Main headlines

April 18, 2013

Turkey will transfer the remaining US$1 billion of a $2 billion loan to Egypt in two months, according to sources
12:31 GMT

Turkey will transfer the remaining US$1 billion of a $2 billion budget support package agreed for Egypt last year within the next two months, Turkish economy officials and banking sources said on Wednesday.

Paying back debts is hurting Egypt's' debt
11:11 GMT

Egypt's debt-servicing bill is set to jump by almost a third in the next fiscal year, hampering the government's ability to boost economic growth from the slowest pace in two decades.

Lebanon is set to crackdown on smuggled handsets in the country
09:56 GMT

Some 70 percent of mobile phones in the Lebanese market are smuggled into the country, with officials planning to black the use black market handsets.

France is hoping to win big with Saudi Arabia's nuclear contracts
08:37 GMT

France’s Areva says it aims for the majority of its subcontractors to be local firms should it win an expected tender to build nuclear power plants in Saudi Arabia.

Jordan has received six bids for its first ever oil shale plant
07:20 GMT

The Attarat Power Company (APCO) announced Wednesday that six internationally renowned engineering and construction companies have submitted proposals to construct Jordan’s first oil shale-fired power plant.

Egypt’s poor need to be compensated in cash transfers for the removal of subsidies, the IMF has said
03:47 GMT

Egypt’s poor need to be compensated in cash transfers for the removal of subsidies, said an official from the International Monetary Fund (IMF) at a press conference in Washington on Tuesday.

April 17, 2013

 Kurdistan is set to export oil to the world via Turkey, in a move that will provoke Baghdad.
13:08 GMT

In a move that is likely to provoke officials in Baghdad, Kurdistan is set to export oil to the world via Turkey as debates rumble on over who should see the cash windfall.

A delegation from Egypt is heading to Cairo for the semi-annual meetings with the IMF and World Bank
12:34 GMT

A high-level delegation of Egyptian officials left Cairo on Wednesday, bound for Washington DC to take part in the semi-annual meetings of the International Monetary Fund (IMF) and World Bank later this week.

The six GCC member states are planning stricter migrant worker rules
12:12 GMT

GCC countries will soon pass a law regulating foreign labor in the Gulf countries, including returning to their home countries “marginal” and unskilled foreign workers, a Gulf official said.

Lebanese with savings in Cyprus are being urged to move their money back home (Getty)
10:25 GMT

Cyprus is due to withdraw restrictions on deposits as Lebanese are urged to deposit their savings in backs back at home.

Inflation on the rise in Saudi Arabia
09:23 GMT

Inflation in Saudi Arabia rose by 3.9 per cent in March compared to the same month the previous year

As protests continue in the run up to the Formula One, new figures show that the event has generated $1.3 billion for Bahrain (MOHAMMED AL-SHAIKH / AFP)
09:01 GMT

As protests increase in the run up to the Bahrain Gran Prix, new figures show that the race has generated $1.3 billion for the small island nation in the nine years since it first hosted the race.

Lebanese farmers will receive delayed subsidy payments
08:48 GMT

Lebanese authorities are set to reimburse farmers and exporters for delayed subsidies, originally due to be paid in 2011.

Jordan and Iraq have signed a preliminary agreement for a new oil pipeline
07:46 GMT

Jordan and Iraq have signed an agreement on basic principles to build a pipeline to export crude oil from Basra to Aqaba.

The IMF has slashed its growth forecast for Egypt
03:47 GMT

The International Monetary Fund cut its 2013 growth forecast for the Egyptian economy to 2 percent in its April 2013 World Economic Outlook report, down from the 3 percent initially predicted last October.