The International Monetary Fund says Algeria has made efforts to generate revenue from sectors beyond the economy’s traditional pillars, but the country remains heavily dependent on oil revenues.
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Iraq’s Ministry of Oil announced plans to restore production and exports to pre-war levels, giving priority to shipments through the country’s southern ports.
The Brazilian brand brings scrubs, oils, and soaps inspired by the Mediterranean and Arab worlds to the market. The company was founded by Daniela Sucar Dib, of Syrian and Lebanese descent, based on memories from her travels.
The United States and Iran said they had reached an agreement to halt hostilities and reopen the Strait of Hormuz. Markets reacted positively to the announcement.
The institution says economic activity in the Middle East and North Africa will be affected by regional conflict. Growth is expected to slow from the 4% projected for 2025.
An International Monetary Fund mission concluded that the country is managing the challenges posed by the international environment but needs to put its debt on a downward trajectory.
Data from Brazil’s Ministry of Development, Industry, Trade and Services compiled by the Arab-Brazilian Chamber of Commerce show export growth both in April and year to date.
A subsidiary of Qatar National Bank (QNB) will finance a Sustainable Aviation Fuel production facility in Egypt. The project is being launched with the ambition of becoming the largest SAF initiative in the Middle East and Africa.
Country says the move increases flexibility to “respond to market dynamics” and sees a mid-term rise in energy demand.
Iraq’s Oil Ministry said it has started sending tanker trucks carrying oil to Syria. Iraq depends on the Strait of Hormuz for exports, while Syria has a Mediterranean coastline.
A U.N. commission report warns of the Middle East conflict’s impact on Arab countries’ energy, water and food systems. A 20% rise in food prices could push 5 million people into food insecurity in the region.
Attacks on the UAE and Bahrain drive up the commodity’s price. Oil rises amid renewed threats to the Strait of Hormuz, while a desalination plant in Kuwait is also targeted in retaliations.
Measures announced by the government aim to curb rising energy costs, which have increased from USD 560 million to USD 1.65 billion since the start of the Middle East conflict.
Oil prices fell and stocks rose after U.S. President Donald Trump said the country will not target Iran’s energy infrastructure over the next five days.
