Business

Lebanon Faces Public Debt Funding Crisis

Lebanon Faces Public Debt Funding Crisis

 Lebanon is heading towards a serious financial crisis due to the government’s debt maturities in the near term, which must be paid in US dollars, with a growing budget deficit that nearly amounts to 11 percent of the GDP. The government also needs to earmark amounts for investment spending to cu

Saudi Aramco, ADNOC Sign Agreement to Invest in Gas Exploration

Saudi Aramco, ADNOC Sign Agreement to Invest in Gas Exploration

Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) signed on Monday a strategic framework agreement to create opportunities for cooperation in the natural gas and liquefied natural gas (LNG) sector, which has the potential to enhance the revenue growth in a market of strategic importance to bot

Saudi Electricity Awarded Global Certificate in Innovation

The Saudi Electricity Company has obtained a golden classification of accreditation certificate from the British Society for Ideas of Creativity and Innovation, becoming the first facility in the Kingdom to receive such a global certificate, reported the Saudi Press Agency on Monday. The awards w

Jordan Inaugurates 50MW Wind Power Plant

Jordan Inaugurates 50MW Wind Power Plant

Jordan’s Minister of Energy and Mineral Resources Hala Zawati inaugurated Friday a new wind power plant in Tafileh governorate, southwest of Amman, at a total cost of $102 million. During the inauguration ceremony, Zawati said the Ministry has been developing an energy strategy to keep pace with

131 Saudi Companies Achieve $22 Mn Profits in 9 Months

131 Saudi Companies Achieve $22 Mn Profits in 9 Months

The financial results of the first nine months of 2018 for 131 Saudi companies, which are listed in the local stock market, were announced on Friday. The results revealed a profit of SAR82.8 billion ($22 billion), marking a growth of more than 11 percent compared to the same period last year, und

IMF Lauds Egypt’s Chances for Growth

IMF Lauds Egypt’s Chances for Growth

Egypt has a variety of economic factors that will enable it to achieve strong growth in the coming years, provided that the implementation of financial and monetary reforms continues, chief economist at the International Monetary Fund (IMF) Maurice Obstfeld has said. Yet, “Egypt's public debt rat

Egypt Sees ‘Steep Rebound’ in Tourists

Egypt Sees ‘Steep Rebound’ in Tourists

The number of tourists to Egypt soared 40 percent in the first nine months of 2018 from a year earlier, recovering from a slump that began with the so-called “Arab Spring” and continued as unrest persisted, the tourism minister said. “We expect that by the end of 2018 we will not be at the levels

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