Main headlines

July 30, 2013

17 kilograms of gold could leave the borders of Eastern Equatoria state on a daily basis
13:55 GMT

South Sudan has been losing an estimated $200 million a year in illegal gold mining, according to an official from the ministry of petroleum and mining.

Subsidies of fuel products, which include natural gas and fuel oil as well as gasoline and diesel, for years have been a major drain on the finances of successive governments
11:55 GMT

The new Egyptian government will press ahead with a smart card program for distributing fuel products that its predecessor had started before it was ousted by the military.

Jordan’s exports to Pakistan totalled JD10 million last year whereas imports from Pakistan totalled JD40 million
09:55 GMT

Jordan Chamber of Commerce President Nael Kabariti and Pakistan’s Ambassador Ahsan Azhar Hayat on Monday discussed ways to develop commercial and economic relations between the two countries.

GCC nations are dependent on imported machinery, raw materials and labour - could lead to lower net profit margins in the industry
08:55 GMT

The GCC contracting industry is witnessing strong growth, which is projected to increase further in the years to come, according to a research report.

The 13 banks booked $90.06 million in credit loss provisions during the period, down from $141.12 million in the same quarter of 2012
06:47 GMT

The Lebanese banking sector could see profits drop by up to 20 percent over the next year if the political stalemate in the country persists, the head of the Association of Banks in Lebanon warned.

The oil marketing companies are also expected to continue their track record of high dividend payouts as their balance sheets and cash positions stay strong
06:41 GMT

The total sales revenue of Oman's three oil marketing companies grew by just 3.1 per cent to RO510mn in the first six months of 2013 against RO494.3mn in the corresponding period last year.

July 29, 2013

Oman Projects Forum 2013 presents a detailed overview of the sultanate’s economy
13:55 GMT

Oman is set to see $65 billion worth of turnkey projects awarded between now and 2017, doubling the combined value of projects awarded in the Sultanate in the last five years.

Egypt has more refining laboratories than it has petrol production centres, and must therefore import crude oil
12:55 GMT

Minister of Petroleum and Mineral Resources Sherif Ismail announced an agreement to import 1m barrels of crude oil monthly from Libya that will be refined in Egypt laboratories

Jordan is no longer a country where it is feasible for mobile manufacturers to open regional offices to reach regional markets
11:55 GMT

Mobile phone distributors and importers said Sunday that mobile imports dropped from $10 million per week to $1 million following the government’s increase of taxes imposed on cellular phones.

Long-term maturity period loan carries a low interest rate than other international financial institutions
10:55 GMT

Jordan and the World Bank on Sunday signed a $150 million loan agreement to assist the Kingdom with the economic burdens put upon it by hosting hundreds of thousands of Syrian refugees.

Saudi Agriculture 2013 will be held with the support of the Ministry of Agriculture and is accredited by UFI
09:55 GMT

Saudi Arabia’s agriculture and food sectors are expected to sustain a combined annual growth of 18.5 percent, driven by a rising population and strong consumer spending.

The occupancy rate of hotels in Qatar rose 67 percent during the second quarter of this year
08:55 GMT

Qatar Tourism Authority announced that the tourism sector has realized a strong growth during the second quarter of this year compared to the corresponding period of the previous year.

It needs at least 140 days to ensure safe shutdown and not the 60 days stipulated by Khartoum last June
06:51 GMT

Sudan's oil ministry has officially informed oil companies that the deadline for stopping flow of South Sudan's oil through its territories has been delayed until August 22.

Iran plans to establish 40 gas storage facilities in the coming years
06:39 GMT

Iran has built a new natural gas storage facility with a capacity to store 4.6 billion cubic meters of gas, the National Iranian Gas Company managing director stated.

July 28, 2013

The election to pick OPEC’s secretary general is scheduled to be held in Vienna on December 4, with Iran, Iraq and Saudi Arabia vying for the post
14:55 GMT

An Iranian lawmaker says chances are high for the Islamic Republic to assume the presidency of the Organization of the Petroleum Exporting Countries.