After a sharp rise in the cost of living, it all nose-dived.”Lebanese expat and Dubai-based educator Lynn Habbal, 30, told Al Arabiya English that the rise in living costs has been affecting her livelihood lately.“The rising cost of living here is beginning to take a toll on my livelihood. At first, it did not seem to be the case, a dirham or two difference at the grocery store, or the slight raise in gas prices wasn’t a big deal.“Now, as the items in my grocery bag are getting lighter, the purchasing amount is getting higher. Now, long distances have become a serious issue to consider in choosing where I live or work or spend my free time.The rise in fuel prices have affected her mobility, as she has recently been reconsidering longer trips that would require more gas.“[The rise in] fuel costs have impacted my mobility drastically. It’s unfortunate for me too, since employers aren’t likely going to raise the transportation allowance.“I do consider finding a job in a country less expensive than UAE, but I’m limited with my options, it’s not easy finding a place I could call home -- not even my own country can be called home due to the political and economic situation.”Brazilian expat and Dubai-based business owner Nicole Gurgel, 29, who has lived in the UAE for most of her life, told Al Arabiya English she has observed an increase in prices and that it has been affecting her day-to-day business expenses for her e-commerce business.“Yes, the prices of food have increased, the price of petrol has increased and the rent prices are starting to go up again so it’s been a bit of a hit on all sides,” said Gurgel.“I have not considered moving back to my home country because the UAE is home for me and even with this cost-of-living crisis, it’s still better than living back in Brazil due to the safety and opportunities that we get here.”“The highest price increase is definitely petrol. Given that we are in a city where we have to drive everywhere, the petrol prices affect everything, like the cost of shipping – which as a business owner, I have to work with on a daily basis.“All the deliveries and commuting has become a lot higher than what it used to be.”Echoing Gurgel’s sentiment, 31-year-old communications consultant and Malaysian expat Shalini John said that she was “definitely feeling the impact” of the increased cost of living.“The hike in fuel prices recently... it has almost doubled in the last two years. As a subsequent result of this, the price of goods has also increased. As an expat living in Dubai, we were used to living a certain lifestyle, we’re worried that might change now.”“The highest price increases I observed recently were mostly fuel price hikes and things like groceries and daily necessities.”The Malaysian expat said that despite the spike in food and gas prices, she was not planning to move back to her home country any time soon.“We love Dubai and appreciate the opportunities we have here, but it is concerning. We will have to evaluate the situation in the next few years.”UAE companies are also seeing consumer patterns shift with the cost-of-living crisis.Soham Shah, CEO of Selfdrive.ae, said, with the cost of cars going up and the recent hike in fuel prices, consumer patterns for commuting and need for transportation are seeing a shift.“Companies and individuals have already started opting for on demand car rentals as against purchasing given the surge the overall cost.Since the past month, we have witnessed an increase in car rental reservation by 30 percent.“This is mainly because on demand car rental offers one stop cost -- all-inclusive services such as insurance, maintenance, tires, batteries & even replacement in case of a damage, which serves as a great convince to manage cost of living as you are in total control over the monthly cost.”Patthama Chaklang, from Cafe Isan in Dubai, said both businesses themselves and their customers are feeling the pinch.“Real time increases are about 25 percent to 30 percent with fixed and variable costs both going up. We’re seeing increased weekend business but a slight drop during weekdays, possibly due to a change in consumer habits but it’s too early to be sure.”Read more:The end of fish and chips? COVID-19, Brexit, and Ukraine war threaten a UK traditionUK credit card borrowing to soar as cost-of-living crisis hitsUK Labor leader Starmer wants emergency budget to address cost-of-living crisis
Source: Al Arabiya
Full Article: UAE expats feel pinch of the cost-of-living crisis, experts urge spending ‘reset'

Yemen’s warring parties have agreed to renew a two-month truce, the United Nations said Thursday, in an 11th-hour move on the day it was set to expire.“I would like to announce that the parties to the conflict have agreed to the United Nations’ proposal to renew the current truce in Yemen for two additional months,” the UN special envoy on Yemen, Hans Grundberg, said in a statement.“The extension of the truce comes into effect when the current truce period expires, today 2 June 2022 at 19:00 Yemen time (1600 GMT).”Yemen has been gripped by conflict since the Iran-backed Houthi militia took control of the capital Sanaa in 2014.For the latest headlines, follow our Google News channel online or via the app.Grundberg added the truce was extended under the same terms as the previous one.Aid groups in Yemen have touted the benefits of the truce, which went into effect in April. Beyond opening Sanaa airport to some commercial flights - a lifeline to Yemenis needing medical care abroad - the truce has allowed oil tankers to dock in the Houthi-held port of Hodeida, potentially easing fuel shortages in Sanaa and elsewhere. But a provision for the Houthis to ease their siege of Yemen’s third-largest city Taiz has yet to be implemented, to the anger of the government which is demanding roads to the city be opened. Meanwhile, the Houthis have called on the government to pay the salaries of public sector employees working in areas under their control. “In order for the truce to fully deliver on its potential, additional steps will need to be taken, particularly on the matters of road openings and commercial flight operations,” Grundberg said.“I will continue engaging with the parties to implement and consolidate all elements of the truce in full, and move towards a sustainable political settlement to the conflict that meets the legitimate aspirations and demands of Yemeni women and men.”Read more: Yemen PM expresses support for extending truce in meeting with US envoyFlight leaves to Cairo from Yemen capital as truce expiry loomsUS warns talks on Yemen truce in ‘trouble’
Source: Al Arabiya
Full Article: Yemen’s warring parties renew two-month truce: UN

The World Bank Group (WBG) and Saudi Arabia’s Ministry of Finance launched the “Saudi Fellowship Program” to provide Saudi nationals with more job opportunities at the WBG headquarters in Washington, the ministry said in a statement on Thursday.The program aims to help Saudi professionals build their skills in the finance field, increase their representation in the workforce at the WBG, and build on the skills of young Saudi talent in technical areas of critical importance to sustainable development.For all the latest headlines follow our Google News channel online or via the app.The ministry said that Saudi fellows will greatly benefit from the exposure provided by the program to an international work environment, as well as on-the-job training and mentoring and leadership development opportunities.The agreement was signed by Assistant Minister of Finance for Macro-Fiscal Policies and International Relations Abdulaziz al-Rasheed and the World Bank’s Regional Director for the GCC Issam Abousleiman.“The program aims to recruit young Saudi talents in technical areas of critical importance to the global development agenda,” said Abousleiman.The new program offers a unique opportunity for qualified professionals who have a passion for international development to contribute to solving some of the world’s most pressing issues, the ministry said.The opportunities will involve working with governments, civil society groups, the private sector, and other companies in developing countries in all areas of development, from policymaking and strategy to the identification, preparation, appraisal and supervision of development projects. It will help Saudi talent build their technical capacity and prepare them to take leading positions in international and regional organizations.“This program comes in line with the Kingdom’s 2030 Vision which aims to strengthen the capabilities of young talents locally and globally and ensure they are equipped for the jobs of the future,” added al-Rasheed.Under Vision 2030, the Kingdom has made great strides in successfully diversifying its economy and boosting several sectors in the Saudi market, making them more profitable and putting them on the map globally to attract foreign interest and investment.Under the program, Saudi fellows will work full-time, joining field missions and learning key aspects of WBG work.The agreement is part of a wider effort launched by the Kingdom’s finance ministry through the Saudi Executive Office at the World Bank to identify, grow and develop national professionals at the WBG.Interested candidates can apply to the Saudi Fellowship Program on the ministry’s official website.Read more:Investcorp-backed Al Borg picks banks for Saudi Arabia IPOSaudi Arabia’s NEOM launches regreening initiative to plant 100 mln trees by 2030Saudi Arabia’s FSDP launches ‘Global Award for Islamic Finance’
Source: Al Arabiya
Full Article: World Bank, Saudi finance ministry launch fellowship program for Saudi talent

The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.The decision Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession.The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the US. There are fears that elevated energy prices could slow the global economy as it emerges from the pandemic.For the latest headlines, follow our Google News channel online or via the app.OPEC has resisted pleas from the White House to increase oil supply to make up for production lost due to sanctions against Russia after its invasion of Ukraine.That, along with a European Union agreement to end most oil imports from Russia, has pushed prices higher. Gasoline and diesel prices have also been rising due to a lack of refining capacity to turn crude into motor fuel.In the US, crude prices are up 54 percent since the beginning of the year and gasoline prices are being pulled along.The US saw a record high average gasoline pump price on Thursday of $4.71 per gallon, according to AAA. The price of crude makes up about half the price of gasoline at the pump in the US, and prices could go even higher as the summer driving season gets under way.High gas prices for drivers are a potential factor in US politics with mid-term Congressional elections approaching later this year.In Germany, the government has sought to soften the blow to consumer finances from energy inflation by launching deeply discounted transit passes that enable unlimited use of local trains, subways and buses for 9 euros ($10) per month.OPEC+ decisions have been complicated by the group’s failure to meet its production targets due to underinvestment and other roadblocks in some member countries. Actual production has lagged the scheduled increases.Read more:Moscow calls EU move to phase out Russian oil ‘self-destructive’Libya oil company says broken pipeline causing crude spill into desertOil firms on EU’s Russian oil ban and end of Shanghai lockdown
Source: Al Arabiya
Full Article: OPEC+ alliance boosts oil production as energy prices soar

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Source: Albawaba
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Source: Albawaba
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Source: Albawaba
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