Business briefing: 22 Oct 2013

Nahas opposes Lebanon oil deal, plus other news

Economics and Policy

Cairo will begin repaying the more than $6 billion it owes to foreign oil firms within two months, the chairman of state-run Egyptian General Petroleum Company has said.

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Lebanon's Caretaker Prime Minister Najib Mikati cannot call for a Cabinet session to discuss oil and gas licensing without political consensus and such a meeting remains unconstitutional, the caretaker Economy and Trade Minister Nicholas Nahas has said.

More from The Daily Star


Gulf states will continue to fail in their quests to diversify because they insist on controlling their economies, a Qatari sheikh and former economy minister has claimed.

More from Arabian Business

Companies and Business

Etihad Airways is close to placing an order that could kick off a $50 billion jet-buying spree from the Gulf as the region’s carriers flex their muscles in an industry hit by weak margins and high fuel prices.

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The consortium managing the only producing natural gas field in Iraq's autonomous Kurdistan region is taking the Kurdistan Regional Government (KRG) to court, alleging overdue payments that are likely to total over $2 billion.

More from Iraq Oil Report


A Saudi-based investment firm is planning to launch a first-of-its-kind private equity fund in the Middle East that will solely focus on investment in the fast-growing education sector in the Gulf Arab region.

More from Reuters


A new $2.9 billion terminal at Abu Dhabi’s international airport will be operational in July 2017, aiming to double passenger capacity.

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