Main headlines

May 22, 2013

Chevron is the second largest oil company in US
13:23 GMT

Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major.

Street vendor distributing bread in Egypt
13:08 GMT

The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and other essential imports.

U.S. Secretary of State John Kerry speaks at the State Department (Photo by Alex Wong/Getty Images)
13:00 GMT

US Secretary of State John Kerry arrived in Oman yesterday aiming to help finalize an estimated $ 2.1 billion deal to supply a US-made air-defense system to the Gulf nation.

Samand Soren is a new family saloon created by Iran Khodro Industrial Group in 2007.
11:36 GMT

Iranian carmaker Iran Khodro will establish an assembly line with the capacity of 30,000 units per year in the Iraqi city of Iskandariya by the next month.

Kuwaiti Parliament
11:19 GMT

A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it and others strongly criticizing it as politically-motivated, while the opposition made no reaction to the changes.

Fruits and vegetables market
11:13 GMT

The largest fruit and vegetable factory has opened its doors to Saudi women for the first time, hiring 100 female employees and aiming to hire 300 more in the coming two years.

It is expected that the rents of apartments in the south and east of Jeddah to drop
11:09 GMT

Experts say the rent hikes were due to rising costs of building and renovation, and the increase in the wages of workers in the construction and management of building.

The IMF said a drop in oil output and lower crude prices would likely result in smaller fiscal surpluses in 2013.
06:06 GMT

Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday.

Average Egyptian household spends 40.6 percent of its expenditures on food
05:40 GMT

Poverty and malnutrition increased in Egypt between 2009-2011, with spikes expected as inflation increases

The Lamar Towers project occupies a 34,800sqm plot
05:00 GMT

Drake & Scull Construction (DSC) the General Contracting Arm of Drake & Scull International PJSC (DSI) has announced that it has been awarded a SAR 1.725 billion (some $460 million) contract by Lamar Investment and Real Estate Development Co. to complete the Lamar Towers project in Jeddah, Saudi Arabia.

Resolute policy action will be necessary this year
05:00 GMT

The International Monetary Fund (IMF) is not concerned about Dubai’s ability to repay its estimated $48 billion of debt obligations, according to the director of its Middle East and Central Asia department.

May 21, 2013

Brent crude rose 16 cents to $104.80 a barrel
11:46 GMT

Benchmark oil for June delivery gained 69 cents to close at $96.71 a barrel on the New York Mercantile Exchange.

The ministry will hand unskilled jobs to locals eventually
10:49 GMT

INJAZ Saudi Arabia said the country needs a number of qualified executives and skilled manpower to drive the economy and make the best of the current economic boom in the Kingdom.

The International Monetary Fund
10:03 GMT

Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April.

Abu Dhabi Corniche
06:00 GMT

A good part of the funds would be invested towards the development of the emirate’s Western Region.