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Iraqi oil field worker in Basra
June 25th, 2026 - 12:14 GMT
P. Choiaqo

P. Choiaqo

Iraq rethinking its OPEC membership due to oil production limits

ALBAWABA - In a Reuters exclusive report: Iraq, one of the founding members of OPEC, is now considering leaving the organization after Strait of Hormuz disruptions and limited oil production quotes hit the county hard. “Saudi Arabia and ​other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options,” a senior Iraqi oil ⁠ministry official told Reuters. Iraq’s economy ...
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In its second phase of recovery, Arabtec said it plans to secure new projects, recycle capital, and ensure on-time and on-budget delivery of projects. (File photo)
March 2nd, 2017 - 01:00 GMT

Arabtec targets 2019 recovery with three-year recapitalization plan

Insurance penetration (the ratio of insurance premiums to GDP) is below 2 per cent in all but two of the six GCC countries. (Shutterstock)
March 2nd, 2017 - 12:00 GMT

Low oil prices a headwind for GCC insurance market: Moody's

Bahrain Clear Company will provide services in the areas of settlement, depository of securities, custodians, and other services. (Bahrain Bourse)
March 2nd, 2017 - 11:00 GMT

Bahrain Bourse to launch auxiliary services company

Lebanese exports have declined due to high production costs in the country.  (Shutterstock/ Robert Kneschke)
March 2nd, 2017 - 10:00 GMT

Lebanon's minister sounds warning over 'total collapse' of industrial and trading sectors

Rosneft is going through privatization, but remains partially owned by the Russian government. (Rosneft)
March 2nd, 2017 - 09:00 GMT

Russia's Rosneft calls for Libyan autonomy after striking oil deal

Some MPs made it clear that they will not pass the VAT law which is expected to come into force across the GCC in 2018. (Wikimedia Commons)
March 2nd, 2017 - 08:00 GMT

Is Kuwait standing in the way of its own economic progress?

BofA Merrill Lynch expect the fiscal deficit to narrow this year on higher oil prices, but hover around 2015 levels. (File Photo)
March 2nd, 2017 - 06:00 GMT

Oman deficit will require external financing: BoA Merrill Lynch

Jakarta and Riyadh also inked an agreement that builds on an existing $6 billion deal between state-owned energy firms Aramco and Pertamina to expand an Indonesian oil refinery.  (AFP/Achmad Ibrahim)
March 2nd, 2017 - 06:00 GMT

Saudi Arabia to grant Indonesia $1B for economic development

Egypt signed a second $1 billion tranche loan agreement with the director of the World Bank in Cairo in late December part of a $3 billion loan package to support Egypt’s economic reform programme. (AFP/File)
March 2nd, 2017 - 05:00 GMT

World Bank delegation to Egypt to follow up reforms progress

The UAE leads the Middle Eastern wellness tourism market. (Shutterstock)
March 1st, 2017 - 01:00 GMT

Global growth of wellness tourism presents opportunities for Middle East

Governments in the region are expected to spend $11.6 billion on IT products and services in 2017. (Shutterstock)
March 1st, 2017 - 12:00 GMT

Surge in mobile phone spending expected to drive MENA IT spend to $155.8B in 2017

Malaysia's Prime Minister Najib Razak (R) talks with Saudi Arabia's King Sultan Salman bin Abdulaziz al-Saud in Putrajaya, outside Kuala Lumpur.  (AFP/Mohammed Rasfan)
March 1st, 2017 - 11:00 GMT

Saudi Arabia, Malaysia ink deals worth $2B across various sectors

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