Libya’s Prime Minister Abdullah al-Thinni has said his government would run its own oil sales and deposit revenues abroad in a bid to divert proceeds away from a rival self-declared administration in Tripoli. Thinni, based in the eastern city of Bayda, announced late on Saturday he had authorised his internationally recognised government’s oil corporation to open a separate bank account in the United Arab Emirates for oil revenues and to seek independent oil sales. [Reuters, 4/5/2015]
Qatari economy expanded by 6.2 percent in 2014 despite falling oil prices
The Qatari economy grew by 6.2 percent in 2014, according to the latest data released by the Ministry of Development Planning and Statistics (MDPS). Growth was driven by the non-hydrocarbon sector. The largest contributors to growth included the construction and finance sectors. The hydrocarbon sector is expected to recover this year. [Arab News, 4/5/2015]
Gulf markets to consolidate and Saudi may rebound after initial reaction to Iran deal
The Saudi stock index sank 1.7 percent on Sunday in reaction to the prospect of lower oil prices if a final agreement by a June 30 deadline lifts sanctions on Tehran and allows more Iranian oil into the market. Elsewhere, Dubai’s market rose 1.4 percent on Sunday on hopes that the lifting of sanctions would create new business opportunities. A handful of stocks around the Gulf were buoyed by the Iran factor. But the impact was not large, suggesting most investors will wait to see a final nuclear agreement. [Reuters, 4/6/2015]
Egypt’s investment one-stop shop to start operating in two weeks
Egypt’s anticipated one-stop-shop for investors to obtain licenses and permits will begin work in two weeks but be fully functional within eighteen months, Minister of Investment Ashraf Salman announced on Monday. The one stop shop, established by a new investment law to facilitate investment procedures, will begin with agriculture projects within two weeks and then gradually cater to other projects over the coming eighteen months, Salman said. The aim is to empower Egypt’s General Authority for Investment and Free Zones (GAFI) to obtain permits and licenses on behalf of investors from Egypt’s notoriously investor-hostile governorates and other government bodies, not only for new projects, but for the expansion of existing projects, the minister said. [Ahram Online, 4/6/2015]
Also of interest
Nasib crossing closure major blow to exports | The Daily Star
Diversification remains a top priority for GCC | Saudi Gazette
Saudi non-oil business growth hits 6 month high in March | Reuters
UAE March non oil business growth slows to seventeen month low |Reuters
Egypt housing minister unveils conditions for Arabtec’s one million unit project | Ahram Online