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July, 27, 2016

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Business > Middle East
Israel supreme court strikes down major gas deal
Israel's top court on Sunday struck down a landmark deal regulating exploitation of Mediterranean gas reserves, in a major defeat for Prime Minister Benjamin Netanyahu who called the ruling "mystifying."
 
A South Korean constructor that jointly won a US$20 billion housing deal with Saudi Arabia said Monday it was confident the project would go ahead despite the impact of slumping oil prices on the Gulf nation's coffers.
 
Pakistan and Iran agreed on Friday to enhance economic ties and open two more border crossings to increase trade, the government said.
 
In the cash-strapped Gaza Strip, the not-so-latest styles are sought after
Standing by skips full of clothes, vendors call out to bargain hunters scrambling for the not-so-latest styles in the Gaza Strip.
 
Power blackout hits Syria: state TV
War-torn Syria was hit Thursday by a nationwide power cut, state television reported, but the cause was not immediately known.
 
For Iranian restaurants in Saudi, it's business as usual
Iran and Saudi Arabia's rivalry has played out in proxy wars across the region, and escalated further after the two severed diplomatic and trade ties last month. Yet in the Saudi capital, Riyadh, popular Iranian restaurants are outselling feverish calls for a boycott and stand as a reminder of when ties between the two countries held promise.
 
Iran's economy minister said his country is seeking US$45 billion in foreign investment following the implementation of a landmark nuclear deal with world powers last month.
 
The Dubai construction company that helped build the city's record-breaking Burj Khalifa and many other buildings in the United Arab Emirates says it lost more than US$600 million last year as building slows amid a slump in oil prices.
 
More countries in the Middle East are turning toward the yuan, with mainland China's bid to revive the ancient silk routes expected to give the "redback" a boost in the region.
 
Iran's stock exchange reaches one-year high after nuclear agreement
The Tehran Stock Exchange has rallied to a one-year high after Iran's landmark nuclear deal with world powers went into effect last month, a spokesman for the exchange said Tuesday.
 
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