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Turkish central bank to take action as lira tumbles

Wednesday, 16 May 2018

Turkey’s central bank said on Wednesday it would take action against the tumbling of the lira, after it weakened beyond 4.5 against the dollar for the first time, hit by concern about President Tayyip Erdogan’s influence over monetary policy. The statement from the bank came after investors lashed the lira for two days running following comments from Erdogan, who said he planned to take greater control of the economy after a national election next month. That has exacerbated fears ...

Safer than Bitcoin? New digital currency to be launched by Saudi, UAE

Wednesday, 16 May 2018

The Saudi Arabian Monetary Authority (SAMA) has selected a consultant to work with the central banks of Saudi Arabia and the United Arab Emirates, for launching a digital currency that would be accepted in cross-border transactions between the two countries.Ahmed al-Kholifey, Governor of the Saudi ArabianMonetary Agency (central bank), said Tuesday operations will take place for six months as a trial and to evaluate the experience, in statements quoted by Al Eqitisadia newspaper.Al-Kholifey said ...

Iraq invites bids to build oil refinery in Diwaniya

Tuesday, 15 May 2018

Investors interested in bidding to build a 70,000 barrel-per-day oil refinery in Diwaniya south of Baghdad have until July 31 to make offers, the Iraqi oil ministry said in a statement on Tuesday.The refinery is one of several crude oil processing projects offered by Iraq as part of a plan to become self-sufficient in oil products.Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia.

Egypt’s central bank seen keeping key rates unchanged

Tuesday, 15 May 2018

Egypt’s central bank will likely keep its key interest rates unchanged at its meeting on Thursday, a Reuters poll showed on Tuesday, as inflation rose slightly for the first time in eight months. Nine out of 11 economists polled by Reuters said the bank was expected to maintain the deposit and lending rates, currently at 16.75 and 17.75 percent. To combat soaring inflation, the central bank raised the rates by seven percentage points after it floated the currency ...

Egypt says seeks to raise $1 bln by selling stakes in four-six state firms

Tuesday, 15 May 2018

Egypt is seeking to float shares in four to six state-owned companies this year to raise up to 18 billion Egyptian pounds ($1 billion), the cabinet said in a statement on Tuesday.The statement said that shares in the oil and petrochemical industries sectors will be offered on the Egyptian stock market starting in June and until the beginning of 2019. Egypt in March announced the names of 23 state companies that will sell stakes from this year under its plan to raise 80 billion ...

Japan’s SoftBank to open office in Saudi Arabia, sources say

Tuesday, 15 May 2018

SoftBank is planning to open a Saudi office, two sources familiar with the matter told Reuters on Tuesday, further strengthening its ties with the kingdom. The Japanese technology investor already has close links with Riyadh after Saudi Arabia’s Public Investment Fund contributed to SoftBank’s $93 billion Vision Fund, the world’s largest private equity fund. SoftBank and PIF, Saudi Arabia’s sovereign wealth fund, are also in early talks with banks about potential ...

Turkey’s lira slides after Erdogan says wants greater economic control

Tuesday, 15 May 2018

Turkey’s lira slid to a record low and bond yields briefly touched their highest in at least eight years on Tuesday, after President Tayyip Erdogan said he plans to take greater control of the economy after elections next month.Erdogan’s comments, in an interview with Bloomberg Television in London, reinforced long-standing concerns about the president’s drive to shape monetary policy and blunt the central bank’s ability to rein in double-digit inflation.He said the ...

Kuwait to postpone VAT implementation to 2021, says parliament committee

Tuesday, 15 May 2018

Kuwait will not implement value-added tax before 2021 but will push ahead with introducing excise tax, parliament's budget committee said in a statement posted on the assembly's website on Tuesday. "The committee said implementation of value-added tax in Kuwait will be postponed until 2021, and that the finance ministry saw the need to expedite measures for excise tax on select products such as tobacco, energy drinks and carbonated drinks," it said without elaborating. ...

VIDEO: Envoy hails multipronged transformation in India-UAE energy relationship

Monday, 14 May 2018

In an exclusive interview to Al Arabiya English on Monday, May 14, 2018, India’s ambassador to the UAE, Navdeep Singh Suri, explained the transformation that has undergone India-UAE energy relationship. Speaking on the sidelines of roadshows highlighting features of exploration and production in India’s oil and gas sector, he also stressed the fundamentals in this energy equation. Indian delegation at the roadshows was led by Dharmendra Pradhan, India’s Minister of Petroleum ...

VIDEO: India minister on UAE oil storage deal, energy equations with Arab world

Monday, 14 May 2018

In a matter of months, the decades-old India-UAE energy interdependence has undergone major transformation. Driving this partnership is not just the demand and supply equation but several initiatives that have made the two sides stakeholders in an industry that has been in choppy waters and is expected to remain turbulent in the near future. Tasked with ensuring smooth energy supply to the world’s second most populous country, Dharmendra Pradhan, India’s Minister of Petroleum and ...

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