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Libya will strengthen security around its oil facilities, officials said on Thursday, in the wake of a deadly attack on a gas site in neighboring Algeria.
The U.N. panel that settles claims for damages from victims of Iraq's 1990 invasion of Kuwait has paid out another $1.3 billion — bringing the total so far to $40.1 billion.
A combination of pro-government tribal leaders and businessmen looks set to dominate Jordan's next parliament again, after more than 1.2 million voters turned out in what supporters of King Abdullah II acclaimed as an endorsement of his policy of measured political reform.
Police have clashed with protesters gathering in Tahrir Square in the Egyptian capital, Cairo, ahead of the second anniversary of the uprising that swept Hosni Mubarak from power.
Companies
Early morning fog blanketed the UAE for the third consecutive day on Thursday causing yet more problems for air passengers.
Iraq's semi-autonomous Kurdistan Regional Government (KRG) has awarded the operatorship of a major oil block to U.S. oil giant Chevron, continuing the consolidation of the region's oil sector into the hands of larger, better capitalized oil companies.
The International Labor Organization’s Global Employment Trends 2013 was released on Tuesday, January 22, 2013. The body has been recording data on global labor trends since it was established in 1919, and the report provides a snapshot into how working patterns in the Middle East and North Africa are changing.
Lebanese Prime Minister Najib Mikati said on Wednesday that despite the drop in the number of tourists this year compared to previous years, the banking sector in Lebanon saw its customer deposits surge.
Gold could see record average highs this year and next, but its 12-year long bull run may be reaching a plateau as gains get smaller on expectations for monetary policy to stabilise in the United States and other key economies, a Reuters poll showed.
The vice-speaker in Algeria’s parliament, Mohamed Djemani, noted that his country’s relationship with Iran has strengthened recently and voiced the hope that it would continue to do so in the future.
Benghazi is seeking to become the development capital of Libya, with a number of new projects lined up.
Jordanians have voted for the first time since the Arab Spring uprisings began in 2010, testing King Abdullah II's unprecedented political campaign to allay public frustration and encourage voting.
Companies
Kuwait’s parliament approved an amended draft law on Wednesday paving the way for the long-overdue privatisation of Kuwait Airways, state-run news agency KUNA reported.
AM Financials, a Lebanese financial institution offering online equities trading, has terminated its operations after the Central Bank withdrew its license.
More from Lebanon Business News
Debt-ridden developer Nakheel has announced a 57 per cent profit surge to AED2.017bn for the year ending December 31 2012. The company also saw revenues come in at AED7.8 billion, up 91 per cent over the same period.
The Lebanese are used to complaining about the price of their phonecalls, but are they really so much worse off than the rest of the region?
Executive mapped the price of a phonecall and a text across the Arab world and found some surprising results. Click here or on the map below to go straight to the interactive data.
Gold held near a one-month high on Wednesday but faces a strong resistance at US$1,700 an ounce, as it struggles to attract fresh buying from investors who opted for riskier assets against the backdrop of a global economic recovery.
Brent crude held above $112 a barrel on Wednesday, supported by a brighter outlook for the global economy while investors awaited inventory data from the United States for clues about demand in the world's largest oil consumer.
Israeli Prime Minister Benjamin Netanyahu has pledged to form "start anew," after his alliance won a narrow election victory.
Egypt recorded a 17 percent rise in tourists in 2012 and a 13 percent increase in income generated, the tourism minister said on Tuesday, indicating a steady recovery in the vital industry.
Dubai used its first big debt sale of 2013 on Tuesday to show the world the glitzy desert city-state had well recovered from its credit crisis of four years ago, as investors scrambled to get a piece of the $1.25 billion deal.
Lebanon’s Telecoms Minister Nicolas Sehnaoui has shrugged off allegations made by Future Movement MP Ghazi Youssef that he had embezzled government funds.
Companies
The first phase of Doha’s new Hamad International Airport will open on April 1, initially accommodating 12 passenger airlines and low-cost airlines.
Bahrain Telecommunications Co reported a 10th profit drop in 11 quarters on Tuesday as domestic competition and one-off charges from a cost-cutting program hurt the bottom line.
The Beirut-based car company W Motors has completed the first prototype of its $3.4 million “ultra-luxury hypercar” and is gearing up to officially launch sales at the Qatar Auto show on Jan. 29.
Lebanese nuts maker Al Rifai has ceased its cooperation with Kuwaiti partner Saleh Al Homaizi.
Economics
Brent crude edged up near US$112 a barrel on Tuesday as Japan was expected to pump in more money to boost its economy, adding to positive growth signals from the United States and China in past weeks.
Saudi Arabia, the world’s largest crude exporter, said it cut production last month to adjust to decreased demand rather than to prop up oil prices.
Gulf Arab countries have promised Yemen further aid on top of the $7.9 billion pledged by foreign donors last autumn, but an amount has yet to be specified, a Yemeni government minister said Monday.
The Lebanese government’s 50-day plan to encourage tourism with discounts appears to be struggling after two weeks, with many hotels still empty.
Rents in Dubai rose 16 percent in 2012 as confidence returned to the emirate's property market.
Saudi Arabia has called for a minimum 50 percent increase in the capital of the Arab Fund for Economic and Social Development, a leading Arab soft-loan development institution, and urged more commerce between Arab countries.
Companies
German luxury car maker Audi plans to double its Middle East sales to at least 20,000 vehicles a year by 2020, helped by investment in showrooms and service centres, its local chief said.
The US$13 billion merger of Abu Dhabi's largest developers could free up stalled projects in the city as the new merged entity rethinks its strategy.
Shares in Abu Dhabi's Aldar Properties drop 6.1 percent to a two-week low, extending losses since announcing an all-share merger with Sorouh Real Estate.
Tamweel, the Dubai-based Islamic mortgage lender, posted a 11.3 percent drop in fourth-quarter net profit on Tuesday, Reuters calculations show, with the company blaming a full-year decline in earnings on provisions.
Economics
Gold inched up on Monday to reverse losses from the previous session, bolstered by expectations for aggressive monetary easing from the Bank of Japan.
Average rental rates for residential property in Dubai increased 17 percent last year while villa rentals rose 14 percent following a rebound in the emirate’s real estate sector, according to a new report.
Masdar and Morocco have signed a framework agreement that paves the way for investment into the North African country's burgeoning renewable energy sector.
The number of tourists in Lebanon during 2012 reached 1.36 million, down by 17 percent from 2011, according to the statistics of the Ministry of Tourism (MoT).
More from Lebanon Business News
Companies
Growth in Lebanon’s Bank Audi’s local and foreign operations – mainly Turkey and Egypt – have outpaced the contraction of its activity in Syria, the bank reported Sunday as it released its 2012 end year results.
WorleyParsons has been awarded a three year contract by Shell Gas Iraq BV to provide project management support and services for the rehabilitation of gas facilities and infrastructure that are part of the scope of Basrah Gas Company (BGC).
Etihad Airways has signed a three-year, multi-million dollar partnership with Sydney Opera House in a bid to further grow its cultural profile in Australia.
Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, posted an 11.6 per cent increase in its fourth-quarter net profit, it said in a bourse statement on Monday.
Saudi Arabian Mining Co (Maaden) posted a forecast-beating 45 per cent increase in its fourth-quarter net profit after it began production of ammonia and di-ammonium phosphate, it said in a bourse statement on Sunday.
More companies are expected to buy the oil and gas data from Lebanon as the bid for the first round of a prequalification tender in February, the CEO of Britain-based Spectrum has said.
The United Arab Emirates’ economy is estimated to have grown by around 4 percent in 2012, little changed from the previous year, and a similar clip is seen in 2013, its economy minister has said.
Two days of talks between the UN atomic agency and Iran have ended in Tehran, apparently without agreement, a diplomatic source told yesterday.
The Lebanese Cabinet authorized, in its session Thursday, the Energy and Finance ministries to mull funding for a $305 million project aimed at boosting power supply by 260 megawatts.
Companies
Dubai stocks rose to the highest level in more than two years as the emirates’ biggest companies prepare to report full-year earnings that investors expect will improve amid an economic recovery.
Russian oil major Lukoil has renegotiated its contract for the West Qurna 2 oil field, reducing the production target from 1.8 million barrels per day (bpd) to 1.2 million bpd.
Elsewhere in Iraq, Baghdad is considering a proposal for British oil giant BP PLC to begin work on a major oil field that lies in territory contested by Baghdad and the country's Kurdish minority.
Qatar National Bank is said to be among the suitors to submit preliminary bids to buy Rabobank's Indonesian unit in a $400m deal, sources with direct knowledge of the matter have said.
Lebanon's oil and gas sector has the potential to transform the country's economy. Experts estimate the gas in Lebanon's waters may be worth more than $75 billion, nearly double the country's GDP.
If done well, the resources could be used to reduce debt while also stimulating growth. But if politicians negotiate bad deals or if corruption seeps in, Lebanon could be hit by so-called 'Dutch disease' – with the country becoming inefficient and other sectors suffering.
Without an understanding of the country's oil and gas sector, the public will struggle to hold politicians to account on the issue.
Therefore, we present our beginner's guide to the issues. Click here or on the image below to see the interactive tables.
