Trade China and Turkey imports widen Tunisia’s trade gap Tunisia’s trade gap rose by two thirds in the first quarter as the government prioritised goods from China and Turkey, official figures show. Imports increased by 5 percent to 20 billion Tunisian dinars ($6.8 billion) in the first three months of 2025 from 19 billion dinars in the same period last year, the National Institute […] April 14, 2025
Renewable Energy Morocco steps up solar power drive to meet 2030 target Morocco is intensifying investment in solar power in the hope of hitting a target to raise the use of renewables in its energy mix to more than half. The country has set a target of 52 percent renewables by 2030 after achieving previous targets, local media reported. Newspapers said on Friday that hydrocarbon-poor Morocco has […] April 14, 2025
Oil & Gas Iraqi gas field awarded to US oilfield services giant Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […] April 10, 2025
Energy Iraq signs power-generation deals with US companies Iraq has signed memoranda of understanding with two US companies to generate more than 27 gigawatts (GW) of electricity, including a giant solar power plant, according to the prime minister’s office. The electricity ministry signed the two MoUs with Massachusetts-based GE Vernova and Florida-based UGT Renewables in Baghdad on Wednesday during a visit by more […] April 10, 2025
Renewable Energy Chinese companies spearhead Algeria’s solar drive Algeria has broken ground on two new solar power projects over the past week as part of a drive to build 15 plants with the help of Chinese companies. The drive aims to largely expand the use of renewable energy and release oil and gas for export by the Opec producer. Renewable sources currently account […] April 9, 2025
Oil & Gas Iraq offers gas site concessions amid power generation issues Iraq is offering 15 natural gas concession sites to international investors as part of a post-conflict drive to develop its hydrocarbon resources and increase production capacity, the state-owned Iraq news agency reported. Opec’s second largest oil producer is prioritising the development of its gas deposits to stop the long-standing practice of burning them off, or […] April 9, 2025
Renewable Energy Jordan’s new electricity law to focus on hydrogen A new electricity law in Jordan will focus on expanding reliance on renewable energy and attracting investment in hydrogen production. Jordan’s parliamentary energy and mineral resources committee discussed the draft law on Sunday ahead of final endorsement by parliament. The draft law, approved by the cabinet in February, will replace provisional legislation which has been […] April 8, 2025
Banking & Finance Iraq starts banking sector restructuring plan Iraq announced this week the start of a much-awaited post-war project to restructure its banking system with the help of the US consultancy company Oliver Wyman. The Central Bank of Iraq said restructuring would be implemented in stages. “Iraqi banks have gone a long way in developing their services but they are required to take […] April 8, 2025
Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025
Defence Oman spends a quarter of its budget on defence Defence spending ate up just over a quarter of Oman’s budget in 2024, according to a government report. Allocations for defence and security stood at OR2.5 billion ($6.5 billion) for the first 10 months of last year, said the country’s latest Monthly Statistical Bulletin. This was nearly 26 percent of the sultanate’s total expenditure in […] April 8, 2025
Industry GCC aluminium producers will not react ‘hastily’ to US tariffs Gulf Arab aluminum producers will “not react hastily” to new US customs duties and seek new markets for its products, Saudi Arabia’s Aleqtisadia reported, citing a Gulf industry body. Aluminum smelters in the six GCC countries only export about 10 percent of their output to the US market, said Mahmoud Al-Daylami, secretary general of the […] April 7, 2025
Telecoms Egypt to disable imported phones unless users pay tax Owners of imported mobile phones in Egypt will have their devices disabled next week unless they pay tax as part of a drive by Cairo to protect international phone producers operating in Egypt. When the most populous Arab nation invited South Korea’s Samsung and other major smartphone manufacturers to produce their devices in Egypt four […] April 4, 2025
Banking & Finance Lebanese central bank chief tells banks to merge Lebanon’s new central bank governor pledged to depositors on Friday they would recover their money and told local banks to increase their capital through mergers. Karim Souaid said during a ceremony as he took office that small depositors would be given priority in obtaining their funds and that the central bank and the government would […] April 4, 2025
Banking & Finance Kuwait money reforms force exchange shops to close doors Tougher anti-money laundering rules in Kuwait have forced more than 100 exchange companies to close, according to local reports. The Central Bank of Kuwait’s new rules, which took effect on April 1, include closer scrutiny and an increase in minimum capital to KWD2 million ($6.6 million). On Tuesday Khalifa Al Ajeel, Kuwait’s commerce and industry […] April 4, 2025
Oil & Gas Oman’s oil sector received $12bn investment in 2024 Oman says nearly RO5 billion ($12 billion) was pumped into its hydrocarbon sector last year as it pushed ahead with plans to expand production capacity and boost reserves. By the end of 2024, cumulative investment in the sultanate’s hydrocarbon industry totalled around RO24 billion ($62 billion), up from RO19 ($50 billion) at the end of […] April 1, 2025
Economy UK largest source of FDI in Oman, led by oil and gas Companies from the UK were once again the biggest source of foreign direct investment to Oman last year, with FDI focused primarily on oil and gas, Oman government data show. UK companies pumped nearly OR2.85 billion ($7.4 billion) into the sultanate last year, making them accountable for more than half the cumulative stock of FDI, […] March 28, 2025
Trade Oman’s exports rise after Duqm refinery comes online Oman’s exports grew last year as a result of a sharp increase in oil refining production after the Duqm Refinery became operational, official figures show. Export of refined products almost trebled last year after the start-up of the $9 billion Duqm Refinery, a joint venture between the Omani government-owned OQ and Kuwait Petroleum International, a […] March 26, 2025
Economy Egypt’s deficit stretched by high imports and regional tension Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […] March 26, 2025
Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025
Renewable Energy Tunisia awards solar power projects to international companies Tunisia has awarded four new solar power projects to international companies for the production of 500 megawatts of electricity as part of a drive to expand the share of renewable energy in its mix. Tunisia’s industry, mines and energy minister Fatima Chiboub signed the deals this week with representatives from Germany’s Qair Group, Norway’s Scatec, […] March 25, 2025
Construction China asked by Kuwait to build housing for foreign labourers Kuwait has asked China to appoint a construction company to build six projects to house 220,000 foreign labourers, after accidents that claimed the lives of overseas workers because of improper conditions. The plan has been on the cards for several years but gained momentum last year after a fire in a labour housing complex in […] March 24, 2025
Industry China’s GWM to build its first car plant in Algeria Great Wall Motor (GWM), one of China’s 10 biggest car manufacturers, plans to build its first factory in Algeria, joining others in the country including Fiat, Peugeot and Kia. GWM will build the car assembly plant as a joint venture with an Algerian partner, Elkhabar newspaper and other Algerian publications reported, without identifying the partner. A […] March 21, 2025
