Daily brief: Top 7 business stories October 17, 2016
Here are the top seven business headlines you need to know today:
UAE launches Authorised Economic Programme
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai and chairman of the Dubai Executive Council, launched the programme on the first day of Gitex Technology Week.
The federal programme, designed under the supervision of the Federal Customs Authority, connects the UAE with global trade and customs, recognising trusted traders and offering them a set of exclusive benefits.
UAE National Media Council launches Smart app
The National Media Council (NMC) services are now available online through its newly launched ‘NMC UAE app’, announced on the first day of Gitex Technology Week.
Dubai Chamber: Emirate’s Electronics Market to grow 4.7 per cent
The size of Dubai’s consumer electronics market is expected to grow at 4.7 per cent to exceed $3 billion by 2020, the Dubai Chamber of Commerce and industry released it a recent analysis.
China launches longest space mission
China sent two astronauts into orbit on its longest man space mission, The Shenzhou 11. The astronauts will spend a month on the space laboratory, part of a larger plan to have a permanent manned space station in service by 2022.
Saudi securities regulator takes preventative measures ahead of new standards
Saudi Arabia’s 175 listed companies have been required to adopt International Financial Reporting Standards (IFRS) starting 2017, in a preventative measure the regulator has taken to avoid big valuation swings of companies’ assets, after the country shifts to new accounting standards next year.
Egypt completes 4G mobile license deals
After a long delay, Egypt is finally introducing high-speed, fourth generation telecoms services, as Vodafone Egypt and Etisalat Misr sign licensing agreements for the operation of 4G broadband networks in the North African country.
Saudi Oger seeks buyers for USD1 billion Arab Bank stake, sources say
Saudi Oger has reportedly begun talks with potential buyers for its 20.93 per cent stake in Arab Bank, sources aware of the matter told international news agency Reuters.
The deal could raise roughly $1bn for the struggling construction giant.