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Daily brief: Top 7 business stories October 24, 2016

Here are the top seven business headlines you don’t want to miss out on today.

18th Global Women in Leadership (WIL) Economic Forum returns to Dubai

The forum brings together more than 500 global business leaders, policy makers, professionals and entrepreneurs, to discuss diversity challenges, share experience and produce strategies to support women’s economic empowerment.

Oil price depression might come to an end

Saudi Oil Minister Khalid Al-Falih said falling oil prices would be coming to an end with improving market fundamentals, after he met with Russian Oil Minister Alexander Novak and counterparts from other countries.

However, oil prices further dropped on Monday as Iraq refused to join the OPEC cut.

NBAD, FGB merger nears

The National Bank of Abu Dhabi and FGB have invited shareholders to a general assembly on December 7 to approve the merger of the two companies.

Former Qatar ruler Sheikh Khalifa bin Hamad Al Thani dies at 84

The Emiri Diwan of Qatar announced the death of His Highness Sheikh Khalifa bin Hamad Al Thani, former Emir of the country, on Sunday evening at age 84.

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, ordered a three-day public mourning across the country, according to the Qatari state news agency.

Egypt seizes sugar at country’s largest food producer

Egyptian authorities confiscated sugar stocks at Edita Food Industries, one of the country’s largest food producers, the firm’s chairman told Reuters.

Dubai’s Mashreq Bank Q3 profit falls 24.8 per cent

Mashreq continued its earnings slump as Dubai’s third-biggest lender by assets posted a 24.8 percent fall in third-quarter net profit, weighed by putting aside more cash to cover for bad loans, Reuters reported.

ADCB Q3 profit falls 17 per cent

Abu Dhabi Commercial Bank (ADCB) missed analysts’ forecasts after posting a 17 percent fall in third-quarter profit on Sunday, due to higher impairments and lower interest income, according to Reuters.