Here are the top seven business stories you need to know today.
Oil markets rebound from Trump election win shock
Oil prices rose and US financial markets rebounded Wednesday evening. they had experienced a sharp slide following Donald Trump’s surprise victory in the US presidential elections. (More on how Gulf markets fared here)
Crude had dropped nearly four per cent early in the day, prior to the announcement. It then slid to near $43, nearing a two-month low.
Dubai Economy Tracker shows moderate private sector growth
The Dubai Economy Tracker Index (DET) reached 53.3 in October, down from 55.1 in September. This recorded the slowest growth rate since April.
Egypt pound strengthens as IMF loan deal nears
Egypt floating pound strengthened on Wednesday. The International Monetary Fund (MF) signaled it would approve a $12 billion loan deal to Egypt. The North African country hopes the loan would help it pick up from an economic crisis.
The pound closed at 16.95 to the dollar in the interbank market, having traded at levels around 17.60 to 17.90 on Tuesday, but volumes remained small as a severe dollar shortage stifled liquidity. (More on this story here)
Goldman Sachs, other banks, consider leaving Brexit London
Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt, sources familiar with the matter told Reuters.
Many banks are trying to maintain access to the European Union market when the UK leaves the bloc.
Dubai ruler inaugurates new water canal
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the second phase of the Dubai Water Canal, a 12-kilometer waterway connecting Dubai Creek with the Arabian Gulf, at a total cost of AED3.7 billion.
Dubai’s Emirates airline reports 75% profit fall in H1 2016
Dubai-based Emirates airline reported a 75 per cent fall in its first-half profit this year, buffeted by a strong dollar and tougher competition.
The carrier reported a profit of $214 million for the six months t September 2016.
“The bleak global economic outlook appears to be the new norm, with no immediate resolution in sight,” Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
World Economic Forum returns to Dubai
The Annual Meeting of the Global Future Councils, by the World Economic Forum, is set to be held in the emirate of Dubai on November 13 and 14.
The meeting will shed light on the Fourth Industrial Revolution, currently transforming out world, and highlights the new perspectives and models of collaboration needed to support sustainable development.