Daily brief: Oman 2017 budget maintains austerity, Libya oil production rises

January 2, 2017 10:00 am

Oman 2017 budget maintains austerity, Libya raises oil production. (Image: Alamy)

Oman projected a smaller deficit but included new austerity measures in its 2017 budget. Elsewhere in the MENA region, Libya produced 685,000 barrels of oil per day (bpd) on Sunday. Here are the top seven business stories you need to know today.


Rouhani pledges to reverse slide of Iran’s currency

Iranian President Hassan Rouhani said Sunday that the government would work to protect market stability after the country’s currency hit a record low last week, in a move to reassure his people and the markets.


(Iran’s currency hits record low as Trump worries deter fund inflows)


Dubai’s new year eve celebration gain global attention

The emirate of Dubai made headlines with its dazzling display of fireworks on New Year’s Eve, welcoming 2017 on a high note.

Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, had inspected the Dubai Police operations room that same evening to ensure the security and safety of the people throughout the celebrations.


Turkmenistan halts gas exports to Iran over payment row, Tehran says

Turkmenistan stopped its gas exports to Iran on Sunday, the latest move in a long-running dispute over arrears, only days after Tehran said the issue had been temporarily resolved, Iran’s state gas company said.


Oman 2017 state budget projects smaller deficit, continued austerity

Oman released a 2017 budget plan on Sunday, projecting a smaller deficit but including new austerity steps and tight spending cuts due to low oil prices hurting state revenues.


(Unlike GCC sisters, Oman central bank won’t follow Fed’s rate decision)


Libya’s oil production rises to 685,000 bpd, National Oil Corp says

Libya produced 685,000 barrels of oil per day (bpd) on Sunday, up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said.

Output has risen after a two-year blockade was lifted two weeks ago on major pipelines leading from the western fields of Sharara and El Feel.


Bahrain’s Asma Capital buys $147mn stake in UAE utility Utico’s water business

Bahrain-based investment firm, Asma Capital, agreed to buy a stake in the water business of private United Arab Emirates utility company Utico in a deal worth $147 million, the companies said on Sunday.


Mohammed bin Rashid School of Government to launch new academic programmes

The Mohammed bin Rashid School of Government, the first research and teaching institution focusing on governance and public policy in the Arab world, will soon launch more academic programmes, including a Master in Public Policy programme and a Master in Innovation programme, Dr. Ali Sebaa Al Marri, the institution’s executive president, has said.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.