Daily brief: Dubai gets government accelerators, Russia ready for oil freeze
The emirate of Dubai launches the world’s first government accelerators. Meanwhile, Russia’s Putin says there is no difficulty for his country to freeze oil. Here are the top seven business headlines you need to know about today.
Dubai ruler launches government accelerators
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the world’s first government accelerators.
The first group of accelerators will focus on the Ministry of Interior, Ministry of Economy, Ministry of Human Resources and Emiratisation, Ministry of Climate Change and Environment, and Ministry of Education.
Putin sees no difficulties for Moscow to freeze oil output
Russia is ready to freeze its oil output – which is among the world’s highest – at current levels and there would be no problems for Moscow to do so, Russian President Vladimir Putin said.
Britain: May set to unveil new industrial “ambitious” strategy
UK Prime Minister Theresa May is set to unveil her new industrial strategy on Monday, pledging to spend billions of pounds on science, technology and research to spur a new, “ambitious” way of doing business in Britain.
Dubai to celebrate national day in retail stores
Shopping malls across the emirate of Dubai will have special National Day sales, featuring 60 per cent to 90 per cent off across the city from December 1 to 3, according to Dubai Tourism.
Abu Dhabi bank merger denial hits market
Abu Dhabi’s index dropped 1.7 per cent as Union National Bank retreated 5.2 per cent and Abu Dhabi Commercial Bank lost 2.7 per cent after both lenders issued separate statements on Sunday denying last week’s Bloomberg report speculating that the two lenders were involved in merger talks.
Greenland HK raises $300m for real estate fund with Kuwait
Greenland Hong Kong Holdings said its $8 billion real estate fund co-established with Kuwait Strategic Investor has raised $300 million in the first phase, but it has shelved plans to buy a stake in a luxury New York City development from its Kuwait partner.
Oil prices climb on expectation of OPEC-led output cut
Oil prices rose by roughly one per cent on Monday as OPEC members moved closer to an output cut to curb oversupply that has been keeping prices low for more than two years.