5G in the UAE - GN Business
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00:00Hello and welcome to gulf news daily business wrap-up. This is Sudesh and I'll
00:04take you to the stories that are making headlines today. This week is busy in
00:08terms of conferences so today we had the international telecommunication
00:12conference for 2018 and UAE is been trying to put infrastructure in place to
00:18roll out 5G by 2020. UAE will be one of the few countries that will be
00:23implementing this technology of the fast speed network. In other news tomorrow
00:28will be the first day of the global Islamic economic summit which will
00:33basically discuss about the innovation and sustainability in the Islamic
00:37economy. The Islamic economy is pretty big in terms of numbers 2.1 trillion
00:42dollar worth of market in 2017 as far as lifestyle is concerned. In other news
00:46Saudi Arabia has been benefiting from high oil prices. Remember there has been
00:51many fold jump in oil prices which has impacted the economy positively. Consumer
00:56spending is up, balance sheets are looking good. In the third quarter of
00:592018 consumer spending rose by 9% much more than what was expected.
01:04Remember we had a weak first half as far as consumer spending went. In other
01:09international news IBM decided to buy Red Hat a cloud computing company for
01:1537 billion dollars. It's a premium of about $80 per share of Red Hat. Remember
01:21last week Red Hat shares closed at about $116 per share and IBM will offer
01:29shareholders about $190 per share. On that exciting note this is the end of
01:34daily wrap-up. Thanks for watching.