OPEC+ close to deal on next phase of oil cuts

Tue, 2020-07-14 03:21 DUBAI: OPEC+, the oil alliance led by Saudi Arabia and Russia, is close to a deal that will take it to the next stage of the historic agreement signed in April to limit global crude production. Ministers from the 23 countries of the alliance will meet via webinar on Wednesday to seal the deal, but behind the scenes officials from the Organization of the Petroleum...

Saudi Arabia launches $178m loan deferral plan for business

Author: Tue, 2020-07-14 02:29 JEDDAH: Saudi Arabia has launched a SR670 million ($178 million) initiative to help businesses in the Kingdom defer loan installments due this year amid economic uncertainty caused by the COVID-19 pandemic. The Saudi Ministry of Finance’s corporate sustainability program will ease loan requirements to support projects for 192 companies employing over 20,000 Saudis across different industries. The ministry launched the program to support the private sector...

Vodafone Egypt deal delay beneficial: Expert

Author: Tue, 2020-07-14 02:25 RIYADH: The Saudi Telecom Company (STC) has said it will need two additional months to close an acquisition deal to buy a 55 percent stake in Vodafone Egypt. According to a logistics expert, Zael Aldayhani, the delay gives STC time to consider the variables that have arisen due to the COVID-19 pandemic and the changes brought on by the global health crisis. STC concluded a deal...

UK’s NSC to discuss Huawei today

Author: Tue, 2020-07-14 02:21 LONDON: Prime Minister Boris Johnson is set to ban Huawei from UK’s 5G network in a landmark decision that will anger Beijing but win plaudits from President Donald Trump as the US grapples with China’s rising economic and technological clout. The US has pushed Johnson to reverse his January decision to grant Huawei a limited role in 5G, while London has been dismayed by...

Google commits $10 billion to accelerate digitization in India

Author: Tue, 2020-07-14 02:13 NEW DELHI: Alphabet Inc.’s Google on Monday said it would spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market. The investments will be done through a so-called digitization fund, highlighting Google’s focus on the rapid pace of growth of apps and software platforms in India, one of the...

UK trade fair industry warns 30,000 jobs at risk

Author: Tue, 2020-07-14 02:09 LONDON: Around 30,000 jobs in UK’s events industry are at risk due to increased uncertainty about when trade fairs and exhibitions could resume in the UK, an industry body representing event organizers, venues and suppliers warned on Monday. The Events Industry Alliance (EIA) said companies would need at least eight to twelve weeks to restart exhibitions, calling on the government to set a date for reopening....

Former Unaoil managers convicted in UK of Iraq bribery

Two former managers of Monaco-based energy consultancy Unaoil have been convicted in UK of bribing Iraqi officials to clinch lucrative oil projects as the war-ravaged country tried to boost exports after the fall of Saddam Hussein in 2003.The verdict marks a milestone in the British arm of a four-year, global inquiry into how Unaoil, once run by the prominent Ahsani family, helped major Western companies secure energy projects...

Saudi Arabia, Iraq confirm full commitment to OPEC+ agreement- statement

Mon, 2020-07-13 19:40 RIYADH: Saudi Arabia and Iraq on Monday confirmed their full commitment to the OPEC+ agreement. Saudi Minister of Energy Prince Abdulaziz bin Salman, and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail held discussions on developments in the oil markets, the improved global demand for oil, and progress in implementing the current OPEC+ agreement to reduce production. OPEC and its allies led by Russia, a group...

Saudi Arabia’s Red Sea mega project awards contracts for international airport

Author: ReutersID: 1594655643706414700Mon, 2020-07-13 07:08 RIYADH: Saudi Arabia’s Red Sea Development Company said on Monday it had awarded infrastructure contracts for an international airport that is due to open in 2022. The company, which is developing a huge Red Sea tourism project, said the contracts were awarded to Nesma & Partners Contracting Co. Ltd. and Almabani General Contractors. Saudi Arabia plans to develop resorts on 22 islands off the Red...

Lebanese pound gains on airport re-opening, plans to support importers, say traders

The Lebanese pound has strengthened against the US dollar on the informal market this month, partly thanks to travelers bringing in scarce dollars since the airport reopened, traders said. Dollars traded at around 7,300 Lebanese pounds on Monday, two exchange dealers said, compared with the rate of close to 10,000 pounds/dollar late last month that triggered a string of protests. A crippling financial meltdown, exacerbated by coronavirus restrictions,...

IMF slashes Mideast, Central Asia growth forecasts following coronavirus, oil prices

The International Monetary Fund (IMF) has revised downwards its growth projections for the Middle East and Central Asia as economies were hurt worse than expected by the double blow of lower oil prices and the coronavirus crisis.The region, which includes around 30 countries spanning from Mauritania to Kazakhstan, will see real, or inflation-adjusted, gross domestic product (GDP) fall by 4.7 percent this year, 2 percentage points lower than...
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