Algeria to Contribute to Funding WB’s Intl. Development Association
26/05/2015 04:36 GMT

A draft decree authorizing Algeria’s participation in the funding of the International Development Association (IDA, a subsidiary of the World Bank) was considered and approved Sunday by the Council... More

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Bahrain Govt. Planning More Subsidy Cuts
26/05/2015 06:44 GMT

Electricity and water subsidies will be the next to be axed as part of the Bahrain government's cost-cutting measures, it has emerged. The Cabinet last week announced it was scrapping meat subsidies... More

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Egypt's MNHD Gives Nod to Mall Project with Saudi Group
27/05/2015 04:40 GMT

The board of Egypt's Medinet Nasr for Housing and Development (MNHD) has approved an offer from a unit of Saudi Arabian retailer Fawaz Abdulaziz Alhokair to build a mall at MNHD's Teegan development,... More

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Iranian Motorists Have no Limitations on Gasoline Quantity, NIOPDC
27/05/2015 07:27 GMT

The Spokesman of the National Iranian Oil Products Distribution Company (NIOPDC), Davoud Arab-Ali, told reporters that there are no rations for gasoline at its new price. "Motorists can refuel at new... More

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1st Phases of 2 Iranian Joint Fields with Iraq to Come Online in 2015-16
25/05/2015 09:44 GMT

Managing Director of the Arvandan Oil and Gas Company told reporters that the first phases of the North Azadegan Oil Field and Yadavaran Oil Field development plans are to come online in 1394 (March... More

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Kuwaiti Bank Planning UAE, KSA, Egypt Expansion
25/05/2015 05:35 GMT

Burgan Bank, Kuwait's third-largest lender by assets, will consider expanding in the UAE, Saudi Arabia and Egypt as it raises the share of international operations in its business, its chief... More

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Libya Airports Halt Flights over Pay Strike
27/05/2015 04:35 GMT

Libya's three main airports cancelled flights on Tuesday morning because of strikes by ground staff complaining they have not been paid for two months, airport officials said. The walkouts highlight... More

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Oman National Energy Strategy to be Completed Soon
27/05/2015 04:40 GMT

The Sultanate’s Public Authority for Electricity and Water (PAEW) is close to wrapping up the formulation of a National Energy Strategy — a keenly awaited, landmark policy document that will serve as... More

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40 Multi-Level Interchanges to be Built in Qatar
27/05/2015 04:43 GMT

Qatar's Public Works Authority (Ashghal) plans to build about 40 multi-level interchanges in the western region of the country over the next four years, said a report. These interchanges are spread... More

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Saudi Arabia

Saudi Investors’ Confidence High
27/05/2015 04:43 GMT

A real estate investment specialist has confirmed that the fundamentals of the local economy “indicate renewed high levels of confidence among a wide spectrum of capital investors, despite... More

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Bank Lending Growth in UAE Accelerates
27/05/2015 04:40 GMT

Bank lending in the United Arab Emirates (UAE) rose 8.4% from a year earlier in April, speeding up from 8.2% growth in March, central bank data showed. Money supply (M3) growth, however, fell to 6.4%... More

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OMV Profit Dips on Weak Oil, Crisis in Libya & Yemen
19/05/2015 04:37 GMT

Austrian energy group OMV's first-quarter underlying operating profit fell by half to 333 million euros (US$380.3 million) as oil prices dropped, beating market expectations. The average estimate in... More

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General News

GCC Food Import Demand to Hike
26/05/2015 04:39 GMT

The population growth, the increase in the number of tourists and the increase in per capita income in the GCC will see food consumption reach 49.1 million metric tons by 2017, according to... More

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