Complex Made Simple

Daily brief: Dubai invests in technology, ADNOC to cut crude supplies

The emirate of Dubai agreed to invest $33.5 million in pilot projects of 19 companies in the technology sector. Here are the top seven business stories you need to know today


UAE’s ADNOC to cut January crude supplies to Asia as part of OPEC deal

Abu Dhabi National Oil Company (ADNOC) said it will cut crude supplies by three to five per cent across three export grades, to meet commitments formed under the recently struck OPEC deal.

Members of OPEC and other producers agreed to cut oil output last month to ease a supply glut that pressured prices.


Dubai signs up 19 firms in new technology sector drive

Dubai’s government said on Monday it had agreed to invest $33.5 million in the pilot projects and prototypes of 19 companies as part of a new drive to develop its technology sector.


Eni spreads Egypt gas field risk with Rosneft stake sale

Italian energy company Eni will sell a 30 per cent stake in its giant Egyptian offshore gas field Zohr to Russia’s Rosneft for $1.575 billion, pressing ahead with asset sales to fund investments and offset weak oil prices.


(Qatari fund to buy 19.5 per cent stake in Rosneft, Kremlin says)

UAE Government launches World GovTechioneers Race

The UAE Cabinet launched an expanded World GovTechioneers Race, a three-category annual award designed to acknowledge government technology pioneers who provide global solutions to common global challenges.


Brent crude oil prices firm after Abu Dhabi cut

Oil prices were firm on Tuesday as the first signs of a crude production cut organised by OPEC and other exporters materialised, tightening a market that has been grappling with ballooning oversupply for over two years.

The firmer Brent prices came after oil markets shot to mid-2015 highs earlier this week after the Middle East-led Organization of Petroleum Exporting Countries (OPEC) and other exporters led by Russia over the weekend reached their first deal since 2001 to cut output by almost 1.8 million barrels per day to reduce in oversupply and prop up prices.


(Libya sticks to plans to boost output by 50 per cent after OPEC deal)


Portugal’s Guterres sworn in as next U.N. secretary-general

Former Portuguese Prime Minister Antonio Guterres was sworn in on Monday as the ninth United Nations Secretary-General, pledging to personally help broker peace in various conflicts and reform the 71-year old world body to become more effective.


Bill Gates, investors launch $1 billion clean tech fund

Microsoft co-founder Bill Gates and a group of high-profile executives are investing $1 billion in a fund to spur clean energy technology and address global climate change a year after the Paris climate agreement.


(With Reuters)