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Daily brief: Abu Dhabi creates $125bn fund, USD falls post Trump inauguration

The UAE capital of Abu Dhabi merged two of its top investment funds on Saturday, resulting in a fund valued at $125 billion. Here are the top seven business stories you need to know today.


Iraq’s Basrah Gas output rises to 765 mln cubic feet/day

Natural gas output from the Basrah Gas Company, the main producer of the fuel in southern Iraq, rose to 765 million cubic feet per day, the Iraqi Oil Ministry said on Saturday.

Dollar falls, U.S. stocks end higher after Trump inauguration

The dollar ended down while U.S. stock indexes rose in the last day of a choppy trading week, as investors reacted to President Donald Trump’s inaugural speech.

(Trump, Brexit challenges for SMEs in 2017)


Oil prices jump 2% ahead of producers’ compliance meeting

Oil prices rose more than two per cent on Friday on expectations that this weekend’s meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal, but rising U.S. drilling activity limited gains.

Abu Dhabi creates $125 billion fund by merging Mubadala, IPIC

Abu Dhabi’s government merged two of its top investment funds on Saturday to strengthen their financial clout in an era of low oil prices, creating a company with assets totalling about $125 billion.


(Mubadala CEO expects to see more mergers in Abu Dhabi)


Amid protests, president Trump denies feud over Russia alleged hacking, vows support to CIA

U.S. President Donald Trump tried to ease tensions with the CIA on Saturday, telling officers he had their back after he had levelled unprecedented criticism against spy agencies for their investigation into Russian hacking during the election.


White House accuses media of downplaying inauguration crowds

The White House on Saturday accused the media of framing photographs to understate the crowd that attended Donald Trump’s inauguration, a new jab in a long-running fight between the new president and the news organizations who cover him.

Washington’s city government estimated 1.8 million people attended President Barack Obama’s 2009 inauguration, making it the largest gathering ever on the Mall.


Dubai Customs scores 96.2% on happiness index in 2016

Dubai Customs scored an overall 96.2 per cent on Dubai Smart Office’s happiness meter.