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UAE stock markets up on rising oil price, rate cheer
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UAE stock markets up on rising oil price, rate cheer

Stock markets in the United Arab Emirates closed higher on Friday on rising oil prices and after the Federal Reserve indicated earlier in the week it is likely to cut borrowing costs next year. Oil prices, a major driver for Gulf economies, were on track to notch up their first weekly rise in two months after a...

Abu Dhabi, OMV Move Closer to Forming €30 Billion Chemical Giant
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Abu Dhabi, OMV Move Closer to Forming €30 Billion Chemical Giant

Abu Dhabi National Oil Co. and Austria’s OMV AG are putting the final touches on a deal to create a petrochemical firm worth more than €30 billion ($32 billion), according to people with knowledge of the matter.  Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details...

ADNOC has upper hand in $30 billion plastics M&A
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ADNOC has upper hand in $30 billion plastics M&A

LONDON, July 24 (Reuters Breakingviews) – A merger of two companies can be a headache; a merger of two countries even more so. The state-owned Abu Dhabi National Oil Company (ADNOC) and $15 billion OMV (OMVV.VI), 32% held by the Austrian state, are in talks to merge the two petrochemical companies they cross-hold, Borouge (BOROUGE.AD) and Borealis, into an entity...