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Daily brief: KSA forms housing refinancing firm, ADNOC cuts crude prices

Abu Dhabi National Oil Company (ADNOC) has cut the November selling price for its Murban crude ahead of the OPEC cut. Here are the business stories you need to know about today.


Qatar’s CBQ to raise stake in Turkey’s Alternatifbank

Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, said on Wednesday that Qatari regulatory authorities had given approval for the bank to buy a further 25 per cent stake in Turkey’s Alternatifbank.


UAE’S ADNOC cuts November crude prices less than expected ahead of OPEC cut

Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had cut the November retroactive selling price for its benchmark Murban crude to $46.15 per barrel, puts November Murban’s premium to Dubai quotes at $2.29 a barrel, down eight cents from a month ago.


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


Arab Bank chairman in talks with Oger to buy its 20 pct stake

Arab Bank Group Chairman Sabih al Masri is joining other Jordanian and Arab investors in a bid to buy Oger Middle East Holding’s 20 per cent stake in Arab Bank, an Amman bourse statement said on Tuesday.


(Jordan investors set to buy Arab Bank stake after Saudi bid fades)


Saudi Arabia to form housing refinancing company

Saudi Housing Minister Majed al-Hogail announced on Tuesday the formation of a company to refinance up to 50 bln riyals ($13.33 billion) for the kingdom’s housing sector over the next five years, state news agency SPA said.


Saudi Aramco IPO unlikely to require rule changes says regulator

Saudi Aramco’s planned flotation is unlikely to require any major changes to Saudi Arabia’s securities rules, the vice chairman of the kingdom’s market regulator said.


(Saudi Aramco eyes 2018 for listing, says CEO)


Turkish-Arab investors to spend 300 mln euros on luxury Greek resort

A Turkish-Arab fund plans to spend up to about 300 million euros ($322 million) to redevelop a luxury seaside resort outside Greece’s capital Athens, bringing significant foreign investment into the cash-strapped country, the fund said on Tuesday.


UK does not want to go beyond two years in Brexit talks: Official

The British government does not want its Brexit negotiations to go beyond the two-year limit set under Article 50 of the EU’s Lisbon Treaty, a spokesman for Prime Minister Theresa May said on Tuesday.


(With Reuters)