Saudi Arabia said Monday it was raising petrol prices by more than 50 percent for some products from Tuesday as it cuts a range of subsidies after posting a record budget deficit.
OPEC kingpin Saudi Arabia posted a record US$98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry said on Monday.
Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams (US$12.6 billion), the government said Sunday.
Garment manufacturers face delays in the delivery of imported raw materials due to beefed-up security measures at Hazrat Shahjalal International Airport in Dhaka, which slows shipments.
Saudi King Salman on Wednesday said he has ordered economic reforms to diversify sources of income and reduce high dependence on oil following a sharp drop in crude prices.
Kuwait has said it will establish a free economic zone on five islands close to the shorelines of regional heavyweights Iraq and Iran with large investments open to the private sector.
Egyptian natural gas companies have been ordered through arbitration to pay the Israel Electricity Corporation US$1.76 billion in compensation over a gas supply cut, the Israeli firm said Sunday.
As Israel prepares to push through a long-delayed landmark natural gas deal, Prime Minister Benjamin Netanyahu is facing a growing backlash by protesters who accuse him of using shady backroom dealings and strong-arm tactics to push through the plan.
While the golden domes of Turkmenistan's presidential palace hint at the country's fantastic gas wealth, the reclusive Central Asian country remains a slumbering giant in the high stakes game of energy politics.
Iran is seeking US$25 billion in investments from 50 deals involving international oil and gas companies, foreign executives were told Saturday in Tehran as the government outlined new contractual terms.