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Iraqi oil field worker in Basra
June 25th, 2026 - 12:14 GMT
P. Choiaqo

P. Choiaqo

Iraq rethinking its OPEC membership due to oil production limits

ALBAWABA - In a Reuters exclusive report: Iraq, one of the founding members of OPEC, is now considering leaving the organization after Strait of Hormuz disruptions and limited oil production quotes hit the county hard. “Saudi Arabia and ​other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options,” a senior Iraqi oil ⁠ministry official told Reuters. Iraq’s economy ...
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Global Innovation Index measured the performance of 128 countries and is based on 82 sub-indices. (File photo)
August 17th, 2016 - 05:00 GMT

UAE moves up the tables for innovation

The estimated cost of drilling one well in Zohr concession in the Mediterranean Sea’s deep water is roughly $100m. (File photo)
August 17th, 2016 - 04:00 GMT

Egypt: Eni investment in Zohr gas plant reaches $3.5B

The successful auction follows Qatar's nine billion dollar sale of Eurobonds in May 2016, which marked the largest-ever bond issue in the Middle East.  (File photo)
August 17th, 2016 - 04:00 GMT

Qatar auctions $825M in first domestic government bond this year

An educational ministry spokesman said it was working with international firms to set up the independent schools model. (File photo)
August 16th, 2016 - 02:00 GMT

Saudi education ministry set to make 2000 government schools independent

An attempt to jointly freeze production levels earlier this year failed after Saudi Arabia backed out over Iran's refusal to take part of the initiative. (Shutterstock)
August 16th, 2016 - 01:17 GMT

Oil prices hit five-week high but skepticism remains over OPEC meeting

Al Faisaliyah Tower in the business district of Riyadh. (Shutterstock)
August 16th, 2016 - 12:16 GMT

Saudi Arabia: Foreign investors ownership expected to double with lifted restrictions

In June 2016, British Airways announced that it was suspending flights to Sharm El Sheikh indefinitely.  (File photo)
August 16th, 2016 - 09:00 GMT

British Airways partners with Egyptian tour operators with new On Business initiative

On a per litre basis, the new retail gasoline price is still less than half of the cost of gasoline in Europe and the lowest in the GCC. (Shutterstock)
August 16th, 2016 - 07:00 GMT

Kuwait's energy subsidy cuts 'a bold move': World Bank

Egypt's Mohamed Mahmoud poses with his bronze medal on the podium of the Men's 77kg weightlifting competition at the Rio 2016 Olympic Games. (AFP/GOH Chai Hin)
August 16th, 2016 - 06:00 GMT

Rio 2016: Organizers struggling to meet overwhelming demand for halal food

Investcorp has seen its most active period since the firm’s inception in the last 12 months after signing five new deals and exiting nine portfolio companies. (Shutterstock)
August 16th, 2016 - 05:00 GMT

Bahrain's Investcorp buys UK's Nebulas to become European cybersecurity giant

OPI alleges regulatory restrictions on international fund transfer in foreign currencies for its failure to settle the payments. (LinkedIn/Red Sea Housing Services Company)
August 16th, 2016 - 04:00 GMT

Saudi-listed Red Sea Housing Services sues to recover $24.5M in US court

The Central Bank of Egypt officially allows exchange offices to sell the US dollar with a 15 piaster difference above or below the official selling price. (File photo)
August 15th, 2016 - 02:00 GMT

Egypt cracks down on informal currency exchange traders

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