Daily brief: Gold hits almost 4-week high, Lebanon to resume oil tenders
Here are the top 7 business stories of the day.
Gold hits near 4-week high as dollar retreats
Gold touched a nearly four-week high on Wednesday as the dollar edged back from a 14-year peak and physical demand from major consumers China and India increased. (READ HERE)
New Lebanese government approves oil decrees to start stalled tender process
Lebanon’s new government has passed two decrees concerning oil and gas exploration blocks, meaning a tender process for offshore reserves, stalled since 2013, can begin. Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented it from kick-starting exploration and development of the sector. (READ HERE)
Libya’s oil output close to 700,000 bpd
Libya’s oil production is close to 700,000 barrels per day after the restart of two major oil fields, an official from the NOC state energy company has said.
Dubai ruler’s wife will chair UAE Food Bank initiative
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, has appointed his wife, Sheikha Hind bint Maktoum bin Juma Al Maktoum, as chairperson of the board of trustees of the UAE Food Bank. The initiative, aimed at eliminating food waste and distributing it to those in need, was launched on Wednesday as the emirate marked 11 years of the accession of Sheikh Mohammed. Also, 2017 has been declared UAE’s Year of Giving initiative.
Egypt’s non-oil business activity shrinks for 15th consecutive month, but decline slows
Business activity in Egypt shrank for the 15th consecutive month in December, although at a slower pace than the previous month, as inflation caused purchase costs to rise at a near-record pace, a survey shows. (READ HERE)
Dubai airport passenger traffic up 9.4 per cent in November
Passenger traffic at Dubai International Airport, the world’s busiest for international travel, rose 9.4 per cent in November from a year earlier to 6.58 million people, the airport’s operator has said. (READ HERE)
Expat tenants in Abu Dhabi face 3 per cent municipality fee
Abu Dhabi has started to charge the expatriate living in the emirate a fee equivalent to 3 per cent of annual rent for their apartments and villas. The tenants also will have to pay municipality charges for 11 months of last year as the law stipulating the fee was approved in February 2016.