Transport Tesla enters Morocco ahead of 2030 World Cup US multinational automotive company Tesla has reportedly officially entered the Moroccan market, in a bid to take advantage of surging business demand ahead of its co-hosting of the Fifa 2030 World Cup. The new company, named Tesla Morocco, was established on May 27 by two Dutch business entities, one called Tesla International (which serves as a […] June 13, 2025
Oil & Gas Algeria sets $7bn investment target for refinery projects Algeria has reportedly launched new petrochemical and refining projects worth $7 billion, part of its drive to diversify its state revenue sources and tackle a persistent budget deficit. Mohamed Arkab, the Algerian energy minister, revealed the projects during a parliament policy session on Thursday, local press reported on Friday. The projects in north and east […] June 13, 2025
Tourism Kuwait’s UREC to build island tourism complex in Oman Kuwaiti developer United Real Estate Company (UREC) is planning to create an island tourism complex in Oman, as the sultanate strives to develop its tourism sector and catch up with its Gulf neighbours. UREC said in a bourse statement on Wednesday that its subsidiary in the sultanate UREC Oman has signed a contract for the […] June 12, 2025
Banking and Finance Kuwaiti companies to face fines for not disclosing ownership Kuwait is expected to net nearly KD4.1 million ($13.5 million) from financial penalties imposed on 4,000 companies flouting transparency rules related to their ownership. The government had given more than 150,000 businesses operating in Kuwait until June 10 to disclose what it terms as “the actual beneficiary or owner” as part of a crackdown on […] June 12, 2025
Oil & Gas Kuwaiti oil company borrows $1bn to fund new projects Kuwait’s Independent Petroleum Group (IPG), which is listed on the local bourse, is borrowing nearly KD326.6 million ($1 billion) to fund new projects. “IPG has finalised agreements with four conventional and Islamic banks in Kuwait for the renewal of credit facilities worth KD326.6 million,” the company said in a statement to the Kuwait exchange. The […] June 11, 2025
Oil & Gas Iraq considers plans to invest in Asian oil refineries Iraq intends to follow the lead of Saudi Arabia and other Gulf oil producers by investing in refineries in China, India and other Asian countries, where more than two thirds of its crude is marketed, a government adviser has revealed. Hatim Al-Fadli said research into potential projects would be conducted in the coming months and […] June 11, 2025
Agriculture Saudi Arabia brings in new rules for livestock sales Saudi Arabia is clamping down on longstanding profiteering in its livestock markets with the enforcement of a landmark decision later this month mandating sale by weight rather than size. Mohammed Al-Abdullatif, assistant undersecretary for agriculture and support services, said in remarks on the ministry’s website that the measures, due to take effect on June 27, […] June 9, 2025
Banking and Finance Oman’s Islamic banks outpace conventional competitors Islamic banks in Oman are growing at a faster pace than their conventional competitors, according to a report by the central bank. The sultanate’s two Islamic banks, Bank Nizwa and Alizz Islamic Bank, and sharia-compliant units at other banks recorded higher growth in loans and deposits in the year to April 30, the report showed. […] June 9, 2025
Aviation Disputed region to get new airport for Morocco’s World Cup Morocco has unveiled plans to build a new civilian airport in the disputed Western Sahara as part of a massive infrastructure development programme ahead of the 2030 Fifa World Cup which it co-hosts with Spain and Portugal. Transport Minister Abdul Samad Qayouh disclosed the proposed plan for the airport in Boujdour city during a parliament […] June 5, 2025
Industry China’s Jingdong to build $500m steel plant in Algeria Chinese company Jingdon Steel is planning to build a plant in Algeria at a cost of around $500 million, with half the output destined for the export market. On Monday it signed a contract for the 500,000-tonne-capacity plant on with Omar Rekkache, director general of the Algerian Investment Promotion Agency (AIPA). AIPA, which was created […] June 3, 2025
Telecoms Starlink to begin operating in Lebanon Satellite internet provider Starlink, owned by US billionaire Elon Musk, has secured initial approval from Lebanon to start operating in the country. The agreement comes just a few months before the crisis-battered nation signs a landmark rescue agreement with the International Monetary Fund (IMF). Lebanese media reported on Monday that economy and trade minister Amer […] June 3, 2025
Energy China to build ‘sub-critical’ nuclear reactor in Iraq China has agreed to build the region’s first nuclear reactor training facility in Iraq, as the Baghdad government increasingly looks to nuclear power to help tackle its persistent power shortages. Iraq’s atomic energy commission said on Monday that it would sign an agreement for the facility with China’s atomic energy authority and that the project […] June 3, 2025
Banking and Finance Kurdish authorities clamp down on crypto trading The semi-autonomous Kurdistan region in northern Iraq has launched a crackdown on cryptocurrency trading, following warnings by the Central Bank of Iraq. The Kurdistan Regional Government has formed an interior ministry committee to enforce the closure of crypto and foreign exchange companies, it said in a statement at the weekend. The committee, which can order […] June 2, 2025
Banking and Finance EY tells Iraq to change public bank management teams Iraq is planning to change the management teams at its public banks in an attempt to improve their governance and reduce losses. The move is part of a comprehensive restructuring plan devised by the London-based consultancy firm EY which may involve mergers and the creation of a new larger state-owned bank. Iraqi prime minister Mohammed […] May 30, 2025
Real Estate Saudi developer to build $400m ‘workshop city’ A Saudi developer is planning to borrow SAR1.5 billion ($400 million) from banks to fund a workshop and warehousing development in Riyadh. Azad Properties plans to build ‘Bawabat Al-Senaya’, which means industrial gate, and aims to attract around 400 companies. Its CEO Ayman Al-Burti told CNBC Arabia TV news that the scheme would be launched […] May 30, 2025
Oil & Gas Algeria to announce results of oil block bids next month Algeria is due to announce the successful bidders for six oil blocks with a combined area of more than 150,000 square kilometres next month as part of a drive to reverse a decline in production. Forty-one companies have already submitted offers, according to the National Agency for the Valorisation of Hydrocarbon Resources in Algeria, which […] May 30, 2025
Telecoms Elon Musk’s Starlink in talks to enter Iraqi market Starlink, a US satellite internet provider owned by billionaire Elon Musk, has sent a team to Baghdad to discuss pushing into the Iraqi market, a market of 47 million people. Prime Minister Mohammed Al-Sudani met the team in Baghdad on Wednesday and the talks focused on potential services related to digital transformation and improving Iraq’s […] May 29, 2025
Energy Iraq finalises nuclear cooperation deal with Russia Iraq has given its top nuclear official the green light to finalise an agreement with Russia for the possible establishment of nuclear reactors for power generation and other uses. The cabinet, which met in the capital Baghdad on Tuesday, asked the head of Iraq’s atomic energy commission to sign the deal with Moscow. Iraqi local […] May 28, 2025
Oil & Gas Iraq’s ‘1.5 million barrels per day’ oil gap Iraq, often identified as a major quota violator in the Opec+ group, is pumping nearly 1.5 million barrels per day (bpd) below its production capacity, an oil official has said. The country has a sustainable output capacity of about 5.5 million bpd but actual crude production is close to 4 million bpd, according to Nizar […] May 27, 2025
Oil & Gas Iranian gas supplies to Iraq fall in May Iranian gas exports to Iraq have fallen by more than half this month, causing a shortfall of nearly 3,500 megawatts (MW), sufficient to power about two and a half million homes, according to local media. Supplies so far in May have plunged from 45 million cubic metres per day (mcmd) contracted by Baghdad to 20 […] May 23, 2025
Banking and Finance Algeria to issue its first sukuk in June Algeria intends to issue its first sovereign Islamic bonds or sukuk next month to fund infrastructure and other domestic projects, according to an official. Arrangements for the first such issue by have reached “very advanced stages”, said Ruzaika Mikatli, director of the public debt office at the Algerian finance ministry, according to the Al-Khabr newspaper. […] May 22, 2025
Oil & Gas Iraq awards major oil deal to Chinese company Geo-Jade Iraq’s oil minister Hayan Abdel Ghani on Wednesday signed a large contract with a Chinese company and its local partner to develop an oilfield in the south of the country and build a refinery, a petrochemical complex and two power plants, according to the state press agency. Geo-Jade, the Chinese company, and the local company Crescent […] May 22, 2025
