00:00Good afternoon and welcome to the Gulf News Business Wrap. I'm Ed Clouse and our top story
00:05today is the UAE cabinet has officially approved long-term residency visas, 10 years in the
00:12UAE for investors of over 10 million dirhams, five years for investors of 5 million dirhams
00:18and for inventors, creators, scientists and doctors, there will also be long-term residency
00:23visas on offer. And for students of exceptional potential, over 95% or 3.7% on their GPA,
00:32they too will be able to get long-term residency visas, not just for them but for their entire
00:36families as well. So we'll have more details on that as those become available including
00:41a date of implementation. Elsewhere, after 20 months of deliberations, the EU's 27 countries
00:47have confirmed the UK's agreement to leave the EU. Theresa May put forward her plan today
00:53in Brussels, outlining the UK's orderly withdrawal from the European Union. The plan was confirmed
01:00by Europe's countries and now it's just a case of the UK agreeing to its own plan internally.
01:07And lastly, oil prices for 2019 may yet be decided at the G20 meeting at the end of this
01:14week. World leaders will meet in Argentina on November 30 to discuss world issues, key
01:20among them being the price of oil for 2019. Despite OPEC meeting the following week, many
01:27analysts say that this coming week will be the more important meeting between the countries
01:32with Russian President Vladimir Putin, US President Donald Trump and Saudi Crown Prince
01:37Mohammed bin Salman all in the same room at the same time. President Putin and Mohammed
01:42bin Salman both want higher oil prices as two of the world's largest oil exporters.
01:48Donald Trump has made it very clear he wants oil prices to be lower, so the question becomes
01:53when they're all in the same room, who wins? We'll wait to see on Friday the agreements
01:58that they can come to on the price of oil and whether they'll be cut. But right now
02:02oil is at its lowest price in over a year over concerns about oversupply.
02:08That's all for today. I'm Ed Clouse. Please check in tomorrow and we'll be back with more news then.
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