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Naguib Sawiris is the eldest son of Onsi Sawiris and brother of Samih and Nassef. (Twitter)
December 05, 2016 - 13:00 GMT
In a surprise move, Egyptian billionaire Naguib Sawiris has announced that he will step down as CEO of Orascom Telecom Media and Technology Holding as of 1 January 2017.
Any production increase from Libya and Nigeria will naturally dilute the impact of the agreed production cuts. (Shutterstock)
December 05, 2016 - 12:00 GMT
Looking beyond the euphoria, there will be question marks on how OPEC's first production cut deal since 2008 will be implemented.
Iran has in recent years made great achievements in the field of production of different drugs and medical equipment. (Shutterstock)
December 05, 2016 - 11:00 GMT
Iran currently produces medicines for 95 percent of its domestic needs and is looking towards the lucrative MENA market for its pharmaceutical exports.
Reto Gregori, Deputy Editor-in-Chief, Bloomberg, who will open the Summit Wednesday morning.  (Machas)
December 05, 2016 - 10:00 GMT
Abu Dhabi follows London, Hong Kong and New York to host global financial leaders for a summit to discuss investment opportunities and risks in the financial landscape.
Rouhani emphasized that the prospects will be specifically positive in light of the country’s recent “victory” in OPEC to move ahead with its crude oil production and export plans with no limitations.  (File photo)
December 05, 2016 - 09:00 GMT
A draft version of the country’s budget bill for the next year envisages a total income of over 1.1 quadrillion rials from selling 2.42 million barrels per day of crude oil at $50 each.
Residents criticised the company’s “vague” plans to rehabilitate the site, which they said “disregard the responsibility towards the people of Fuheis over the past 65 years”. (File photo)
December 05, 2016 - 08:00 GMT
As Lafarge awaits approval for its plans to develop the former cement factory into a green urban hub, some locals are skeptical of the benefits.
SAMA is considered Saudi Arabia’s most professional authority of organization in the Kingdom’s banking sector. (File photo)
December 05, 2016 - 06:11 GMT
Last week SAMA's security center detected an organized cyber-attack originating from abroad, on different government entities and vital installations.
Imported goods from parties that have free trade agreements with Egypt such as the EU, the COMESA African grouping, the Arab region and Turkey would not by affected by the new decision.
December 05, 2016 - 06:04 GMT
Egypt's decision to raise tariffs up to 60 percent on 320 different luxury goods, including some fruits, cosmetics, stationary and electronic gadgets will raise annual tax revenues by EGP 6 billion.
The Labor Ministry had previously announced a steeper penalty for companies and institutions that fire Lebanese employees in favor of foreigners working under false titles. (Shutterstock)
December 04, 2016 - 13:24 GMT
The new warning by the ministry came after receiving new applications by Lebanese companies willing to negotiate over the layoffs of some of their staff.
Lionhorn boasts more than 20 years of experience as the Developmental Licensee (DL) for the nearly 100 McDonald's restaurants in the Western and Southern regions of Saudi Arabia. (Twitter)
December 04, 2016 - 12:00 GMT
Saudi Arabia's Lionhorn Private Limited assumed ownership of McDonald's business in Malaysia and Singapore on December 1, which includes a total of 390 restaurants.
Copper cables have the capacity to provide users with a maximum internet speed of 8 megabytes per second, while fiber optics can provide households with an average of 100 megabytes per second.
December 04, 2016 - 11:00 GMT
Lebanon's telecom minister has vowed to have the country fully connected by fiber optics by 2020, with the vast majority covered by 2017.
Eventually, up to 2 billion cubic metres of seawater will be transferred from the Red Sea to the Dead Sea annually under the Red-Dead project. (Shutterstock)
December 04, 2016 - 10:00 GMT
The US, UK, and EU countries have pledged donations towards the first phase of the Red Sea-Dead Sea project, which is slated to begin in early 2018.
The halal market includes not only food products and food services, but also pharmaceuticals, cosmetics, personal care products, and banking. (Shutterstock)
December 04, 2016 - 08:00 GMT
As the halal food industry continues to garner global interest, industry leaders in Barcelona are discussing ways in which the halal industry can have wider benefits for Mediterranean economies.
The investment vehicle will be seeded with two of DP World’s Canadian container terminals, with CDPQ acquiring a 45 percent stake of the combined assets.
December 04, 2016 - 07:00 GMT
Dubai World and Caisse de depot et placement du Quebec (CDPQ) have created a joint venture which will invest in global ports and terminals, including DP World’s Canadian container terminals.
Tadawul’s previous sector classification had limitations as it was not based on global classification standards. (File photo)
December 04, 2016 - 06:08 GMT
Adopting the GICS by January 2017 will enhance transparency in the local market and allow international investors access to better information on the performance of local sectors in Saudi Arabia.
In May, the General Authority for Petroleum announced an international tender for 11 oil and natural gas blocks in the western desert and Gulf of Suez. (File photo)
December 04, 2016 - 06:00 GMT
In its latest drive to lure back foreign investors to its energy sector, Egypt has received six bids for oil and gas exploration.