Main headlines

February 6, 2013

Saudi Arabia’s King Abdullah bin Abdulaziz Al Saud, replaced the head of the Capital Market Authority (CMA) yesterday
09:45 GMT

Saudi Arabia’s King Abdullah bin Abdulaziz Al Saud issued a royal order relieving Dr. Abdulrahman bin Abdulaziz al-Tuwaijri, President of Capital Market Authority (CMA), of his post on Tuesday.

According to an industry executive, returns on Qatari railway investment could top $38 billion
09:32 GMT

According to an industry executive, there is about $38 billion (Dh139.76 billion) worth of potential returns for investors over the next 20 years in rail-related projects in Qatar.

A German fund is to help Lebanese SMEs in an effort to boost the economy
08:44 GMT

SANAD, a German fund for small and medium enterprises in the MENA region signed Tuesday a $20 million loan facility with Bank Audi aimed at expanding lending to small businesses in Lebanon.

Egypt's Central Bank revealed yesterday that net foreign reserves fell by $1.4 billion in January
04:00 GMT

Egypt's net foreign reserves fell by $1.4 billion in January to $13.613 billion, the Central Bank of Egypt (CBE) stated on Tuesday.

February 5, 2013

Air Arabia carried record numbers of passengers last year
13:06 GMT

The regions first and largest low-cost airline, Air Arabia, has recorded a 5.3 million passengers in 2013, up by 13 per cent.

The Emirates national oil company, ENOC, is shunning Iranian oil in favour of Qatari crude
12:15 GMT

Emirates National Oil Company (ENOC) signed an annual contract with Qatar's International Petroleum Marketing Company, the Emirati company said, as it aims to cut imports from Iran of extra light oil.

Egypt is set to finalise an economic plan to secure a $4.8 billion IMF loan next week
11:32 GMT

Egypt's finance minister has said that the government would complete its revision of its economic reform plan next week, after which it planned to invite a delegation from the IMF, according to a statement yesterday.

Standard and Poors, which downgraded Egypt's economic outlook recently, is facing legal action in the US over the subprime financial crisis
10:51 GMT

Standard and Poors ratings agencies responsible for putting the squeeze on Egypt's ailing economy face US government's legal wrath over its role in the subprime mortgage crisis in 2007.

The hostage crisis in Algeria could see Maghreb economies diversifying away from hydrocarbons
09:32 GMT

The gas field attack in Algeria and the war against terror in northern Mali are forcing the countries to take a new look at economic policies.

Egypt's decision to raise the ost of using the Suez Canal could see ships diverted away from the trade route
07:31 GMT

The decision of Egypt’s Suez Canal to raise its toll fees may cause the already struggling ship owners to re-route their vessels to the Cape of Good Hope, the International Chamber of Shipping (ISC) said on Monday.

The World Bank stressed yesterday its commitment to ensuring Yemen gets all pledged funds from a recent donor meeting
06:29 GMT

The World Bank stressed yesterday its commitment to ensuring all funding granted to Yemen at a Riyadh meeting will end up in government coffers.

Tunisia is nearing agreement with the International Monetary Fund for a $1.78 billion standby loan.
06:09 GMT

Tunisia is nearing agreement with the International Monetary Fund for a $1.78 billion standby loan to protect the economy from external shocks, the IMF said on Monday.

The Kuwait Fund for Arab Economic Development has offered Lebanon a $85 million loan for electricity development
05:58 GMT

Kuwait issued Lebanon a $85 million yesterday to finance upgrade work on two power plants.

Egypt’s Salafist Nour Party is pushing for an increasing in the national minimum wage
04:00 GMT

The Salafist Nour Party has drafted a law that would increase the minimum wage for Egyptian workers to LE1200 ($178) a month.

February 4, 2013

Fuel subsidies in Egypt cost the government  $30 million daily, according to the Minister of Petroleum
12:41 GMT

Egypt's government subsidizes gas oil by around $30 million daily, Minister of Petroleum Osama Kamal said on Sunday.