Main headlines

January 20, 2015

The canal generated some $5.2 billion in revenues during the 2012/2013 fiscal year. (AFP File)
10:16 GMT

A section of the channel Egypt is building parallel to the Suez Canal suffered leaks in the early hours of Monday, causing no injuries.

Qatar’s support for former Egyptian Islamist President Mohamed Mursi and the Muslim Brotherhood created tensions with Abdel Fattah al-Sisi.
04:55 GMT

Qatar’s emir will attend an economic summit due to take place in Egypt in mid-March, sources from both countries said on Monday, in a sign of easing political tension between the Arab states

January 19, 2015

Oman DryDock
20:04 GMT

Oman Drydock Company has handed over its 300th vessel since starting operations in 2011.

NADEC registered SR 20 million in fourth-quarter net profit.
13:44 GMT

The National Agricultural Development Company (NADEC) achieved net profits amounting to SR 107 million net profits in 2014.

A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants
11:24 GMT

A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants for Egypt as part of the country's plans to diversify its power generation mix amid its worst energy crisis in decades, the company's chairman said.

Egypt's pound hits weakest official level since December 2012
10:31 GMT

The central bank let the Egyptian pound depreciate on the official market for the first time since July, allowing it to reach 7.19 pounds per dollar, its weakest level since auctions began in December 2012.

The Gulf’s largest listed company earned SAR4.36 billion ($1.16 billion) in the three months to Dec. 31 compared to SAR6.16 billion a year earlier,
04:55 GMT

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, reported a 29 per cent plunge in fourth-quarter net income on Sunday.

The total investment in the present phase will reach $2.5 billion once the remaining work is completed, the Times of Oman report said.
04:55 GMT

The plant has a capacity for commercial export of 27 million cu ft per day of natural gas and 2,500 barrels per day of condensates.

The high interest in buying investment certificates for the Suez Canal project was part of the reason why Egypt witnessed stabilisation in 2014, the report said.
04:55 GMT

Egypt gained notable improvements in confidence, exports and manufacturing, according to the World Bank’s report in January , which highlighted 1.2% growth for 2014.

January 18, 2015

The oil market had fallen on Thursday on news that the Organisation of Petroleum Exporting Countries (Opec) had overproduced in Decembe
15:01 GMT

Oil plunged close to six-year lows last week on oversupply worries, before staging a slight recovery as the International Energy Agency (IEA) declared there were signs that “the tide will turn”.

Abe said the Middle East is very important to Japan, which provides support to the region’s stability, especially its war against terrorism and extremism.
08:40 GMT

The financial aid will include other sectors such as infrastructure and technology, part of a total aid package for the Middle East amounting to $2.5bn.

The plant should come on line in April 2017, helping to achieve a reduction of 250,000 tonnes of carbon emissions annually, the company said.
04:55 GMT

The Gulf region is one of the world's richest areas in sunshine, but its countries are way behind others in harnessing the energy

"There should be a wide range of penalties to use (against employers) including financial penalties and criminal sentences."
04:55 GMT

Qatar is considering imposing penalties against firms that fail to pay migrant workers on time, one of the biggest complaints voiced by rights groups against companies in the Gulf state.

The oil price "could fall to $25," said Vagit Alekperov, the chief executive of the private oil producer, quoted by RIA Novosti.
04:55 GMT

Russian oil company Lukoil on Friday predicted that oil prices, which have more than halved since June last year, could plunge as low as $25 per barrel.

January 17, 2015

“Iran’s trade delegations have launched attempts to introduce investment opportunities of Iran to the other countries,” Moqimi asserted.
04:55 GMT

Mohammad Reza Bahraman who was speaking in a press conference on Tuesday said that $00bn of the total figure had been defined for projects in oil and gas sector.