November 29, 2012
Abu Dhabi National Energy Company (Taqa) announced on Wednesday that it has agreed to buy oil and gas assest in the North Sea from BP, in a deal worth $1 billion.
Egyptian Prime Minister Hisham Qandil has finally announced the economic reform package for the embattled country, which is required by the International Monetary Fund to secure a $4.8billion loan.
The volatile situation in Syria and the sudden war on Gaza made Lebanon’s last Eurobond issue less appealing to Arab and foreign investors despite the Finance Ministry’s success in securing $1.525 billion of this bond.
Lebanon’s Central Bank is putting a stimulus package in place to boost its bruised economy, which has taken a hit by its troubled neighbour Syria
Telecoms revenue in the Mena region is expected to grow by 27 per cent, at a compound annual growth rate (CAGR) of 5 per cent, over the next five years to hit $96.4 billion in 2017 from $70.3 billion in 2011, a report said.
November 28, 2012
Lebanon is on strike mode for the second day, with protests planned across the country. The strikers are hoping to force the government to agree to pay increases, in a long-running debacle that has seen public sector workers take industrial action several times.
Egyptian President Morsi could have jeopardised the $4.4 billion loan that has been agreed between cairo and the International Monetary Fund. Concern is mounting that increased volatility in the economy or political instability could see the deal delayed.
The United Arab Emirates is set to launch a new scheme aimed at promoting products that are "Proudly made in the UAE", and it will put in place a general policy to improve national products and their quality.
Lebanon’s biggest bank, Bank Audi, will launch operations in Iraq next year and rival Byblos Bank is to enter the Libyan market as both contend with a flagging domestic economy.
Saudi Arabia's non-oil economy is expected to witness robust growth of 7.5 per cent in 2012 on the back of continued high government expenditure and increased domestic demand, said a new report.
Oman's total budget expenditure for financial year 2013 has been estimated at 29 per cent higher than the announced budget expenditure for 2012, and around 12 per cent higher than the amended budget expenditure for this year.
November 27, 2012
Analysis of recently completed seismic data by top multinational companies showed that Lebanon's gas wealth could exceed that of Israel, CEO of Lebanon's upstream oil and gas company Petroleb has said in an interview.
The United Arab Emirates and the Ukraine have signed a range of agreements on Monday aimed at boosting bilateral trade agreements, as the Presidents sought to increase their relationship in areas of trade and tourism.
The ratings agency Standards and Poor have upgraded Abu Dhabi's rating, to just under the highest possible score, highlighting the stability tat the Emirate is viewed with, as the agency also announces that is believes Abu Dhabi is “among the wealthiest economies in the world”
Egypt's President Morsi had previously said that he would cancel farmers outstanding debt below LE10,000 ($1,666). However, two months later, the farmers said the debt cancellations are only being applied to non-performing – i.e. delinquent –loans.