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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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A potential combination of NBAD-FGB is expected to create the second largest bank in the Middle East after Qatar National Bank. (File photo)
June 20th, 2016 - 05:00 GMT

UAE: Proposed NBAD-FGB merger would create regional banking giant

Established in 1964, Americana, or Kuwait Food Company, is the parent group that brought to the Middle East more than a dozen major food brands like Pizza Hut, KFC, Costa Coffee and TGI Friday’s. (File photo)
June 20th, 2016 - 04:20 GMT

Alabbar's Adeptio buys $2.3B majority stake in Kuwait's Americana

230 of Iran's 250 planes need to be replaced. (Twitter)
June 19th, 2016 - 12:00 GMT

Iran strikes deal with Boeing for purchase of 100 planes

Fincantieri's Laksamana Class Missile Corvette, belonging to the Malaysian Navy. (Naval Technology)
June 19th, 2016 - 11:00 GMT

Qatar awards Fincantieri with $4.4B shipbuilding deal


The Kuwaiti parliament has approved a 2015-2020 development plan envisages investments totalling more than $100 billion in infrastructure projects in the country. (Cicadesign.ca)
June 19th, 2016 - 10:00 GMT

Italy's Salini Impreglio wins $955M Kuwait housing project contract

There is huge dip in the number of new projects in Oman due to lower oil prices and this has led to retrenchment of workers. (Arabian Business)
June 19th, 2016 - 07:45 GMT

Oman: Budget carriers in stiff competition as migrant workers leave 'by the thousands'

The UAE is set to be the first GCC country to introduce VAT in 2018 and is expecting to generate around Dhs 10bn to Dhs 12bn in revenues in its first year of implementation. (Shutterstock)
June 19th, 2016 - 06:00 GMT

UAE lays out first phase of corporate VAT policy

Boeing was pipped by European rival Airbus who signed a preliminary agreement in January to sell Iran 118 aircraft valued at $27 billion. (Wikimedia Commons)
June 19th, 2016 - 04:23 GMT

Financing issues present the last hurdle in Iran's 'historic' Boeing deal

A US found that integrating solar power into the grid is complex because, utility system operators would need to favor one source of supply over the other to maintain market balance. (Shutterstock)
June 16th, 2016 - 01:03 GMT

Renewable energy costs could drop by up to 59 percent in five years: IRENA

The plan envisages increasing the country’s refining capacity to about 3.2 million barrels a day by 2020 from 1.85 million currently. (Ship and Bunker)
June 16th, 2016 - 01:00 GMT

Iran plans to boost refinery capacity by more than 70 percent in four years

Last April, Saudi Arabia and the United States had added a number of organizations on their lists of terrorist groups. (File photo)
June 16th, 2016 - 12:30 GMT

Saudi Arabia tightens bank transfer procedures to Lebanon to prevent Hezbollah funding

Egypt's Central Bank has sought to crack down on the black market, revoking the licenses of exchange bureaus found dealing far beyond the official rate. (AFP/Khaled Desouki)
June 16th, 2016 - 11:43 GMT

Egypt's black market currency traders take their business abroad

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