Brent crude fell more than $3 on Monday as traders refocused on rising global supplies.
March 04, 2015 - 14:43 GMT
Oil rebounded by more than $2 towards $62 a barrel on Tuesday as fighting in Libya, stronger equity markets and firm demand helped Brent futures recover from their biggest one-day loss in a month.
The completion date of the GCC rail, which will connect all six Gulf states, might be pushed back to 2020, the chairman of the UAE’s Federal Transport Authority (FTA) said.
March 04, 2015 - 14:32 GMT
“Initially we set the deadline for 2018…but some countries might not deliver on time,” said Abdulla Belhaif Al Nuaimi, minister of public works and chairman of the FTA.
Kuwait is set to award about KD14 billion ($47.2 billion) worth of projects this year, almost double the value of contracts awarded in 2014.
March 04, 2015 - 14:22 GMT
Last year, Kuwait had awarded KD7.3 billion ($25 billion) worth of contracts. It was almost four times as much as in 2013 and more than the last three years combined, stated MEED Projects in its report.

Egypt is also working to boost offshore oil and gas output by paying foreign explorers more to produce.
March 04, 2015 - 13:33 GMT
Sherif Ismail outlined several measures intended to stave off Egypt's worst energy shortages in decades, including launching a new round of talks to secure LNG until 2020.
Manasir owns several large investments in Jordan in the fields of oil and construction.
March 04, 2015 - 13:17 GMT
Jordanian billionaire Ziad Manasir slipped in annual ranking of global billionaires released by Forbes magazine this week.
Experts believe that the application of 4.5G technologies will offer the public faster speeds, lower latency and better functionality than the best 4G technologies currently available.
March 04, 2015 - 12:12 GMT
The agreement marks one of the world’s first joint planning frameworks between a telecom operator and an ICT vendor to develop 4.5G services,
Iran and Iraq signed an agreement in 2013 under which Tehran would start exporting gas to Iraq to feed three power plants in Baghdad and Diyala.
March 03, 2015 - 17:34 GMT
Iran could begin natural gas exports to Iraq in May if security conditions improve, Iranian oil ministry website Shana quoted a senior official as saying.
Turkey's sole stock exchange said it planned to sell shares held by the national Treasury, adding it had started a process to select bookrunners.
March 03, 2015 - 17:30 GMT
Turkey's Borsa Istanbul has decided to go public, it said in a statement on Tuesday, in an offering that will see the $220 billion stock exchange sell up to nearly 43 per cent of its capital.
The UAE along with Saudi Arabia have pledged billions of dollars to support the Egyptian economy.
March 03, 2015 - 17:24 GMT
Investment climate in Egypt is improving and the country will be back on economic recovery if the new policies for the economic growth are implemented,
Vice President Sundar Pichai says Google, the leading Internet search engine and mobile software provider, is working with unnamed network operators on developing a cellular plan.
March 03, 2015 - 17:18 GMT
Google will soon be offering cellular network plans in a bid to bridge the gap between the realms of Internet services and mobile device software it dominates.
The dollar rose to as high as 95.505 .DXY against a basket of major currencies, its highest level since September 2003. The dollar index last traded at 95.417.
March 03, 2015 - 17:15 GMT
The dollar hit an 11-year high against a basket of major currencies on Monday, with the greenback gaining a broad lift after an interest rate cut.