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Daily brief: Saudi considers deals with China, Gulf banks hike rates

During Saudi King Salman’s visit to Beijing, the kingdom signed memorandums of understanding and letters of intent worth about $65 billion. Here are the top seven business stories you need to know today.


UAE’s Eshraq Properties terminates works contract with Intermass

The company  terminated works contract with Intermass for construction of three towers in Jumeirah village circle due to economic reason.


Morocco’s king replaces PM Benkirane amid post-election deadlock

Moroccan King Mohammed VI is replacing Prime Minister Abdelilah Benkirane and will ask another member of the Islamist Justice and Development Party (PJD) to form a government after five months of post-election deadlock, a statement from the royal cabinet said on Wednesday


China, Saudi Arabia consider deals worth about $65bn

China and Saudi Arabia on Thursday signed memorandums of understanding and letters of intent potentially worth about $65 billion during Saudi King Salman’s visit to Beijing, a senior Chinese diplomat said.


(Saudi deputy crown prince, Trump meeting a “turning point”)


Egypt’s GASC buys 420,000 tonnes of wheat in tender

Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 420,000 tonnes of wheat in a tender.


Libya’s eastern parliament supports end of unified National Oil Corp

Libya’s eastern parliament said on Wednesday it supported ending a deal to unify the country’s National Oil Corporation (NOC), a day after eastern forces recaptured major oil ports from a rival faction.


(Oil supply deficit in first half likely despite rising stocks)


Four Gulf central banks hike rates after Fed, others may follow

Four Gulf central banks raised interest rates within hours of the U.S. Federal Reserve’s rate hike on Wednesday, pressured by the need to protect their currencies even though an economic slowdown in the region calls for loose monetary policy.


(Global execs positive, but Middle East CEOs cautious about 2017: Here’s why)


Nasdaq CEO says tech partnership can help win $100bn Saudi Aramco IPO

Nasdaq Inc is touting its technology credentials in its effort to win the listing of Saudi Aramco’s upcoming initial public offering, the exchange operator’s chief executive said in an interview.