Industry UAE agribusiness in talks to acquire land in Egypt Emirati agribusiness Al Dahra is in talks to acquire more agricultural land in Egypt, two sources with direct knowledge of the matter said, in a deal that could reduce Cairo’s dependence on imports of staple crops but also reignite water use concerns. The sources did not say how close a deal might be, but the […] October 18, 2023
Finance Tunisia to maintain fuel and food subsidies in 2024 Tunisia expects its economy to grow by 2.1 percent in 2024, up from 0.9 percent in 2023, and plans almost the same subsidies for fuel, electricity and food while raising taxes for banks, hotels and liquor firms, a bill on its budget showed on Tuesday. The bill included no reference to an agreement with the […] October 18, 2023
Leisure & Hospitality Manchester United tumbles on Ratcliffe’s stake bid Shares of Manchester United fell as much as 23 percent on Monday after reports that British billionaire Jim Ratcliffe is looking to acquire only a 25 percent stake in the football club raised concerns that a buyout by Qatar’s Sheikh Jassim bin Hamad al Thani could be off the table. The shares were last down […] October 17, 2023
Finance IMF closes Morocco meetings without consensus International Monetary Fund (IMF) countries on Saturday failed to agree on a US-backed plan to boost IMF funding without giving more shares to China and other big emerging markets, but pledged a “meaningful increase” in lending resources by year-end. As IMF and World Bank annual meetings in Morocco closed, a statement from IMF’s steering committee […] October 16, 2023
Energy Iraq and UAE’s Crescent to develop three oil and gas fields Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday. UAE-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq’s Basra and Diyala provinces in northeastern Baghdad. The Crescent Petroleum contracts are […] October 16, 2023
Finance Turkey looking at eurobond issuance by year-end Finance minister Mehmet Simsek said that Turkey is “looking closely at market conditions” for issuing eurobonds and that it was likely to happen before year-end. Simsek was speaking to reporters after an Institute of International Finance event on the sidelines of the IMF and World Bank meetings in Morocco. Investors have said they expect Turkey […] October 13, 2023
Energy India wants Aramco to develop petroleum reserve India wants Saudi Aramco to participate in its planned 6.5 million metric tonnes strategic petroleum reserve (SPR) programme as the South Asian nation aims to strengthen ties with its key oil supplier, according to a document seen by Reuters. The two nations have been talking about Aramco’s participation in the SPR programme for years. The […] October 12, 2023
Finance More IMF nations support funding boost Support increased on Wednesday for the US-backed call to boost the International Monetary Fund’s (IMF) quota lending resources without shareholding changes, according to statements from various countries issued at the IMF’s annual meeting in Morocco. France, Britain, Ghana, Switzerland, Finland and Belgium said in statements to the IMF’s steering committee that they supported an equi-proportional […] October 12, 2023
Finance European central bank says inflation to stay at 2% by 2025 Inflation should still land at the European Central Bank’s (ECB) target of around two percent by 2025 despite the violence in Israel weighing on commodity prices, ECB policymaker Francois Villeroy de Galhau said on Tuesday. In an interview with franceinfo radio, Villeroy said the ECB was particularly wary about oil price developments but added those […] October 11, 2023
Energy Russian investments in Iraq total $19bn, Putin confirms Russia’s investments in Iraq totalled around $19 billion, Russian President Vladimir Putin said in a televised excerpt of talks with the country’s prime minister. Putin hosted Iraqi Prime Minister Mohammed Shia Al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the Opec+ group of top oil producers, saying it had helped […] October 11, 2023
Energy Chevron halts gas exports from Israel to Egypt Chevron has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, the company said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline came as fighting has intensified between Israel and militants in the Gaza Strip. […] October 11, 2023
Energy Kuwait to boost oil output by 38% to 4m bpd by 2035 Kuwait’s oil minister announced a new strategy to boost fossil fuel production on Monday and said his country would prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in. The strategy for the state-owned Kuwait Petroleum Corporation (KPC) aims to raise overall oil production capacity […] October 10, 2023
Finance China funds look to Middle East as US investments wane Chinese funds are seeking new capital sources in the Middle East and other markets, according to managers. It is a shift that could reshape investment flows as diplomatic tensions and other risks drive many US investors out of the country. Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion […] October 10, 2023
Finance Oman’s OQ Gas plans to raise $771m from IPO Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771 million initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks […] October 9, 2023
Finance Egypt’s bonds fight back after Moody’s downgrade Egypt’s government bonds fought back from an initial heavy tumble on Friday after Moody’s had downgraded the country’s credit rating to a new low and the head of the IMF had warned Cairo against delaying another currency devaluation. Moody’s, which had been eyeing up a possible downgrade for months, concluded the process late on Thursday […] October 8, 2023
Finance Iraq to end all dollar cash withdrawals by January Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of US sanctions on Iran, a top Iraqi central bank official said. The move aims to stamp out the illicit use […] October 6, 2023
Finance Egyptian banks suspend overseas use of debit cards At least two Egyptian banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency as the country’s currency shortage worsens. Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several […] October 6, 2023
Finance Egypt posts current account surplus as imports plunge Egypt’s current account turned to a surplus in the April-to-June quarter as imports plunged and revenue from tourism and the Suez Canal rose, its second quarterly surplus in less than a year, the central bank said on Wednesday. Egypt devalued its currency by more than half in the year to March, making imports more expensive. […] October 5, 2023
Finance UAE company to take over 60% of Telkom Kenya UAE-based Infrastructure Corporation of Africa LLC (ICA) will take over 60 percent of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. On Tuesday, the Kenyan cabinet rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing “governance challenges” […] October 5, 2023
Energy Iraq sets deadline for oil firms in new licensing rounds Iraq has set a January 2024 deadline for international energy companies to submit formal letters of intent to take part in its so-called “fifth plus” and sixth licensing rounds, as the country strives to boost gas production and cut imports. Iraq, Opec’s second-biggest producer after Saudi Arabia, is awarding 30 new oil and gas projects […] October 4, 2023
Energy India discusses oil price ‘sensitivity’ with Opec+ India, the world’s third-biggest oil importer, on Tuesday urged producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to the end of the year. “During pandemic, when crude oil prices crashed, the world came together to stabilise the […] October 4, 2023
Energy Egypt to resume LNG exports this month Egypt, which faces growing demand for gas from its population of 105 million, will resume liquefied natural gas (LNG) exports this month as planned, petroleum minister Tarek El Molla said on Tuesday. “We are still arranging and preparing for that, quantities are not yet defined,” he told Reuters on the sidelines of the Adipec energy […] October 4, 2023
