Economy Iraq risks higher budget deficit after oil sales fall short Iraq’s budget deficit could be higher than forecast after the Opec member reported $92 billion in oil exports — less than expected — for the first 11 months of last of year. In June its parliament approved 2024 spending of around $163 billion, with revenue forecast at nearly $123 billion. This left a budget deficit […] February 11, 2025
Infrastructure Kuwait approves plan to tackle project delays Kuwait has approved a four-year plan to tackle persistent delays in development projects caused mainly by bureaucratic red tape and slow endorsement. The cabinet of ministers has informed all government departments of the plan, with focus primarily on project performance and completion on time, the Arabic language daily Alqabas reported. All departments must include key […] February 11, 2025
Real Estate Iraq awards another major project in housing drive Iraq has awarded a construction and development contract for a 120,000-unit housing project to two companies, one Egyptian and one Chinese. Egypt’s Mountain View Company and China Railway will partner with Iraq’s Al-Safi Group to build Palm City in the southern Basra area, provincial Governor Asaad Al-Idani said, according to the Iraqi national news agency. In […] February 10, 2025
Oil & Gas Iraq to stop taking Iranian gas by 2028 Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […] February 7, 2025
Economy Tunisia drafts plan to merge FDI agencies into one Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […] February 7, 2025
Oil & Gas Algeria and Egypt lead Arab LNG export decline Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […] February 5, 2025
Banking and Finance GCC needs common policy on crypto, says Saudi academic Saudi Arabia and other Gulf Arab states should develop aligned policies and regulations around the potential use of cryptocurrencies as a payment tool, a prominent Saudi academic and economist has said. While the largest Arab economy generally forbids the use of cryptocurrencies, the UAE has put some policies in place to regulate their use. “Saudi […] February 5, 2025
Banking and Finance Lebanon to refund locked bank deposits Lebanon’s new government and the central bank are devising a plan for commercial banks to pay billions in locked deposits to bank customers. Wasim Al-Mansouri, the central bank’s acting governor, on Tuesday told the Saudi Arabian daily Aleqtisadiah that a solution would not be possible without the presence of an executive authority capable of drawing […] February 5, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Economy Cash withdrawals in Saudi Arabia rise for first time in 5 years Cash withdrawals in Saudi Arabia in 2024 increased for the first time in five years, helping to underpin a rise in consumer spending, the local advisory company Jadwa Investment has reported. Consumer spending in the largest Arab economy rose by nearly 7.5 percent for the year and the value of point of sale (POS) transactions […] February 4, 2025
Oil & Gas Much-delayed Kirkuk refinery deal signed by Iraq Iraq has finally signed a deal to build a refinery in the oil-rich Kirkuk province, nearly eight years after it first unveiled the project. It will be built by Iraq’s Rania Group, which is based in Sulaymaniah in the northern autonomous Kurdistan region and has vast operations in the country. The refinery is intended to […] January 31, 2025
Renewable Energy Morocco to invest $3bn in power projects over five years Morocco is planning to invest more than MAD27 billion ($2.7 billion) into power projects in the next five years to expand its electricity network and increase the share of renewable energy, an official has said. The development plan, starting this year, covers conventional electricity, renewable sources and hydrogen projects, said Tarik Hammane, director general of the […] January 31, 2025
Renewable Energy Tunisia turns to waste to tackle power supply gap Tunisia needs to encourage investment in waste-to-energy projects in order to tackle a massive power supply gap of nearly 60 percent, an energy official was reported on Wednesday as saying. Incentives for such projects include the purchase of their production by the state-owned Tunisian Electricity and Gas Company, said Wael Chouchane, secretary of state for […] January 29, 2025
Manufacturing No investment, more efficiency, say GCC aluminium smelters Aluminium producers in the Gulf are not planning any fresh investments in 2025, despite a projected rise in global demand, an industry official said this week. Production in the six Gulf Cooperation Council (GCC) countries grew by around 120,000 tonnes to reach a record high of nearly 6.45 million tonnes in 2024, said Mahmoud Al-Daylami, […] January 29, 2025
Real Estate Design for new city in Iraq approved The design for a new city in Iraq to be built by an Egyptian developer that will house 700,000 people has been approved by the country’s ministry of construction and housing. Ora Developers, owned by the Egyptian tycoon Naguib Sawiris, was awarded the contract to build Ali Al-Wardi City a year ago. The company will […] January 29, 2025
Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025
Energy Neighbours to supply Iraq with 3GW of electricity this summer Iraq intends to buy 3,250 megawatts (MW) of electricity from neighbouring countries this summer, to fill a supply gap caused by a surge in domestic demand during the hot season. Electricity ministry spokesman Ahmed Mousa said at the weekend that supplies would come from Turkey, Iran, Jordan, Saudi Arabia and the common Gulf Cooperation Council […] January 27, 2025
Economy Iraq’s fiscal policy under fire over record domestic debt Iraq risks draining local liquidity and stifling economic growth with its policy to rely heavily on domestic borrowing to fund its widening budget deficit, experts say. The Opec producer’s domestic debt has now hit an all-time high of around 83 trillion dinars ($64 billion) as a result of heavy borrowing to shore up the shortfall […] January 24, 2025
Infrastructure Morocco to invest $9.5bn in rail network projects Morocco is planning to invest nearly 96 billion Moroccan dirhams ($9.5 billion) in projects to expand its rail network in the next five years, the transport and logistics minister was reported on Thursday as saying. Abdul Samad Qayuh told parliament on Tuesday that 53 billion dirhams would be spent on the planned high-speed rail project and […] January 24, 2025
Infrastructure Lebanese officials promote revival of rail network Lebanon is promoting the revival of the country’s defunct railway system that could link to neighbouring Syria and Iraq and become part of China’s proposed Belt and Road Initiative in the region. The train transport system in Lebanon had linked the capital Beirut with Tripoli near the Syrian border before it came to a standstill […] January 23, 2025
Oil & Gas Trump’s oil policy ‘problematic’ for Gulf producers, economists warn Gulf oil producers should be worried about President Donald Trump‘s energy policy, economists have warned, as it could widen their budget deficits. Oil prices have already dipped in response to Trump’s pledge on Monday to boost US hydrocarbon production and they could plunge far below the breakeven prices adopted by Gulf governments in their annual […] January 22, 2025
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] January 22, 2025
