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Iraq halts Kurdish region oil exports through Turkey after winning arbitration
Iraq stopped 450,000 barrels per day of crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a long-standing arbitration case against Turkey. ...
Egyptian firm Orascom Construction’s Q4 profit surges over 50% to $56m
Egypt’s Orascom Construction Co. saw a 50.4 percent year-on-year net profit increase in the fourth quarter of 2022, with a rise in construction operations helping the firm hit $55.8 million. ...
Erdogan tries to salvage economic credibility before Turkey's election
Former Turkish economy tsar Mehmet Simsek's refusal to return to politics has left President Tayyip Erdogan's ruling party scrambling to rebuild its economic credibility less than two months before landmark elections, insiders and analysts say. ...
World Bank and Egypt agree on $7bn framework
The World Bank's board has approved a new Country Partnership Framework for Egypt that provides the country with $7 billion in funds over the 2023 to 2027 fiscal years. ...
Iraq committed to complying with Opec+ output cuts, oil minister says
Iraq is committed to complying with its 220,000 barrels per day oil output cuts in line with the Opec+ policy to tighten global supply and support prices, the country's oil minister said. ...
Lebanon's Empty Schools Bode Long-term Damage From Crisis
On a recent school day, the Rene Mouawad High School in Beirut was empty, its classrooms dark, just like all of Lebanon's public schools have been for most of the past three months. Its striking teachers were protesting in front of the Education Ministry, not far away. ...
Egypt to announce new energy strategy in coming weeks
Egypt will set out its national low-carbon energy strategy in the coming weeks to adapt to technology advances and global geopolitical circumstances, said Tarek El Molla, the country's petroleum and mineral resources minister. ...
What do we know about the Silicon Valley and Signature Bank collapse?
The value of shares in some banks tumbled around the world after the collapse of two US banks. So how bad is this and what does it mean for you? ...
Egypt starts offering stakes in 2 Armed Forces-owned firms as part of privatization drive
Egypt will start procedures on Wednesday to list two of its national army companies, Wataniya and Safi, on its stock exchange in an attempt to further develop its private sector, according to an official cabinet statement. ...
SVB collapse: Mideast markets also feel the jitters
Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday’s fall in global shares over fears of contagion following the collapse of Silicon Valley Bank. ...
Yemen: Qat-chewing Houthi negotiators at the UN aircraft
Houthi representatives from Yemen, who were set to attend UN-mediated prisoner exchange talks in Switzerland, chewed narcotic qat on an aircraft heading from Sanaa to Amman. The Houthis’ conduct annoyed the pilot, who issued a distress call to his employer, protesting about the delegation’s refusal to stop. The source said that the problem began in Sanaa at the weekend when the Houthis attempted to get on the UN aircraft while ingesting qat, but the pilot refused to let them board. The pilot called the business that had leased the aircraft to the UN when the Houthis insisted on boarding, while concealing their qat bags. The source added: “After the jet took off, the Houthis got out their qat bags and started chewing. “The pilot ordered them to cease chewing qat. Upon refusing, he sent a second distress signal to his firm.” The pilot refused to fly the Houthis to Switzerland and forced them to take another aircraft. The UN’s Yemen office now faces a fine of $200,000 for the misconduct of the Houthi delegation, sources said. The delayed aircraft arrived in Jordan, where the crew refused to continue the journey. The Houthi negotiating group boarded a Qatar Airlines flight from Jordan to Switzerland.”sourses added. Source: YemenOnline ...
Iran and Saudi Arabia agree to resume ties after years of hostility
Iran and Saudi Arabia agreed on Friday to re-establish relations after years of hostility which had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria. ...
Royal Jordanian commences regular Amman-Algiers operations
Royal Jordanian (RJ) announced that it will be operating two weekly scheduled flights to Algiers starting Thursday. The first flight took off from Queen Alia International Airport, heading to Algiers International Airport on Thursday, according to a statement from the national carrier. ...
Lebanon: Electricity Crisis Exacerbates Poverty, Inequality
Lebanese authorities have failed to uphold the right to electricity by mismanaging the sector for decades, Human Rights Watch said in a report released today. ...
Middle East airlines’ traffic doubles in January: IATA
Middle Eastern airlines recorded a 97.7% surge in January traffic compared the same month of 2021, said the International Air Transport Association (IATA) in a new report. ...
IMF likely to clear Morocco’s request for $5bn credit facility
Morocco is expected to receive external credit support of $5 billion from the International Monetary Fund, thanks to its strong policy frameworks and track records of economic performance. ...
Egypt’s foreign reserves surge to over $34bn in February
Egypt’s foreign reserves surged to reach $34.35 billion by the end of February 2023, the latest data from the Central Bank of Egypt showed. ...
Addressing political differences key to Iraq's energy sector revival
It’s a rare forum these days that can bring together senior figures from the US, Russia, Turkey, the Iraqi federal government, including groups close to Iran, and the two main parties from the Kurdistan Region of Iraq. ...
IMF approves $114.8mln emergency funding to South Sudan
The executive board of the International Monetary Fund (IMF) has approved an immediate disbursement of $114.8 million to the government of South Sudan to help it address the urgent balance of payment needs arising from the rising food insecurity and declining forex reserves. ...
Egypt starts debut dollar sukuk sale
Egypt has begun the sale of its first Islamic debt issuance, reportedly attracting strong demand. ...
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