Daily brief: Top 7 business stories you need to know today
Here are the seven business headlines you don’t want to miss today:
Dubai launches international Islamic endowments body
The Awqaf International Organisation (AIO) initiative was launched during the first day of the Global Islamic Economy Summit 2016 by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future.
The initiative, dubbed as the first of its kind in the world, is directed at enhancing the role of endowments in the development of societies worldwide.
“The initiative is a main pillar for the ‘Dubai: Capital of Islamic Economy’ initiative that aims to develop the awqaf sector and unify the efforts of global awqaf entities and organisations to improve the role of waqf as a key catalyst of economic development,” Al Gergawi said.
Facebook launches Workplace
A business platform catering to companies and organisations, developed by Facebook, is now available to all organisations that wish to use it.
Originally called Facebook at Work, the product has been renamed “Facebook Workplace”.
Saudi Arabia, Russia join hands to improve oil market
The Kingdom of Saudi Arabia and Russia pledged to work together and with other OPEC and non-OPEC oil-producing countries to improve the oil market fundamentals, Saudi Energy Minister Khalid Al Falih and Russian Energy Minister Alexander Novak said on Tuesday at the World Energy Congress in Istanbul.
They noted that more consultations will be held in Riyadh later this month.
Dubai Crown Prince launches ‘My Salaam’ app and portal
In a bid to digitise sectors of Islamic Economy His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and General Supervisor of Dubai Islamic Economy Development Centre, has launched the My Salaam portal and Smartphone app, on the sidelines of the Global Islamic Economy Summit (GIES) 2016.
My Salaam compliments the B2B platform, Salaam Gateway, which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, during the second edition of GIES in 2015.
Salaam Gateway provides insights, reports and an international company database for all industries within the Islamic economy space.
Samsung stopping Note 7 production could cost $17 billion
Samsung’s recall of more than 2.5 million Galaxy Note 7s in early September, followed by a suspension and then a permanent halt of the model’s production, may cost Samsung Electronics roughly $17 billion in revenue.
The firm was expecting to generate up to 19m phone sales of the models, analysts said, according to Reuters.
Saudi Aramco signs 18 MoUs with Turkish firms
Saudi Aramco has signed Memoranda of Understanding with 18 Turkish firms operating in different sectors, especially in construction and power generation, enabling them to bid for Aramco projects in coming years.
This was regarded as a strong push to strengthen economic ties between the two countries.
Kuwait, Brunei sign MoUs and accords
Kuwait and the Sultanate of Brunei signed four Memoranda of Understanding, one accord and one protocol related to the cooperation in education, tourism and diplomacy, at the Brunei capital Bandar Seri Begawan.