North Africa

Gulf stocks fell across all key markets on Monday as investors weighed concerns about U.S. policy in light of an upcoming deadline for tariffs and lower oil prices against strong corporate earnings. According to EU diplomats, the European Union is looking at broader countermeasures against Washington as the prospects for an acceptable trade deal with Washington are fading. The imposition of tariffs by Donald Trump around the globe could harm global economic growth as well as oil consumption. Saudi Arabia's benchmark stock index fell 0.3% on the back of broad sector declines, and lower oil prices. This was after it...

Investors weighed positive corporate earnings against the uncertainty of U.S. Trade Policy, following reports that Washington wants a minimum tariff of 15% to 20% in any agreement with the European Union. In spite of global uncertainty, the steady price of oil and strong results from regional giants helped to offset external headwinds. Saudi Arabia's benchmark stock index is on track to end its longest decline in two years with a 0.2% gain, driven by financials. Saudi National Bank, which is the country's largest lender based on assets, gained over 1.5%, while Al Rajhi Bank (the largest sharia compliant bank) jumped...

The majority of major Gulf stock markets rose on Thursday as a result of positive corporate earnings announcements and results, but the Saudi index is set to continue its losses for the eighth consecutive session. Dubai's main stock index rose 1.2% to a record high of 17-1/2 years, boosted by financial stocks. The shares of Emirates NBD rose 4% on track to increase for the third consecutive session after the top bank announced that it had closed a syndicated loan for Dubai Metro Blue Line Project worth 3.9 billion dirhams. Air Arabia, a budget airline, has risen 5.1% in the...

A source familiar with Wednesday's negotiations said that Brazilian planemaker Embraer was competing with Moroccan airline Royal Air Maroc to supply its aircraft. Source: The African carrier wants to renew and expand its fleet across three sizes, and Embraer has been fighting to secure an order for the smallest. On Wednesday, the local newspaper Folha de S.Paulo had reported that Royal Air Maroc, in conjunction with Embraer and other suppliers, was in discussions to buy up to 200 aircraft. Embraer's second-generation E2 jet family Folha, citing Folha's CEO, reported that the airline is considering the idea. The E2 line is...

A senior State Department official stated on Tuesday that the United States had helped around 400 U.S. Citizens and others fly out of Israel amid conflict with Iran since Saturday. They hope to accommodate even more in the days to come. "We are very aware that there is still capacity and that U.S. citizens still want to leave Israel. The airspace has not been reliably opened. The official stated that the situation is "extremely dynamic". An official stated that the State Department now shares information with 27,000 people about safety and security in the region, as well as leaving it....

The major Gulf stock markets advanced early on Tuesday, with risk appetite increasing after U.S. president Donald Trump announced that Iran and Israel agreed to a truce. Trump declared a ceasefire that could end the 12-day conflict which saw millions of people flee Tehran, and raised fears about further escalation. Saudi Arabia's benchmark stock index rose by 2.1%. The biggest contributors to this increase were Al Rajhi Bank, which saw a 1.9% gain and Saudi National Bank, the largest lender in Saudi Arabia. Flynas, a company recently listed on the stock exchange, soared by more than 7% and reached 79.80...

A report on Thursday said that $250 billion has been allocated for the production of low-carbon material in sectors with heavy emissions, such as chemicals and fuels. However, future projects requiring low-carbon material will require more than five-times this amount of funding. Mission Possible Partnership report said that newly industrialised countries like Indonesia and Morocco had already secured a quarter of the $250 billion invested in clean industrial plants. The report stated that 69 projects were in operation, using clean energy for the production of materials. The report also tracked $1.6 billion of projects announced, but not yet funded, with...

Sources in the industry said that Royal Air Maroc was close to a deal to purchase dozens of Boeing jets for its fleet renewal, while Airbus Europe is poised to take a rare step forward with a smaller contract for 20 A220 aircraft. Royal Air Maroc is in discussions for more than a year about renewing its Boeing-dominated fleet. It will continue to use its traditional supplier to meet the majority of its requirements, including 737 MAXs and 787 Dreamliners at next week's Paris Airshow. Sources asked to remain anonymous because the negotiations were not made public. Bloomberg reported earlier...

State media reported that Morocco's King Mohammed V gave his approval on Thursday to a rail expansion project worth 96 billion dirhams (10,3 billion dollars), which includes the construction of a fast-track line from Marrakesh (the country's tourist center) by 2030. The extension of high-speed rail, intercity, and urban networks has been a result of Morocco's preparations for co-hosting the World Cup 2030 with Spain and Portugal. The country hopes that the investments will also help to develop its fledgling rail industry. The 53 billion dirhams high-speed rail line will run from Kenitra, on the Atlantic Coast, 430 km south...

Gulf stock markets started Tuesday on a positive note, with a lot of indexes rising, led by the Saudi index that was boosted by gains in Saudi Telecom Business. Nevertheless, the Dubai index stood apart as an exception, defying the local upward pattern. Saudi Arabia's benchmark index gained 0.5%, led by a. 0.8% increase in Al Rajhi Bank, while Saudi Telecom. Company (STC) jumped 4%. STC Group, the kingdom's largest telecoms operator, on. Tuesday said it won a contract worth 32.64 billion riyals ($ 8.70. billion) from a government entity to construct, operate and provide. telecoms infrastructure services. The kingdom's...

Concerns about conflict in the Middle East have prompted airline companies to suspend flights to the region, but with the ceasefire between Israel and Hamas in place, some are meticulously resuming their services Below are some of the airline companies that have actually suspended services. and those that have recently begun resuming them: AEGEAN AIRLINES The Greek airline company in August cancelled flights to and from Beirut until March 29. AIR ALGERIE The Algerian airline has actually suspended flights to and from Lebanon up until additional notification, it said on Aug. 1. AIRBALTIC Latvia's airBaltic has actually cancelled flights to...

Issues about dispute in the Middle East have triggered global airlines to suspend flights to the region or to avoid affected airspace. Below are some of the airline companies that have suspended services to and from the area: AEGEAN AIRLINES The Greek airline company in August cancelled flights to and from Beirut up until March 29. AIR ALGERIE The Algerian airline company has suspended flights to and from Lebanon until further notice, it said on Aug. 1. AIRBALTIC Latvia's airBaltic has actually cancelled flights to and from Tel . Aviv until Jan. 28. It announced the suspension in late. September....

The UK has rejected a Moroccan renewable energy project worth 25 billion pounds ($34.39billion) that would have used wind and solar power from the Sahara for up to 7 million UK households. The British government said that it believes domestic projects can offer greater economic benefits. Michael Shanks, minister of energy at the UK's Department of Energy, said in a written message to parliament that the government had concluded it was not in the UK's national interest to consider further support for the Morocco UK Power Project. The project, he said, did not align with the UK government's goal to...

Iraq's Oil Ministry said Thursday that it holds the Kurdish Regional Government (KRG), legally responsible for continuing to smuggle oil out of the Kurdish Region. It added that the ministry reserves the rights to take any legal action in this matter. The control of oil and gas is a long-standing source of tensions between Baghdad, Erbil and other Iraqi cities. Iraq is being pressured by the Organization of Petroleum Exporting Countries (OPEC) to reduce its output in order to compensate for producing more than the agreed-upon volume. OPEC counts the oil flowing from Kurdistan towards Iraq's quota. In a ruling...

Three sources with direct knowledge of this matter and a document show that the Iraqi oil ministry sued the government of Iraq's semi-autonomous Kurdistan Region over oil and natural gas contracts signed with U.S. companies. The legal challenge is a new obstacle to the restart of oil flows through the Iraqi-Turkish pipeline, which have been stopped since March 2023 despite the pressure from the Trump administration. Masrour barzani, prime minister of Kurdistan Regional Government (KRG), oversaw the signing two energy contracts worth a total of $110 billion in their lifetimes, with U.S. firms HKN Energy, and WesternZagros. Has contacted companies...

The National Oil Corporation (NOC), which operates in Libya, announced on Saturday that an oil leak had forced the closure of a pipeline located south of the city of Zawiya. Libya's largest refinery is located in Zawiya (40 km/25 miles west of Tripoli), with a daily capacity of 120,00 barrels. The refinery is connected to the country's 300,000-barrels-per-day Sharara oilfield. The NOC published a photo showing a flow of oil leaking in the desert. The company announced in a press release that the flow of oil from the Hamada fields through the affected pipe was immediately stopped. "A team of...

Osama Rabi, the chief of Egypt's Suez Canal Authority, has said that the authority will consider offering transit fee discounts between 12% and 15% to help restore the traffic on the strategically important waterway, which is reeling after the Houthis' attacks on Red Sea shipping. Rabie, in a telephone interview with the privately-owned Sada al-Balad TV channel, said that discounts would be available within a few days of ratification from Egyptian President Abdel-Fattah al-Sisi. He said this after the revenue from the Canal continued to plummet due to attacks by Yemeni Houthis on shipping, who claim they are trying shut...

Leila Benjamin, the Energy Minister, said that Morocco will issue a statement of interest within a few weeks for a terminal of liquefied gas near Nador in eastern Mediterranean. Benali informed members of the parliament that "this week we will launch a call for expressions of interest in developing the first phase" of the Nador natural gas terminal. Morocco is looking to natural gas as a way to diversify its energy sources and move away from coal. It also continues to push forward with its renewable energy plans, aiming to achieve 52% of the total installed capacity by 2030 from...

Italy's natural gas intake fell to its lowest level in more than 15 years to 61.7 billion cubic metres (bcm) in 2024, the nation's power market manager GME stated on Friday. A total 2.5% yearly drop was mainly due to a decline in making use of gas in power generation, while intake by business and households was marginally greater compared to 2023, according to GME. On the supply side, gas imports fell in 2015 to 58.7 bcm, touching their lowest level given that 2015, GME stated in its newsletter. In spite of a drop of almost 9% in the year...

South Sudan aims to resume oil production at its Blocks 3 and 7 on January 8 with preliminary output of 90,000 barrels each day, Petroleum Minister Puot Kang Chol stated on Tuesday. South Sudan's economy has actually been under pressure in recent years in the middle of common violence while essential petroleum export income has been injured by export disturbances due to war in Sudan. Over the weekend, Sudan raised a nearly year-long force majeure on the transport of crude oil from its neighbour South Sudan to a port on the Red Sea after security conditions improved. The government has...

According to a letter sighted by us on Monday, the Sudan lifted its near-one-year force majeure for the transportation of crude from South Sudan to an port on the Red Sea. Khartoum declared force majeure last March after the main oil pipeline transporting South Sudanese oil through Sudan to be exported suffered stops linked to the problems caused by the war between Sudan’s army and insurgents Rapid Support Forces. In a letter dated January 4 from Sudan's Ministry of Energy and Petroleum to South Sudan’s Energy Minister, Khartoum announced that it would lift the force majeure due to new security...

South Sudan will resume pumping crude oil for export through a port in neighbouring Sudan within a few days, a South Sudanese government official told Reuters on Thursday, following repairs to an essential pipeline burst during fighting in Sudan. War broke out between Sudan's army (SAF) and the paramilitary Rapid Assistance Forces (RSF) in April in 2015, requiring millions to leave their homes and triggering a starvation. The oil exports transferred through the pipeline in Sudan have been a vital source of profits for South Sudan, representing 90% of its foreign exchange earnings, with Sudan taking a cut as a...

Egypt raised prices on a large range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year. Prices for diesel fuel, one of the most commonly used fuels in the nation, were raised by 17% to 13.50 Egyptian pounds ($ 0.2779) per litre from 11.50 pounds. Gas costs increased from 11% to 13% depending upon the grade, with 80 octane gas rising to 13.75 Egyptian pounds, 92 octane to 15.25 pounds, and 95 octane to 17 pounds. Prime Minister Mostafa Madbouly stated in July that costs of petroleum items will slowly increase up...

Egypt's current account deficit more than quadrupled to $20.8 billion in the 2023/24 from $4.7 billion a year earlier, mostly due to an increase in the trade deficit and a fall in Suez Canal transit invoices, the central bank said on Tuesday. The country's Suez Canal earnings declined to $6.6 billion from $8.8 billion the previous year, it said in a statement. The decrease came primarily throughout the second half of the 2023/24 with earnings reducing by 61.7% to simply $ 1.8 billion. Egypt's ranges from July 1 to June 30. Such a reduction is because of the Red Sea...