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OPEC Sees Smaller 2020 Oil Surplus

OPEC Sees Smaller 2020 Oil Surplus

OPEC said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month. In its last monthly report before the Dec.

Egypt: Central Bank Makes 3rd Straight Cut to Interest Rates

Egypt: Central Bank Makes 3rd Straight Cut to Interest Rates

Egypt's central bank cut its key interest rates on Thursday at its third consecutive policy meeting since August, after inflation fell to its lowest in nearly 14 years and central banks continued to ease monetary policy globally, Reuters reported. The overnight deposit and lending rates were cut

UAE, Egypt Launch $20 bn Investment Program

The United Arab Emirates and Egypt launched a $20 billion joint investment program on Thursday to develop "economic and social projects". Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan made the announcement during a visit to Abu Dhabi by Egyptian President Abdel Fattah el-Sisi. "We

ADIPEC 2019: Oil, Gas Remain Essential Pillars of the Future Energy Mix

ADIPEC 2019: Oil, Gas Remain Essential Pillars of the Future Energy Mix

Oil and gas industry will remain an essential pillar of the future diversified energy mix, calling on the industry to modernize in response to disruptions on multiple levels and a fast-evolving energy landscape, announced UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) S

Egypt Targets 6.4% Growth, 6.2% Deficit in Coming FY

Egypt Targets 6.4% Growth, 6.2% Deficit in Coming FY

Egypt’s Finance Minister Mohamed Maait said Monday that the government is targeting positive results for the coming fiscal year regarding financial indices, with a growth rate of 6.4 percent and a decreased overall budget deficit to 6.2 percent. Maait stated that the budget's preliminary statemen

Lebanon Banks Discuss Staff Strike Call, Say They Will Protect Employees

Lebanon Banks Discuss Staff Strike Call, Say They Will Protect Employees

Lebanon’s banks held an emergency meeting on Monday to discuss a strike call by a union worried about staff security, the country’s banking association said, pledging to protect employees after physical attacks on them. A statement issued by the Association of Banks in Lebanon however did not say

Riyadh Season Witnesses over $41Mn in Financial Operations

Riyadh Season Witnesses over $41Mn in Financial Operations

The Riyadh Season helped revive financial operations in the Saudi capital with more than 333,000 transactions made through more than 200,000 bank cards at the event, revealed official statistics from the Saudi Payments Network (Mada). These transactions have amounted to more than SAR156 million (

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