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Daily brief: UAE marks Commemoration Day, OPEC meets to decide oil fate

The UAE remembers its martyrs by marking the Commemoration Day, while OPEC members meet in Vienna to decide the fate of oil. Here are the top seven stories you need to know about today.

 

UAE marks Commemoration Day to honour legacy of country’s martyrs

The United Arab Emirates marks it second Commemoration Day on Wednesday to honour the legacy of the country’s martyrs.

 

Saudi king allocates 100 bn riyals from reserves to public investment fund

Saudi Arabia’s King Salman approved the allocation of 100 billion riyals ($26.67 billion) from the kingdom’s reserves to the Public Investment Fund (PIF) on Wednesday, according to a statement carried by state news agency SPA.

 

(Saudi fund to invest in owner of Kuwait food firm Americana)

 

OPEC meets today to decide oil fate

Members of the Organization of Petroleum Exporting Countries meet today to take a decision on the proposed oil production cuts, aimed at propping up prices.

 

(OPEC makes last-ditch bid to save oil deal as tensions grow)

 

Islamic bank Al Rayan forays into Scotland; to add more products

Al Rayan Bank is expanding its product range and adding an office in Scotland, its top executive said, after a year of strong growth for Britain’s only Islamic retail lender despite uncertainty stemming from Brexit.

 

(Trump, Brexit challenges for SMEs in 2017)

 

Saudi king showcases mining hub in push to move beyond oil

Saudi Arabia’s king Salman bin Abdulaziz Al Saud inaugurated a $35 billion mining and minerals processing complex in Ras Al Khair, underlining the kingdom’s intention to invest heavily in speeding up its diversification efforts.

 

(Saudi Arabia aims to triple mining revenue by 2030: minister)

 

Iraq plans bond sale worth $2 billion, PM’s office says

Iraq’s finance ministry will sell $2 billion worth of bonds on international markets to help narrow its budget deficit in 2017, Prime Minister Haider al-Abadi’s office said. The Iraqi government has struggled to pay its bills since crude prices dropped in 2014.

 

Egypt’s parliament regulates NGOs in law activists says is repressive

Egypt’s parliament overwhelmingly endorsed a law regulating non-governmental organisations on Tuesday that human rights groups and activists say effectively bans their work and makes it harder for charities to operate.