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Daily brief: Iran’s currency hits record low, UAE markets may outperform

Here are the top six business stories you need to know today.

Gulf markets likely to move little, UAE may outperform

Gulf stock markets look likely to move little on Tuesday with some foreign investors absent for New Year holidays and few fresh cues from corporate news or global markets. UAE markets outperformed the region on Monday and rising trading volumes suggested enough investors might remain engaged with the market in the holiday season to maintain that outperformance.


Saudi Arabia launches campaign to collect funds for Syrians displaced by war

Saudi Arabia has launched a fundraising campaign for Syrians displaced by a five-year civil war, including those evacuated from eastern Aleppo, and it has allocated SAR100 million to the drive. (Read more)

Egyptian General Petroleum Corp seeks up to 178,000 T gasoil for January

EGPC is seeking up to 178,000 tonnes of gasoil for delivery in January, a tender document showed on Tuesday. The state-owned company is seeking two cargoes of 30,000 to 33,000 tonnes each of 0.1 per cent sulphur gasoil for delivery into Alexandria or El Dekheila ports over January 11 to 13 and January 22 to 24. (Read more)

Iran’s currency hits record low as Trump worries deter fund inflows

Iran’s rial hit a record low against the U.S. dollar on Monday in a sign of concern about the country’s ability to attract foreign money after U.S. president-elect Donald Trump takes office. The rial was quoted in the free market at 41,500 to the dollar, weakening from around 41,250 on Sunday and 35,570 in mid-September. Before this month, the record low was about 40,000, hit in late 2012, traders said. (Read more)

Abu Dhabi bourse to introduce short-selling in first quarter 2017 -CEO

Abu Dhabi’s stock market plans to introduce covered short-selling in the first quarter of 2017, its chief executive said on Monday, as it seeks to boost liquidity and attract more foreign investors. In covered short-selling, investors borrow shares and sell them in the expectation of repurchasing them later at a lower price. (Read more)


Libya’s oil production at 622,000 bpd – National Oil Corp.

Libya’s oil production stood at 622,000 barrels a day (bpd) on Monday, up slightly from levels recorded before an armed faction agreed to lift a two-year blockade on major western pipelines on December 14, the National Oil Corporation (NOC) said. Before the agreeement, Libya’s output stood at about 600,000 bpd, having doubled since September. (Read more)