Main headlines

May 18, 2014

The project will bring on stream 26 wells from four fields in the Reggane basin, the company said.
12:31 GMT

UK-based oil and gas services group Petrofac, which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded a contract worth $970 million in Algeria.

“We want to provide more protection to expat community and workers in this country, to provide more protection and safeguard their rights,” said Salih Saeed Al-Sahwi from the Ministry of Labour and Social Affairs, as quoted by Doha News.
11:48 GMT

Reacting to international backlash about the treatment of expatriate workers and labor laws of the country, the government of Qatar has announced several changes to its labor system.

In addition to trade in oil and gas, the Netherlands exports a wide range of products and technology in the agriculture, machinery, chemical and petrochemical sectors in Saudi Arabia
03:55 GMT

Saudi Arabia is considering trade sanctions against the Netherlands because of stickers printed by far-right politician Geert Wilders which display anti-Islam slogans in the colours of the Saudi flag.

There have been no reports of accidents or injuries as a result of the defect, the automaker said.
03:55 GMT

The recall is because the air bag assembly may come loose from its mounting on the steering wheel, according to documents filed with US auto safety regulators.

The project will have production capacity of 16 million tonnes a year.
03:55 GMT

Ma’aden has already secured a $4.2 billion loan package from commercial banks and export credit agencies to fund the construction at Waad al-Shamal, which loosely translates as Northern Promise.

“It is the largest concrete raft in the world. In places, the thickness is five metres,” said Hammoud.
03:55 GMT

The over one kilometre tall Kingdom Tower will replace Dubai’s Burj Khalifa, 828 metres tall, as the highest in the world.

May 16, 2014

The Iraqi government has repeatedly said oil sales by-passing Baghdad are illegal and has threatened to sue any company involved in the trade
01:36 GMT

"If these reports are correct, then dire consequences will be inevitable," the Iraqi oil official said. "This is a seriously dangerous development. ...and now if this is proved true then they are going too far."

While overall unemployment experienced a slight increase, the seasonally adjusted unemployment rate decreased slightly to 9.1 percent, down from 9.2 percent in January.
01:07 GMT

Turkey's total employment rate stood at 44.1 percent in the month of February, 63.3 percent among men and 25.4 percent among women.

May 15, 2014

Bank of Israel officials told "Globes" last week that the strong shekel was a direct consequence of the dollar's weakness on international markets, and drew attention to the dollar-euro exchange rate.
00:44 GMT

Manufacturers Association president, "This emergency requires an immediate response."

On March 1, Iranian Oil Minister Bijan Namdar Zanganeh said that Iran's oil industry would head forward, with or without sanctions.
16:47 GMT

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.

Locals said large sections of the sea had been covered in an unidentified black substance, initially thought to be an oil spill, last Sunday.
15:23 GMT

Locals interviewed near the power plant Wednesday said they first noticed the pollution Sunday, likening it to oil spills that once frequently plagued the coast in the area.

“They have to be ready to sell and they’ve said they’re not ready,” Chapman said at Airport Show 2014 in Dubai.
15:20 GMT

Acquiring LSG would boost Dnata’s global footprint by adding 210 catering facilities in 54 countries.

MasterCard, a technology leader in the global payments industry, plans to set up in Dubai its first processing centre outside the US in the last quarter of 2014.
03:55 GMT

The processing centre, also the very first of its kind in the region, will be a one-stop-shop for debit and prepaid processing, fraud risk services, ATM processing, customer care and reporting/analytics.

May 14, 2014

The reforms will also end the long-standing requirement that foreign workers obtain their employer’s consent before leaving the country.
00:04 GMT

“The relationship will be redefined as between employee and employer instead of sponsor and sponsored,” the interior ministry said on Facebook

Nissan’s marketshare in the UAE is estimated at just over 16 per cent compared with 15.1 per cent a year earlier.
23:45 GMT

Sold 60,000 units in the UAE and also getting it right in Saudi Arabia