Arabic

Egypt still assessing transport deal with Turkey

Egypt still assessing transport deal with Turkey

Egypt is still weighing the benefits of a maritime transport agreement signed with Turkey in March 2012 in order to decide whether to renew or terminate the deal, a senior Egyptian official has said

Why is Saudi Arabia flooding the oil market?

Why is Saudi Arabia flooding the oil market?

Oil prices declined sharply in the past few weeks, with Brent crude dropping to a two-year low as Saudi Arabia continued to slash its oil prices, raising many questions about Saudi Arabias policy towards its depletable wealth

Iraqi Kurdistans oil pipeline to Turkey resumes after upgrade

Iraqi Kurdistans oil pipeline to Turkey resumes after upgrade

Crude oil flow on Iraqi Kurdistans pipeline to Turkey has resumed after upgrade work was completed and is now running at an increased rate of 200,000 barrels per day (bpd), industry sources and Turkish officials told Reuters on Thursday.

Banks lift Saudi stock index to a six-year high

Banks lift Saudi stock index to a six-year high

Banks led Saudi Arabia's stock index to a new six-year peak as trading volumes increased on Wednesday, while other Gulf markets were subdued as a summer lull deepened.

Saudi Arabias July oil output rises to 10m bpd, sources say

Saudi Arabias July oil output rises to 10m bpd, sources say

Saudi Arabia produced 10 million barrels per day (bpd) of oil in July, up from 9.780 million bpd in June, an industry source said on Wednesday.

Property firms and banks sink UAE, other markets sluggish

Property firms and banks sink UAE, other markets sluggish

Most Gulf stock markets consolidated on Wednesday because of a weak global environment and a lack of fresh, positive news as the second-quarter earnings reporting season drew to a close in many countries. Profit-taking in property firms and banks pulled down Dubai and Abu Dhabi.

Umrah provides $1.6b boost to Saudi economy

Umrah provides $1.6b boost to Saudi economy

The head of the transportation committee at the Makkah Chamber of Commerce and Industry said this year's Umrah season has provided a $1.6 billion boost to the local economy.

Gaza industrial sector hit hard as 134 factories destroyed

Gaza industrial sector hit hard as 134 factories destroyed

At least 134 factories were destroyed during Israel's four-week military offensive in the Gaza Strip, a Palestinian industrial union said Wednesday, causing severe damage to an already fragile industrial sector.

UAE's Dana Gas net profit jumps 70 percent on higher production

UAE

Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose.

Saudi ministry asks for $4 bln annually to spend on labor reform

Saudi ministry asks for $4 bln annually to spend on labor reform

Saudi Arabias labor ministry is asking the government to spend 14.9 billion riyals ($4.0 billion) annually on labor market reform and steps to move Saudi citizens into private sector jobs, the ministry said in a report.