Main headlines

January 6, 2015

Oman Air, the national carrier of Oman, has announced the launch of a new plan to reduce its operational expenditure.
04:55 GMT

Oman Air, which reported an annual loss in 2013, previously said that it will spin off some of its business units to become profitable.

Iraq plans to boost crude exports to a record this month, the Oil Ministry said. Russia’s output rose to a post-Soviet high in December.
04:55 GMT

Gulf stock markets extended their decline on Monday after the price of Brent crude fell below $56 per barrel.

The new long-term facility was arranged by Abu Dhabi Commercial Bank, First Gulf Bank and Mashreq
01:01 GMT

United Arab Emirates utility Tabreed said on Monday it had completed the refinancing of debt facilities worth Dh2.6 billion ($707.9 million).

January 5, 2015

Petra Airlines will be rebranded as Air Arabia Jordan and the UAE carrier will establish a hub at Amman's Queen Alia International Airport
14:28 GMT

Air Arabia, a leading low-cost carrier, has bought a 49 per cent stake in Jordan's Petra Airlines.

Al-Mansoori projected an increase in the UAE’s GDP to more than AED1.54 trillion in 2014, compared to AED1.47 trillion in 2013, an approximate growth of 4.8 percent.
13:52 GMT

The UAE Ministry of Economy has stepped up the preparations for the 5th Annual Investment Meeting (AIM).

CBJ Deputy Governor Adel Sharkas indicated on Sunday that the amount would range between JD400 and JD500 million (500 to 600 USD).
04:55 GMT

"The decision to issue Islamic sukuk to finance part of the accumulated deficit in the government."

January 4, 2015

Salem, together with ousted president Hosni Mubarak, was acquitted on illicit gains charges of exporting Egyptian natural gas to Israel at below market rates.
23:17 GMT

Business tycoon Hussein Salem has submitted a request to the Illicit Gain Authority for reconciliation with the Egyptian government and the unfreezing of his assets.

The funds are critical to running the Palestinian Authority, which has limited self-rule, and paying public sector salaries.
22:37 GMT

The moves are in retaliation for moves by the Palestinians to join the International Criminal Court (ICC) in the Hague.

Production fell by about a third to an average 160,000 barrels per day (bpd) since fighting broke out, from 245,000 bpd just before the violence erupted.
16:22 GMT

South Sudan's oil revenue last year was hit by reduced output because of conflict in the African republic and the rapid decline in oil prices.

Tax revenues increased by 12 per cent of the total government revenue compared to fiscal year 2014.
15:53 GMT

Government revenue figures show Dubai’s success in increasing public revenues for fiscal year 2015 by 11 per cent compared to revenues for the fiscal year 2014.

The Hashemite Kingdom last year agreed to purchase natural gas from Israel at a cost of $15 billion.
11:07 GMT

Jordan is suspending negotiations with Israel over plans to import natural gas.

"We have reached the danger point... after starting to withdraw from the reserves," to meet the budget shortfall, Alwaleed said in a letter addressed to the finance minister.
04:55 GMT

Billionaire Prince Alwaleed bin Talal has lashed out at the Saudi fiscal policy after projecting the largest ever budget deficit for 2015 following the slump in oil prices.

Israel's exports of goods and services were up only 0.6% in 2014, reaching $44 billion.
04:55 GMT

The most alarming figures were a 2.7% drop in investments in fixed assets, putting Israel at the bottom of the OECD table in this category

January 1, 2015

Arrears to foreign energy companies have hampered investment in the sector.
11:35 GMT

Egypt has paid $2.1 billion of its debt to foreign energy companies, leaving $3.1 billion still owed.

December 31, 2014

"We expect a gradual, but slow increase of stabilized condensate exports over the next year," analysts at JBC Energy said in a report.
17:28 GMT

Oil dropped towards $56 a barrel on Wednesday and was heading for its biggest annual decline since 2008.