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Sunday 08 - 01 - 2017


 08/01/2017

Arabian Business

Abu Dhabi Fund for Development (ADFD) has said it has dispatched a delegation to Morocco to study and assess new development projects proposed by the government. The visit took place within the framework of the 2013 UAE government grant contribution of AED4.6 billion ($1.25 billion) to the Gulf Development Fund, a program to finance development projects in Morocco over a five-year period.

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Gulf News

The UAE government announced on Saturday the establishment of a legal system for venture capital funds. The move comes as part of the projects of the first batch of government accelerators launched earlier by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to expedite the process of achieving the National Agenda goals.

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Reuters

Oil rose slightly on Friday on increased buying ahead of the weekend, but a strong U.S. dollar and lingering doubts that not all OPEC producers would cut output in line with an agreement, pressured prices.

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Arabian Business

Banks and petrochemicals stocks could be relative strong performers in the GCC in 2017 thanks to benchmark interest rate rises and a recovery in the global crude oil price, although slowing economic growth may weigh on regional markets. Both sectors have suffered in the last couple of years due to the dramatic oil price decline. The knock-on effect of lower investment and economic growth hit banks, with loan growth slowing and provisioning for non-performing loans rising sharply. The region's listed petrochemicals firms, which are concentrated in Saudi Arabia, found that lower oil prices eroded their natural advantage stemming from cheap feedstocks, as global peers became competitive.

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Khaleej Times

The six-nation Gulf Cooperation Council (GCC) is gearing up to double the taxation on certain items like cigarettes in the coming months.The GCC will gradually implement a selective tax on 93 commodities starting the second quarter of this year and expand to cover all member countries by the beginning of 2018, said Abdulrahim Al Naqi, secretary-general of the Federation of Chambers of GCC.

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Page last updated : 08/01/2017 1:21 PM