Daily brief: Top 7 business stories October 13, 2016
Here are the top 7 business headlines you need to know today
Sheikh Khalifa issues Abu Dhabi law on cultural heritage
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi, issued a law to protect, discover, preserve, manage and promote the capital’s cultural heritage as well as non-UAE cultural heritage.
Demand on OPEC crude expected at 32.6m bpd in 2016
Demand on OPEC crude during 2016 is expected to stand at 32.6 billion barrels per day (bpd), recording an increase of 1.8m bpd seen last year, OPEC’s Monthly Oil Market Report (MOMR) revealed.
”World oil demand in 2016 is seen as increasing by 1.24m bpd to average 94.40m bpd, after a marginal upward revision of roughly ten trillion bpd from the September MOMR, mainly to reflect the latest data. Positive revisions were primarily a result of higher-than-expected demand in the Other Asia region, while downward revisions were a result of lower-than-expected performance from OECD America. In 2017, world oil demand is anticipated to rise by 1.15m bpd, unchanged from the September MOMR, to average 95.56m bpd,” the report said.
UAE, WHO sign agreement to develop healthcare in Yemen
The Emirates Red Crescent signed to cooperation agreements worth AED50.5m with the World Health Organisation, aimed at implementing new healthcare and humanitarian projects in Yemen.
Coca-Cola opens bottling plant in Qatar
Coca-Cola Company opened Al Mana Plant, its first bottling plant in Qatar in an investment valued at $36m.
Coca-Cola has more than 500 brands and sells 1.9 billion servings a day in more than 200 countries. Development of this facility began in 2014 and it is expected to employ approximately 300 staff in the first phase of operations.
Oil prices fall after higher OPEC output
Oil prices fell on Wednesday after OPEC reported another monthly hike in output. According to OPEC, September production reached the highest levels in at least eight years. Furthermore, it forecasted a rise in non-OPEC 2017 supply also.
After Saudi oil suspension, Egypt finds other suppliers
Egypt has reportedly found new oil sources for this month after Saudi Arabia abruptly suspended its monthly oil shipment to the North African country.
Egypt’s Oil Ministry spokesman, Hamdi Abdelaziz, told local media that the country received several fuel shipments for other suppliers.
Saudi Arabia had agreed last April to supply Egypt with 700,000 tons of fuel monthly, but Saudi Aramco informed the national oil company in Egypt that the latter will not be receiving shipments this month.
IMF projects Morocco unemployment rate to decrease
The International Monetary Fund (IMF) forecast that Morocco’s unemployment rate would ease slightly in 2017, reaching 10.1 per cent. The rate for 2016 is expected to stand at 10.2 per cent. The data comes through a recent report published by the IMF. Despite the minor change, the IMF maintains its concerns over what is considered a high rate.