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Saudi Arabia’s budget deficit rose nearly fourfold in the first quarter of 2025 compared to the same period last year, driven by a sharp drop in oil revenues. The kingdom reported a budget deficit of SAR59 billion ($16 billion) in the quarter ended March 2025 from $3.3 billion a year before. Total revenues fell 10 percent to […]
Morocco’s trade deficit widened in the first quarter after a surge in imports, the economy and finance ministry reported. The shortfall grew by nearly a fifth, or 17 percent, to MAD71.6 billion ($7.8 billion) in the three months to March 31, compared with MAD61 billion in the same period last year, ministry data this week […]
Low-cost carrier Flynas will launch a share sale on the local stock exchange this month in the latest in a series of initial public offerings (IPOs) by Saudi companies. The subscription to the will run from May 28 to June 1, 2025, according to the company’s prospectus. The airline, partly owned by billionaire Prince Alwaleed Bin Talal, […]
Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, Opec+, to accelerate oil output increases, the bank said in a note on Sunday. Goldman now expects Brent crude to average $60 per barrel for the rest of 2025 and $56 per barrel in 2026, […]
Oman and Algeria have signed an agreement to create a joint venture oilfield services company in the North African country, according to local media. The agreement was signed on Monday. Algeria’s state oil operator, Sonatrach, signed the agreement with Abraj Energy Services, a wholly owned subsidiary of Oman’s global integrated energy group OQ, during sultan of […]
Oman has toughened rules around licensing new petrol stations, telling operators to install solar power and provide electric vehicle charging points and other facilities. The Ministry of Commerce, Industry and Investment Promotion has said it will not issue licences for new petrol pumps unless they fulfil requirements which include the provision of fuel, suitable pumps […]
Turkey’s annualised inflation has fallen for the eleventh month in a row, though the rate of decline is slowing, reducing the chances that the central bank will hit its year-end target. The consumer price index (CPI) rose 3 percent in April while the annual rate of inflation declined to 37.9 percent, according to data issued […]
Manchester City may have lost its grip on the English Premier League title this season, but Abu Dhabi has no intention of relinquishing its power in the sporting sphere. The emirate has unveiled two major deals this month that underscore a strategic push to remain a dominant player in the fast-evolving sports business, even as […]
Dubai Holding is to list its residential real estate investment trust (REIT), shrugging off local investor scepticism towards the structures and becoming the first initial public offering (IPO) on the Dubai stock exchange this year. The investment conglomerate owned by Sheikh Muhammed bin Rashid Al Maktoum, the emirate’s ruler, said on Monday that it will […]
Iraq expects its non-oil sector to grow by 4 percent in 2025 after increasing by 5 percent last year, the country’s finance minister said on Monday. The budget deficit was ID 5 trillion ($3.8 billion) last year, below forecast, Taif Sami told the official Iraqi news agency. Citing the International Monetary Fund, the minister said […]
Saudi Arabia and seven members of Opec+ will triple the volume of barrels they add to the market in June, as part of the kingdom’s new strategy to squeeze quota-busting members and boost market share, experts said. Saudi Arabia and seven other countries implementing voluntary cuts decided in an online May 3 meeting to add […]
Higher-than-budgeted oil prices wiped out Oman’s OR640 million ($1.7 billion) deficit for 2024, according to the finance minister, although the IMF has warned that the Gulf state still faces economic challenges. Oman posted a surplus of $1.4 billion last year as it sold oil at an average price of $82 per barrel, a third higher […]
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