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Daily brief: Social media ads to hit $50bn by 2019, Italian PM resigns

The value of advertisements on social media is expected to reach $50 billion by 2019, quickly catching up with newspapers. Here are all the stories you need to know about today.


Egyptian billionaire Sawiris steps down as Orascom CEO

Egyptian billionaire Naguib Sawiris has resigned as chief executive officer of Orascom and his deputy Tamer El Mahdi has been nominated as his successor, the company said on Sunday, without explaining his decision.


Egypt’s long-awaited investment law to go before cabinet

A draft of a long-awaited Egyptian investment law aimed at reviving the country’s economy and attracting foreign investors will be sent to the cabinet on Dec. 14, state news agency MENA reported.

Egypt is trying to recover economically after a popular uprising in 2011 drove away tourists and foreign investors, two key contributors to the economy.

(Egypt central bank lets banks allocate more dollars to clients: bankers)



Saudi, Kuwait expect to restart Neutral Zone oilfields soon, sources say

Saudi Arabia and Kuwait are expected to agree this month to resume oil production from the jointly operated oilfields in the Neutral Zone that lies between both countries, industry sources told Reuters on Sunday.


Social media ads to hit $50 billion by 2019: Zenith

The amount of money spent on advertising on social media is set to catch up with newspaper ad revenues by 2020, a leading industry forecaster said.

The rapid expansion of social media platforms on mobile devices triggered a shift in the way people consumer news and consequently in the way advertisers divide their ad budgets.


(Facebook aims for more transparency with video ad data)


Italy’s Prime Minister resigns after referendum defeat

Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone’s third-largest economy into political turmoil.


(Italy referendum: Step 1 to another Brexit?)

The Knowledge Summit 2016 begins in Dubai today

The first event of its kind to focus on the localisation of knowledge, The Knowledge Summit brings together international and regional knowledge influencers, experts and thought leaders under a single roof.

The event was first introduced in 2014, but has taken a bigger stature since. It is held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and is organised by the Mohammed bin Rashid Al Maktoum Foundation (MBRF).


Bloomberg Business Summit kicks off in Abu Dhabi on Wednesday

The Bloomberg Markets Most Influential Summit will kick off in Abu Dhabi this Wednesday, attracting global financial leaders and investors who are moving markets, driving economies and making deals that will shape the future financial landscape.