Daily brief: Alabbar’s new e-commerce site, Dubai releases energy report
Here are the top seven business stories you need to know today from Dubai and the larger MENA region.
Saudi Arabia lists first real estate fund
Saudi Arabia’s bourse listed Riyadh REIT, its first real estate fund, expecting more listings to follow in coming months to stimulate non-oil economy.
Launched by Riyadh Capital, the investment arm of Riyadh Bank, REIT was capitalised at $133 million and aims to invest in four Saudi cities. (More on this story here)
Dubai business mogul Alabbar, Saudi fund to launch $1billion e-commerce platform
Prominent Emirati businessman, Mohammed Al Abbar partnered with Saudi Arabia’s Public Investment Fund (PIF) and other private investors to launch a $1 billion e-commerce platform focused on the Middle East.
Noon.com plans to become dominant in the region, and reportedly may go for IPO in five to seven years. (More on this story here)
Iran opens three new oil fields to further boost production
Iran opened three oilfields with a total production of more than 220,000 barrels per day (bpd) on Sunday, as the country ramps up its production after the lifting of sanctions.
President Hassan Rouhani officially launched the first phases of the Yadavaran and North Azadegan fields as well as the North Yaran field, which are shared with neighbouring Iraq, the Iranian oil ministry’s news agency SHANA reported.
Egypt markets continue to rally over IMF loan
Egypt’s stock market gained for a 12th straight session on Sunday after the International Monetary Fund approved a $12 billion loan for the country.
The IMF loan approval had been widely expected, but it added fresh fuel to a rally caused by Egypt’s decision to float its currency on Nov. 3, which has created hopes for major inflows of foreign money. (Find out how Egypt managed to get the loan here)
Oil steady near multi-month lows on OPEC record output
Oil prices upheld Monday at multi-month lows, as prices were dragged down by worries about oversupply after a recent report showed production levels at oil producing countries hit record high this month. (OPEC plays chicken game while oil prices fall: Read here)
Dubai authority launches State of Energy report
HE Saeed Mohammed Al Tayer, Vice Chairman of Dubai Supreme Council of Energy and MD and CEO of Dubai Electricity and Water Authority (DEWA), launched the State of Green Economy Report 2017, a United Nations Development Programme (UNDP) backed publication.
The report aims to help the UAE sustain its economic growth, while keeping the green economy as the fuel for this growth
Facebook’s influence over US elections controversy continues
Facebook has been pushing to downplay the social network’s role in the US presidential elections, after a surprise win for Republican candidate Donald Trump over his Democrat rival Hillary Clinton.
Facebook Inc chief executive Mark Zuckerberg again rejected the idea that the social network affected the US presidential election, saying it is “extremely unlikely” news hoaxes changed the outcome.