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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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Wider fiscal reforms such as subsidy reductions, fee increases, etc for 2017 announced so far have been substantially less than in early 2016.  (Shutterstock)
February 20th, 2017 - 09:00 GMT

GCC fiscal reform proves a tricky balancing act with economic growth

Economic associations warn that any increase in taxes will lead to economic slowdown and to heavy recession due to the crises that hit the country in the past five years. (Shutterstock)
February 20th, 2017 - 08:00 GMT

Tax hikes will have negative effect on growth and investments: Lebanese economic associations

The project will be built over 700 sq km east of Cairo between Greater Cairo and the Red Sea and will be executed within five to seven years at a cost of $45 billion.  (File photo)
February 20th, 2017 - 07:00 GMT

First stage development of Egypt's new Capital City gets underway

The amount of the fees increase is dependent on the schools' rating by the Dubai School Inspection Bureau. (File photo)
February 20th, 2017 - 06:00 GMT

Dubai to hike school fees by up to 4.8 percent

IDEX, which runs to Thursday, is one of the largest arms fairs in the Middle East and is held biannually to showcase the latest in defence technologies and innovations.  (AFP/Karim Sahib)
February 20th, 2017 - 05:32 GMT

UAE anticipates $1.2B in arms deals as defense expo kicks off

Resort Hotel at Raouche in Beirut, Lebanon (Shutterstock/JPRichard)
February 19th, 2017 - 12:42 GMT

Aoun's Gulf visit brings hopes for increased tourism to Lebanon

In 2016, Brazilian exports to the countries of the GCC – Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman – totalled $6.04 billion, and the imports were $2.66 billion. (Shutterstock)
February 19th, 2017 - 11:00 GMT

Gulfood 2017: GCC meat consumption to rise by 4.3 million tons by 2019

Many of the reserves and energy facilities are located in the country’s south which has been hit by a wave of sandstorms in recent years. (File photo)
February 19th, 2017 - 10:00 GMT

Iran announces major oil and gas discoveries

Lebanon consumes $1.3 billion in medicines and drugs annually, but only 7-10 percent of these pharmaceuticals are produced locally. (Shutterstock)
February 19th, 2017 - 09:00 GMT

Lebanon's lawmakers call for reciprocal agreements to boost local pharmaceutical industry

After introducing the new levy, exchange houses were passing on the burden to customers. (Shutterstock)
February 19th, 2017 - 08:00 GMT

Oman u-turns on customs duty for imported bank notes

Visitors go through security at Sharm El Sheikh airport. (AFP/File)
February 19th, 2017 - 07:00 GMT

Resumption of Russian flights to Egypt hinges on airport security details

Morgan Stanley is also expected to be a global co-ordinator and bookrunner on the Aramco listing. (File photo)
February 19th, 2017 - 06:00 GMT

JP Morgan, Morgan Stanley tipped to underwrite Saudi Aramco IPO

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