In July, Iran produced around 3.6 million bpd, 17 percent higher than during the first quarter of the year when initial production considerations emerged. (File photo)
August 28, 2016 - 10:00 GMT
Iran's oil minister restated that there was a responsibility to restore stability in the energy market, but reviving the country's 'lost share' was a priority.
The acquisition of Digiturk represents the largest deal in BeIN's history and a major milestone in their global expansion. (File photo)
August 28, 2016 - 09:00 GMT
Digiturk is a major pay-TV operator in Turkey with approximately 3.3 million subscribers, offering a mix of leading sports and entertainment content across 219 standard and HD national channels.
Saudi Energy Minister Khalid Al Falih stated that huge emphasis will be put in the future on foreign investments. (File photo)
August 28, 2016 - 08:00 GMT
At a US-Saudi Arabian Business Council Conference, the Saudi Energy Minister hinted that Aramco shares underwriting might be issued at the start of 2018.
The initiative was taken voluntarily by 39 international pharmaceutical companies, saving up to Dh267 million for patients in one year.  (File photo)
August 28, 2016 - 07:00 GMT
The reduction was part of the seventh and final medicine price reduction initiative launched by the ministry five years ago.
Unplanned oil production outages in a number of OPEC countries also contributed to lower export earnings.  (AFP/File)
August 28, 2016 - 06:00 GMT
Low oil prices have eaten into export revenues of OPEC countries, with earnings dropping 46 percent in 2015 to $404 billion from $753 billion in 2014.
The scale of corruption in the wheat scandal is estimated at one billion pounds. (PressTV)
August 28, 2016 - 05:00 GMT
Egypt's Minister of Supplies Khaled Hanafi has been in the spotlight after claims that up to five million tonnes of wheat procured locally may exist only on paper.
A number of European airlines and governments introduced restrictions on flights to Sharm El-Sheikh over security concerns after the Russian airliner disaster. (File photo)
August 25, 2016 - 13:00 GMT
Turkish Airlines is set to operate four flights per week to and from the Egyptian resort after nearly ten months of suspended services.
The multi-billion GCC Railway Network - a huge railway system of 2,117 km designed to connect Kuwait, Bahrain, Saudi Arabia, Qatar, UAE and Oman - was earlier slated for completion in 2018. (
August 25, 2016 - 12:07 GMT
While cheap oil has forced some GCC countries to put rail construction on the back burner, Oman's rail project to link Salalah, Sohar and Duqm is going forward.
Tekfen is already engaged in a diverse range of construction activities including power generation, airports, petroleum, roadways, infrastructure projects, and building complexes. (
August 25, 2016 - 11:00 GMT
The Turkish construction company plans to build the ten lane, 34km-long Al Khor Expressway within 36 months.
Sky Prime is a subsidiary of Alpha Star Aviation. (Sky Prime Aviation)
August 25, 2016 - 10:30 GMT
The VIP charter airline will operate their fleet of seven aircraft out of Riyadh starting at the end of 2016.
The acquisition follows the opening of a New York office by QIA in September last year.  (PIxabay)
August 25, 2016 - 07:41 GMT
QIA has made a $622M investment, a roughly 9.9 percent stake in Empire State Realty Trust as part of its strategy to expand investment in the US.
The ruling failed to hold the Lebanese Canadian Bank SAL responsible for financing the Lebanon-based Islamic group through its New York account with American Express Bank. (Yalibnan)
August 25, 2016 - 06:30 GMT
A NY Court of Appeals unanimously rejected compensation claims by plaintiffs related to victims of 2006 Hezbollah rocket attacks, citing a similar case against Arab Bank.
Egypt is keen to boost tourism from the Ukraine, which is among the biggest sources of visitors to Egypt's resorts.  (File photo)
August 25, 2016 - 05:31 GMT
The concert by Ukrainian singer Svetlana Loboda is part of a wider tourism strategy of inviting famous performers to give concerts in Egypt, particularly in its key tourist destinations.
While Qatar will host the 2022 World Cup, Dubai aims to attract 20 million visitors per year by the time it hosts Expo 2020. (Twitter)
August 24, 2016 - 14:00 GMT
Alpen Capital forecasts a growth of over 10 percent annually until 2020 in the UAE and Qatar, driven by big events and tourism development.
The Mark V is a medium-range transport and patrol boat used by U.S. Special Operations Forces for insertion and extraction of SEAL combat swimmers as well as coastal patrol. (Wikipedia)
August 24, 2016 - 13:00 GMT
The US Department of State approved the proposed $124 million sale of Mark V fast patrol boats, weapons, ammunition and training to Qatar.
In a trend reflected throughout the Gulf, Saudi Arabia has also turned to international markets to borrow money, raising a $10 billion international loan last month.  (Shutterstock)
August 24, 2016 - 12:00 GMT
Saudi Arabia continues its fundraising efforts with another SR20 billion domestic bond offer.