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Daily brief: FNC approves UAE 2017 federal budget, Iraq gets new loan

The Federal National Council in the United Arab Emirates endorsed the federal budget for 2017. The World Bank approved a new loan of $1.485 billion to help Iraq. Here are the top seven business stories you need to know today.

Libya’s NOC says oil pipelines reopened, expects 270,000 bpd boost in 3 months

Libya’s National Oil Corporation said on Tuesday that pipelines leading from the western fields of Sharara and El Feel had been reopened after a two-year blockade, paving the way for a major boost to production.

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


UAE Federal National Council approves 2017 Federal Budget

The Federal National Council, FNC, endorsed the UAE federal budget for 2017 on Monday, set in late October by the Cabinet at AED48.7 billion, with a prime focus on education, social development and health.


Iraq gets new World Bank loan to cope with low oil price, war on Islamic State

The World Bank has approved a new loan of $1.485 billion to help Iraq lessen the impact of low oil prices on its economy and shoulder the cost of the war on Islamic State, the international lender said in a statement on Tuesday.

The new loan brings the World Bank’s engagement in Iraq to nearly $3.4 billion, it said.


(Iraq plans bond sale worth $2 billion, PM’s office says)


Oil prices edge up on expected U.S. crude inventory draw

Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the festive weekend.


Another Twitter executive walks out

Twitter Inc’s Chief Technology Officer Adam Messinger said in a tweet on Tuesday he would be leaving the company, the latest in a string of high-profile executive departures.

Messinger had been working with Twitter for five years and became the CTO in March 2013


(Twitter COO Adam Bain to leave, Noto to replace him)


Wall Street hits record highs, dollar rises to 14-year peak

U.S. equities touched record highs on Tuesday and the dollar rose to its highest level in 14 years as markets shrugged off risk aversion and continued the rally that has elevated Wall Street since Election Day.


Dubai, Spain trade reaches AED3.4 billion in H1

The total trade between Dubai and Spain reached AED3.4 billion during the first half of this year, senior Dubai Customs has revealed.

”Imports, exports and re-exports stood at AED2.77 bn, AED389 million exports, and AED271 million respectively,” said Ahmed Abdul Salam Kazim, Director of Strategy and Corporate Excellence at Dubai Customs.