Economics
Brent crude steadied at over US$110 per barrel on Wednesday, not far from a one-week low hit in the previous session, as investors nervously eyed talks to head off a looming fiscal disaster in the United States, the world's top oil consumer.
Gold traded flat on Wednesday, after falling for two consecutive sessions, as the euphoria over a Greek debt deal fizzled out and investors shifted their focus to US negotiations to avert a looming fiscal disaster in the world's largest economy.
The UAE economy is strong and is registering high growth rates in economic and social sectors, according to the country’s central bank governor, Sultan bin Nasser Al Suwaidi.
Officials in the UAE are reviewing a draft commercial law that will allow 100 percent foreign ownership of some companies, Bloomberg reported, citing the undersecretary of the Abu Dhabi Department of Economic Development.
Companies
Lebanon’s biggest bank, Bank Audi, will launch operations in Iraq next year and rival Byblos Bank is to enter the Libyan market as both contend with a flagging domestic economy
Morocco would rather pursue a strategic partnership for Royal Air Maroc (RAM), with an airline from one of the Gulf states or beyond, than sell a stake in its flag carrier, government ministers has said.
International Petroleum Investment Co (IPIC), the investment vehicle owned by the Abu Dhabi government, will price a $2.9 billion dual-currency bond, at tighter guidance than earlier indicated, due to strong demand.
Ahli Bank, Qatar's seventh-largest listed bank, said on Wednesday that its strategic partner, Bahrain's Ahli United Bank, would sell nearly all its stake in the lender.
