Daily brief: Emirates, Etihad cut jobs, Saudi Arabia discusses 2017 budget
Emirates and Etihad Airways are reviewing their workforce amid slow growth, while Saudi Arabia discusses its 2017 budget.
Gulf airline giants cut jobs amid slow growth
Dubai’s Emirates and Abu Dhabi’s Etihad Airways are reviewing their workforce as overcapacity and a stronger dollar put pressure on earnings. The cutbacks show a decrease in the rapid expansion the airlines experienced over the past few years.
Saudi’s top economic council discusses 2017 budget draft
Saudi Arabia’s top economic council met on Monday and discussed a draft of the oil-rich kingdom’s budget for 2017, state news agency SPA said.
“The council discussed a number of economic and development issues and took several needed recommendations including for the Ministry of Finance’s draft budget for the fiscal year 2017,” SPA said, referring to Saudi Arabia’s Council for Economic and Development Affairs.
Tankers duck at Libya port to load first crude in 2 years
An oil tanker docked at the east Libyan port of Es Sider on Monday to load the first cargo of crude since the terminal reopened following a two-year closure, port officials said.
Es Sider, Libya’s biggest export terminal, had been shut due to a blockade by a military faction since 2014.
Qatari bank trio in talks for potential $44bn merger
Qatari banks Masraf Al Rayan , Barwa Bank and International Bank of Qatar have begun initial talks for a potential merger, the banks said on Monday, in a deal that would create the Gulf state’s second-largest bank.
Saudi Arabia crude exports fall to 7.636m bpd in October: JODI
Saudi Arabia’s crude oil exports fell in October by 176,000 barrels per day from the month before, despite high production, but its refined products shipments rose as the kingdom expands its refining power, official data showed on Monday.
The world’s top exporter shipped 7.636 million barrels per day in October, down from 7.812 million bpd in September, according to data from the Joint Organisations Data Initiative (JODI).
Nigeria seeks advisers for debut Islamic bond
Nigeria is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the country’s Debt Management Office (DMO) said on Monday.
The OPEC member, which is Africa’s largest economy, is working on a debut sovereign sukuk but has yet to determine the size of a potential deal.
BlackBerry spending $75 mn on autos hub over several years
Canada’s BlackBerry Ltd plans to invest C$100 million ($75 million) in a new autonomous vehicle testing hub over several years, the company’s chief executive said on Monday, as the fallen smartphone pioneer looks elsewhere for growth.