Here’s what you need to know in UAE business and globally on this Monday morning.
• NBAD will be NBAD
The bank merger of the year has moved a step closer with more details emerging of how NBAD and FGB will join forces. Some of the key points, released as the banks’ boards of directors voted in favour of the merger, include the name of the new entity: NBAD. It will be headquartered in Abu Dhabi with a presence in 19 countries, while Abdulhamid Saeed, managing director of FGB, is the chief executive designate. Find more details on the merger here.
• Oil finding its balance
The energy minister of Saudi Arabia and the secretary general of Opec agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA. Brent crude futures were trading at $50.31 per barrel this morning, almost unchanged from their last settlement. US crude was down 5 cents at $48.94. (Reuters)
• UK looks at post-Brexit economy
Chancellor of the exchequer George Osborne has set a goal of lowering the corporate tax rate to 15 per cent in an effort to keep businesses investing in the UK as it prepares to leave the European Union. Britain currently has a 20 per cent tax rate for business that’s scheduled to fall to 19 per cent in April and to 17 per cent in 2020. (Bloomberg)
• Kuwait turns to bonds
Kuwait plans to raise as much as $9.9 billion from international debt markets to help plug its budget deficit as lower oil price squeezes public finances. This follows Qatar raising record a $9bn in May, and a $5bn sale by Abu Dhabi. (Bloomberg)
• Six Flags waves in start of construction
Dubai Parks and Resorts confirmed that work on its Six Flags theme park is underway. Set to open in 2019, it will contain 27 rides across six themed zones: Thrillseeker Plaza, Magic Mountain, Fiesta Texas, Great Escape, Great Adventure, and Great America.
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