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Daily brief: Top 7 business stories October 11, 2016

Here are the top 7 business headlines you do not want to miss today:

Ground-breaking of The Tower in Dubai

Today, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, marked the ground-breaking of The Tower in the Dubai Creek Harbour, by laying its foundation stone.

The tower was designed by Spanish-Swiss architect Santiago Calatrava Valls and is facing Burj Khalifa, currently the tallest tower in the world. However, the new iconic structure is set to become the world’s tallest tower by 2020.

Saudi Arabia informs Egypt of refined oil supply suspension

Saudi Arabian oil conglomerate Aramco has informed Egypt’s state oil company that it will suspend its supply of refined oil to the North African country, a government official told Reuters on Monday.

The official said Aramco informed Egypt of its “inability” to supply the shipments, but did not give a timeline for the suspension or the reason behind it.

US incubator opens first international campus in UAE

Washington DC-based start-up incubator 1776 has opened the doors to its first international campus in Dubai’s Emirates Towers on Monday.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the campus, along with the Dubai Future Accelerators.

KSA Energy Minister: OPEC should not restrict oil supply too tightly

OPEC should not restrict oil output too tightly, said Saudi Arabia’s Energy Minister Khalid Al Falih, while speaking at the World Energy Congress in Istanbul.

He noted that while a deal has been agreed, OPEC needs to balance and behave responsibly.

RTA signs AED10.6bn contract for Route 2020 project

Dubai’s Roads and Transport Authority (RTA) has officially awarded an AED10.6 billion contract to Expolink, a consortium of French, Spanish and Turkish companies, for the Route 2020 Project.

The contract covers the 15km extension of the Dubai Metro’s Red Line from Nakheel Harbour and Tower Station to the site of Expo 2020 Dubai, as well as the supply of 50 trains.

Islamic finance body looks to finalise new standards by year end

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), plans to finalise new standards by the end of the year.

This comes as the standard-setting body looks to work with the $2 trillion industry.

Morocco’s Attijariwafa to fund Barclays Egypt buy locally

Morocco’s Attaijariwafa Bank plans to fund its purchase of Barclays’ Egypt unit through local financing schemes, its managing director, Ismail Fouiri, told Reuters.

The deal is expected to close by the end of the year.