North Africa

Five trading sources said that Egypt wants to buy more fuel oil in order to meet its electricity generation needs. Fuel oil has been purchased in greater quantities by the country this year to ease a gas shortage that resulted from the loss of gas pipelines connecting Israel and Egypt. According to trading sources, the Egyptian General Petroleum Corporation is looking for about 900,000.0 metric tons (tonnage) of fuel oil in its latest tender. One source said that the tender will be closed on July 2, and valid until July 10. The Egyptian Petroleum Ministry didn't immediately respond to an...

Libya's internationally recognized government of national unification has objected Greece's approval for an international tender to explore hydrocarbons off the island Crete. It said that some of the blocks violated its maritime zone. Both countries are trying to repair their strained relations after an agreement signed in 2019 by the Libyan government with Greece's regional competitor Turkey. The accord mapped out a large sea area that they share near the Greek island. Greece opposed the agreement. It said it had no legal foundation, as it was seeking to create an economic zone exclusive from Turkey's southern Mediterranean coast to Libya's...

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

On Friday, hundreds of Libyan demonstrators called for the removal of Abdulhamid Dbeibah as the internationally recognized prime minister. At least three ministers also resigned to show their support. Demonstrators gathered on Martyrs' Square, Tripoli. They chanted slogans like "The nation wants the topple of the government" or "We want elections." The protesters then marched on to the main building of the government in the center of the city. One protester declared, "We will not leave until he leaves." The marchers carried photos of Dbeibah, National Security Advisor Ibrahim Dbeibah and interior minister Emad Tarbulsi in which their faces were...

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital follow battles that seemed to consolidate Abdulhamid al-Dbeibah's power as prime minister of the divided government of National Unity (GNU), and an ally of Turkey. Any prolonged fighting in Tripoli could attract factions outside of the capital. This could lead to...

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital may consolidate Abdulhamid al-Dbeibah's power. He is the prime minister of the divided Government of National Unity of Libya (GNU), and an ally of Turkey. Libya has seen little stability since an uprising in 2011 backed by NATO ousted Muammar Gadaffi,...

The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president...

Sudan's army claimed that its anti-aircraft system intercepted drones on Wednesday, which were targeting the largest naval base of the country in Port Sudan, the country's wartime capital. There were explosions heard in the city. It was not immediately known if they were near Flamingo's base. Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the country's largest fuel depots as well as its main humanitarian aid gateway. Port Sudan has enjoyed relative peace since the outbreak of the civil war in April 2023 between the...

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Two sources familiar with the situation said on Friday that eight OPEC+ nations will meet on July 7 to decide whether they want to increase oil production by a greater amount or if they prefer to do it at a slower pace. Originally, the meeting was scheduled for Monday. The reason for the early start was not immediately apparent. Saudi Arabia demanded a higher-than-planned increase in output from the eight member countries for May. This decision helped to lower oil prices below $60 per barrel, reaching a four-year low. The group now expects to increase output by 411,000 barrels a...

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

The British government will impose trade limits on steel that are more restrictive than anticipated, restricting imports from Vietnam and South Korea, as well as Algeria, to protect its domestic supply against the effects of a trade war. Britain is trying to protect its domestic steel industry from an oversupply in the global market. It has taken a number of measures to help it. These include negotiating the removal U.S. Tariffs, which are yet to take full effect, and taking control of British Steel, to stop it from closing down. The global trade upheaval caused by Trump's tariffs, and the...

Investors were anxiously waiting to see if Iran would respond to U.S. strikes on its nuclear sites. The price of oil has risen to its highest level since January, as supply fears were stoked by the United States joining Israel to attack Iran's nuclear sites. The market participants are expecting further price increases amid growing fears that a retaliatory move by Iran could include the closing of the Strait of Hormuz through which approximately a fifth of world crude oil supply passes. Saudi Arabia's benchmark stock index rose 0.7%. Al Rajhi Bank gained 0.6%, and Saudi Arabian Mining Company added...

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

Heidelberg Materials, the second largest cement manufacturer in the world, reported sales and profits that exceeded expectations for its first quarter. The company also confirmed its outlook citing strong growth across Africa. The first-quarter results from current operations of the company rose 1.3%, to 235 millions euros ($266million), exceeding the average polled forecast by the group. Dominik Von Achten, CEO of the company, said that despite the political and economic uncertainty as well as the difficult weather conditions in certain regions, the 2025 financial period started off very positively. Holcim, a larger competitor, cited a strong North African business as...

Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down...

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...

Most major stock exchange in the Gulf increased in early trade on Tuesday as financiers sought assistance on the Federal Reserve's future rates of interest decisions, expecting the release of minutes from its most current conference and upcoming payrolls data. The week is filled with information releases particularly from the United States, which will be headlined by the December non-farm payrolls report on Friday. Minutes of the Fed's newest conference due on Wednesday will offer colour on their dot-plot predictions, while there will be plenty of live comment with numerous leading policymakers. Fed decisions have a substantial impact on the...

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...

The majority of major stock exchange in the Gulf increased in early trade on Thursday, buoyed by wish for a potential ceasefire offer in between Israel and Hezbollah. Lebanon's prime minister revealed hope on Wednesday that a. ceasefire handle Israel would be announced within days as. Israel's public broadcaster published what it said was a draft. arrangement offering a preliminary 60-day truce. The push for a ceasefire for Lebanon is taking place. alongside a similar diplomatic drive to end hostilities in Gaza. Saudi Arabia's benchmark stock index acquired 0.2%,. with ACWA Power Company advancing 3.9% and aluminium. products maker Al...

Spanish steel maker Sidenor sent out a letter stating it was considering a tender offer for part or all the shares of train maker Talgo, the latter said late on Wednesday in a filing to the stock exchange regulator. Talgo did not say whether Sidenor divulged the stake it intends to buy or at what rate. Independently owned Sidenor is headquartered in the Basque Nation and runs numerous steel mills in northern Spain. Sidenor's move comes two months after Hungarian consortium Ganz-Mavag last month withdrew a previous tender offer for the Spanish train maker following the Spanish government's veto on...