Oil & Gas Iraq to cut oil spending after fall in crude prices Iraq is seeking to cut operational spending on oil projects while trying to maintain investment in increasing crude production, following a steep fall in prices, the official news agency reported on Tuesday. Prime Minister Mohammed Shia al-Sudani sent a letter to the oil ministry and state-owned oil companies asking them to reduce spending on projects […] April 22, 2025
Trade Iraq and Turkey to devise roadmap for expanded trade Iraq and its northern neighbour Turkey will hold a series of meetings in the coming weeks to devise a roadmap for increasing bilateral trade, which hit an all-time high of nearly $15 billion in 2024. “There is a plan in this respect and it has been prepared with the help of various Iraqi economic parties… […] April 22, 2025
Infrastructure Morocco to borrow for World Cup rail and airport projects Morocco is planning to seek loans to fund multi-billion dollar rail and airport projects as it prepares to co-host the Fifa World Cup in 2030, according to a minister. The projects include a high speed train network linking the commercial capital of Casablanca on the Atlantic with Marrakesh and a new civilian airport in Casablanca, […] April 22, 2025
Construction Bangladeshis dominate foreign labour in Oman Nearly 1.8 million foreigners work in Oman and more than a third of them are from Bangladesh, a major source of labour for oil-rich Gulf nations, according to official data. Around 637,000 Bangladeshis work in the sultanate, accounting for nearly 35 percent of the total expatriate labour force, reports the April bulletin of the National […] April 22, 2025
Trade UAE remains Oman’s primary exporter despite increase from China The UAE maintained its position as the top exporter to nearby Oman last year despite a sharp increase in China’s exports to the sultanate, official figures show. The UAE, the second largest Arab economy and a major centre for re-exports, exported OR4 billion ($10 billion) to Oman in 2024 and accounted for almost a quarter […] April 21, 2025
Tax Trump tariffs threaten $22bn in Arab exports says UN Bahrain and Jordan are the countries likely to be most affected by tariffs planned by President Donald Trump on non-oil exports by the Arab world to the US worth nearly $22 billion, a United Nations body has warned. Despite a sharp fall in the region’s sales of oil to the US over the past decade, […] April 21, 2025
Markets Value of GCC bonds down in first quarter The value of bonds issued by the six-nation Gulf Cooperation Council (GCC) slumped by 7 percent in the first quarter of 2025 following a steep fall in Saudi Arabia, according to a Kuwaiti think-tank. The total value of bonds and Islamic sukuk issued by Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman was $51.5 […] April 21, 2025
Oil & Gas Jordan to increase gas production from Risha field Jordan is planning to build a 320km pipeline to distribute gas for the domestic market from the Risha field in the northwest of the country, according to an official. The project also includes the construction of a gas treatment plant near Risha, where the country’s largest reserves are located. Officials have said Risha holds nearly […] April 18, 2025
Industry Kuwait orders factories to close for summer power saving Kuwait has told its industrial facilities to suspend operations for six hours daily during summer as part of a power rationalisation plan spurred by severe electricity shortages due to high demand. The Public Authority for Industry (PAI) said on its website this week that industrial units in the Gulf emirate must shut down during peak […] April 18, 2025
Industry Iraq revives war-devastated fertiliser plant Iraq’s industry and minerals minister broke ground on Thursday on a major fertiliser plant in the north of the country which was destroyed by Daesh militants nearly 10 years ago. Khalid al-Najm laid the ground stone for the plant in Baiji city in the northern Saladin Governorate during a ceremony attended by local tribal chiefs, […] April 18, 2025
Aviation Kuwait’s Agility buys major US aviation support firm for $305m Agility Public Warehousing Company of Kuwait is buying the American company G2 Secure Staff, one of the world’s largest aviation service providers, for $305 million. G2 provides aviation support services to almost all major airlines in the US in more than 70 US airports, including ground handling, cabin cleaning and passenger assistance The company was […] April 15, 2025
Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […] April 15, 2025
Economy Algeria creates agency to promote non-oil exports Algeria is to create an export promotion agency to push non-oil international sales as the oil and gas producer faces plunging petroleum prices. Algerian President Abdelmadjid Tebboune revealed the plan during a meeting with national business leaders in the capital Algiers last week. Tebboune said the export promotion agency would be set up next month […] April 15, 2025
Real Estate Egypt and Saudi Arabia plan joint real estate fund Saudi Arabia and Egypt are planning to create a joint fund to carry out real estate projects in the two countries, an Egyptian official has revealed. Egypt, which is locked in an IMF-recommended programme to stimulate its economy, also wants Saudi investors for new projects in central Cairo, in line with a plan to be […] April 14, 2025
Trade China and Turkey imports widen Tunisia’s trade gap Tunisia’s trade gap rose by two thirds in the first quarter as the government prioritised goods from China and Turkey, official figures show. Imports increased by 5 percent to 20 billion Tunisian dinars ($6.8 billion) in the first three months of 2025 from 19 billion dinars in the same period last year, the National Institute […] April 14, 2025
Renewable Energy Morocco steps up solar power drive to meet 2030 target Morocco is intensifying investment in solar power in the hope of hitting a target to raise the use of renewables in its energy mix to more than half. The country has set a target of 52 percent renewables by 2030 after achieving previous targets, local media reported. Newspapers said on Friday that hydrocarbon-poor Morocco has […] April 14, 2025
Oil & Gas Iraqi gas field awarded to US oilfield services giant Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […] April 10, 2025
Energy Iraq signs power-generation deals with US companies Iraq has signed memoranda of understanding with two US companies to generate more than 27 gigawatts (GW) of electricity, including a giant solar power plant, according to the prime minister’s office. The electricity ministry signed the two MoUs with Massachusetts-based GE Vernova and Florida-based UGT Renewables in Baghdad on Wednesday during a visit by more […] April 10, 2025
Renewable Energy Chinese companies spearhead Algeria’s solar drive Algeria has broken ground on two new solar power projects over the past week as part of a drive to build 15 plants with the help of Chinese companies. The drive aims to largely expand the use of renewable energy and release oil and gas for export by the Opec producer. Renewable sources currently account […] April 9, 2025
Oil & Gas Iraq offers gas site concessions amid power generation issues Iraq is offering 15 natural gas concession sites to international investors as part of a post-conflict drive to develop its hydrocarbon resources and increase production capacity, the state-owned Iraq news agency reported. Opec’s second largest oil producer is prioritising the development of its gas deposits to stop the long-standing practice of burning them off, or […] April 9, 2025
Renewable Energy Jordan’s new electricity law to focus on hydrogen A new electricity law in Jordan will focus on expanding reliance on renewable energy and attracting investment in hydrogen production. Jordan’s parliamentary energy and mineral resources committee discussed the draft law on Sunday ahead of final endorsement by parliament. The draft law, approved by the cabinet in February, will replace provisional legislation which has been […] April 8, 2025
Banking & Finance Iraq starts banking sector restructuring plan Iraq announced this week the start of a much-awaited post-war project to restructure its banking system with the help of the US consultancy company Oliver Wyman. The Central Bank of Iraq said restructuring would be implemented in stages. “Iraqi banks have gone a long way in developing their services but they are required to take […] April 8, 2025
