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
Oil & Gas Iraq rejects Kurdish oil deals with US companies Iraq has rejected the validity of two major oil and gas contracts recently announced by the Kurdistan Regional Government (KRG), declaring them illegal under federal law. The disputed agreements involve the development of the Miran and Topkhana-Kurdamir fields in Sulaymaniyah Governorate, the local Al Eqtisad News reported. But the oil ministry said in a statement […] May 21, 2025
Economy Kuwait to generate $1.6bn from government fees increase Kuwait’s strategy to diversify its non-oil revenue by hiking government services fees is reportedly forecast to generate nearly KD500 million ($1.6 billion) a year for the Gulf state. Government offices have a tendency to “re-price” services they offer to the public, following an Emiri decree in early 2025 allowing them to revise such fees, local […] May 21, 2025
Economy Kuwait to borrow up to $20bn over next year Kuwait is on the verge of returning to the debt market after an eight-year absence with plans to borrow up to $20 billion during the 2025-2026 fiscal year, according to local media. The loans will be used mainly to fund infrastructure projects worth KD2.3 billion ($7.6 billion) included in the current fiscal year, which started […] May 20, 2025
Infrastructure Iraq to launch Baghdad metro project later this year Iraq has decided to launch a delayed multi-billion dollar Baghdad metro project at the end of this year, according to a senior official cited in local media. The project will be executed in stages and will take several years as it comprises more than 60 stations and covers 150 km of roads, said Mohammed Al-Najjar, […] May 19, 2025
Oil & Gas Kuwait to invest up to $50bn in five-year oil expansion plan Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity […] May 16, 2025
Construction Iraq opens steel plant project as post-conflict demand surges Iraq has commissioned a 600,000-tonne-per-year steel mill more than 10 years after the project was awarded to Italy’s Danieli Group. Industry and minerals minister Khaled Al-Najm opened the project in the southern port of Basra this week, hours after he laid the ground stone for the first steel industries park to be constructed by China’s […] May 16, 2025
Oil & Gas Qatari minister says oil price could put companies out of business Many oil producing companies could be forced out of the market if crude prices remain below $70 a barrel for a long time, according to Qatar’s energy minister. Saad Al-Kaabi told CNBC, the US cable TV news network, that oil prices of $70 to $85 per barrel are reasonable for producing countries to get enough […] May 15, 2025
Renewable Energy Morocco reports growth in power production A surge in investment has boosted Morocco’s power generation by nearly 5 percent over the past four years as the North African nation pushed ahead with an electricity expansion strategy to higher demand, according to its energy minister. In early 2025, Morocco produced nearly 12 gigawatts (GW) of electricity, including around 5.4GW of renewable energy, […] May 15, 2025
Infrastructure China’s Tsingshan to build ‘steel city’ in Iraq A Chinese company has won a contract to build Iraq’s first industrial city that will be dedicated mainly to steel and construction materials. Tsingshan Holding Group will build the city on the state-owned General Steel Company site in Iraq’s southern oil centre of Basra, after it was destroyed during the US-led invasion in 2003. Industry […] May 15, 2025
Manufacturing Egypt looks to China for cash injection to lift textiles industry A delegation from China’s textile industry visited Egypt this week as part of the Cairo government’s strategy to attract investment to its fabric and garment businesses, local media has reported. The group of 37 Chinese business leaders and representatives from 25 companies met Mohammed El Shimy, Egypt’s minister for public enterprises, to discuss partnerships with […] May 14, 2025
Aviation Rebuilt Mosul airport expects first passengers next month Iraqi prime minister Mohammed Al-Sudani will be among the passengers who will fly into the Northern Mosul airport in June for the first time since the facility was devastated by Daesh militants more than 10 years ago. The airport is scheduled to be put back in operation next month nearly three years after a project […] May 14, 2025
Construction Saudi Arabia awarded deals worth $9bn in four months Saudi Arabia reportedly awarded public contracts with a combined value of around SAR34 billion ($9 billion) in the first four months of 2025. The government is also expected to award 10 other projects in May covering mainly construction and oil and gas, the Saudi Contractors’ Authority (SCA) said in its May bulletin. About 79 percent […] May 14, 2025
Banking and Finance Egypt renews warning over dealing in cryptocurrencies Egypt has issued a fresh warning against dealing in bitcoin and other cryptocurrencies following a surge in local online advertisements for investment in these tools. The Financial Regulatory Authority (FRA) said these currencies lack official financial backing that guarantees their stability and that they could be used in terror funding. In a weekend statement on […] May 12, 2025
Renewable Energy China to build large solar power plant in Kuwait China has won a contract to build a large solar power park at the Shagaya renewable energy complex in the heart of the Kuwaiti desert. The facility will allow the Gulf state to increase renewables’ share of its energy mix to more than a quarter, a Kuwaiti minister said. The unnamed Chinese government company has […] May 12, 2025
Aviation Algeria’s new domestic airline set to take off Algeria is pushing ahead with plans to start a domestic airline to tap into a growing market for local air travel, the North African country’s transport minister said. In comments reported by the local media, Said Sayoud told Algeria’s parliament this week that the national carrier Air Algerie – which will own the domestic airline […] May 9, 2025
Manufacturing Chinese carmaker Jetour to build assembly plant in Algeria Chinese car company Jetour is planning to build a car assembly plant in Algeria, taking advantage of incentives offered to industrial projects. Earlier this week Jetour told AGBI that it is planning to start a manufacturing unit in Dubai as a springboard to supplying the UAE and the rest of the Gulf. Jetour will build […] May 8, 2025
Real Estate China’s Shandong wins contract to build Baghdad housing China’s Shandong Construction Company has won a contract to build the first phase of a 60,000-home project in the Iraqi capital Baghdad. The development will be in an area formerly known as Saddam City after late leader Saddam Hussein, the state Iraq news agency reported, but which was renamed Al-Sadr City. Shandong will build 11,000 […] May 8, 2025
Renewable Energy Masdar’s Iraq solar power projects gain traction after long delays Plans by Masdar to build 1,000 megawatts (MW) of solar power parks in Iraq may now be accelerated after languishing for four years, the official Iraq news agency reported. Also known as Abu Dhabi Future Energy Company, the government-controlled company agreed in 2021 to build four plants in various parts of Iraq but no contract […] May 7, 2025
Economy Kuwait’s 2024 GDP falls $5bn due to oil price drop Kuwait’s economy shrank by around $5.5 billion in 2024 after average oil prices declined by $4 a barrel and it cut output in line with Opec+ production quotas. Kuwait’s GDP shrank in current prices by 3 percent to KD49.1 billion ($162 billion) last year from KD50.8 billion ($167.5 billion) in 2023, according to official data […] May 6, 2025
