John Defterios from CNN Arabic reports on how the UAE is cautiously returning back to normality after a tight lockdown to control the spread of Covid-19 infections. The most symbolic move is the re-opening of the world’s biggest shopping mall, Dubai Mall albeit at smaller capacity.
With oil prices still struggling and the IMF predicting a loss of more than USD 250 billion in oil export revenues, Dr Carole Nakhle, CEO of Crystol Energy, cautions against forecasts of rapid recovery. She states that the Middle East and North Africa as a whole will remain hostage to low oil prices for some time because of limited economic diversification.
“Relevance beyond the crisis: The oil market crunch”, Dr Carole Nakhle, May 2020
“IMF MENA Regional Economic Outlook – Panel Discussion on the Impact of Covid-19, Oil Price Shocks and the Way Forward”, Dr Carole Nakhle, April 2020
“Webinar: Host Governments and Oil Companies in Today’s Market Conditions and Trends”, Dr Carole Nakhle, April 2020