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35The International Monetary Fund (IMF) has welcomed the economic and financial reforms undertaken by Bahrain to battle fiscal and external imbalances. The Executive Directors of the IMF signaled that the low global oil prices have “adversely affected” the country’s economy Read more
Saudi Arabia will embark on a broad reform plan meant to diversify the country’s economy beyond dependence on oil exports, state media reported on Monday. The plan, known as Saudi Arabia’s Vision 2030, was approved Monday by the Saudi cabinet. Read more
Kuwait’s acting Finance minister Anas Khalid Al Saleh announced that the cabinet has agreed on a string of reforms by approving the introduction of a proposed 10% corporate tax on profits and privatizing some government services and facilities amongst them Read more
Oman could be on the verge of introducing Enhanced Oil Recovery (EOR) which uses the techniques of chemical, thermal or gas injection to extract between 30 and 60% of oil from reservoirs instead of the 20 to 40% obtained through Read more
Five Omani banks have been downgraded by Moody’s credit rating agency less than a month after it took a similar move against the country’s credit rating. Moody stated in its report that the affected banks can no longer rely on Read more
Despite Egypt’s efforts to expand the Suez Canal to reduce the transit period at the canal and increase revenues, the tunnel is seemingly snubbed by freighters as vessels are increasingly bypassing the Suez Canal for the traditional round the Africa Read more
Nigeria’ Muhammadu Buhari called for cooperation between oil producing countries, both OPEC and non-OPEC members, to stabilize the prices of oil in the global market. In a statement released by the Nigerian presidency Sunday, after a meeting between President Buhari Read more
A week after Oman’s credit ratings were downgraded by Standard and Poor’s from BBB+ to BBB-, sources have revealed that the government is preparing to issue a sovereign dollar bond but the Finance Ministry refused to confirm or deny the Read more
Omani foreign affairs minister Yousuf bin Alawi bin Abdullah met with President Rouhani on Sunday and both officials expressed their wish to increase cooperation between the two countries. The Iranian president described bilateral ties as excellent and hoped that economic, Read more
Iran has stated that it supports the agreement reached between Qatar, Russia, Saudi Arabia and Venezuela in Doha to freeze oil output at January 11 levels without making any commitment whether it would abide by it. After meeting with his Read more