Leading oil producer the United Arab Emirates will scrap subsidies on petrol and diesel from August to cut spending as low crude prices hit revenues, the energy ministry said Wednesday.
Foreign firms are eager to exploit the potential of Iran's long-isolated economy following a landmark nuclear deal, but experts say doing business in the Islamic republic will remain hugely challenging.
Saudi Arabia's Prince Saud al-Faisal, formerly the world's longest-serving foreign minister who oversaw four decades of turbulent diplomacy for the oil-rich kingdom, died on Thursday.
Iran lashed out at Western powers accusing them of changing positions at the 11th hour in intense nuclear talks, as the EU warned it was time Friday to say "yes or no" to a deal on the table.
The Egyptian pound has fallen to a new low against the U.S. dollar, the second such drop in days, the country's central bank said Sunday, in a move that could help boost much-needed foreign investment.
Qatar conceded Monday that "much more needs to be done" on the controversial issue of labor reform following fresh criticism of the 2022 World Cup hosts over the pace of change.
Saudi Arabia's stock market, valued at US$585 billion, opened up to direct foreign investment for the first time Monday, as the kingdom seeks an economic boost amid low global oil prices.
The price of crude remains too low for most OPEC member nations. But with the 12-nation cartel's control of supply and demand slipping, its oil ministers may have little choice this week but to sit back and do nothing.
Chaos hit Belgian airports on Wednesday when an electrical failure at air traffic control in Brussels caused Belgium-bound flights to be diverted, with departures delayed and flights canceled over six hours.
A nuclear agreement will allow Iran to become the number one energy player in the Middle East and herald major opportunities for foreign companies, top government officials in Tehran said Wednesday.