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IIF sees widening gulf in Arab economies

The fallout from a year of Arab revolts will further deepen divergent economic outcomes for the region’s oil exporters versus importers, according to a report released on Thursday. The Institute…

S&P downgrades Egypt

Standard & Poor’s on Tuesday cut Egypt’s credit ratings deeper into junk territory, saying the transition to a new government had increased risks to macroeconomic stability. It warned that another…

Saudis keen to boost trade with UK

Saudi Arabia is making an aggressive push to increase trade with the UK, with ambitions to boost deals in the oil-rich country’s financial sector. Ibrahim al-Assaf, the finance minister, said…

Iran replaces Gazprom with local consortium

Iran has replaced Russia’s Gazprom Neft with a local consortium and suspended a gas contract with the China National Petroleum Corporation International (CNPC) as it struggles to speed up development…

Analysis: The economics of the Arab spring

Egyptian protesters in Tahrir Square, Cairo On the face of it, it was a statement of the obvious. When Hazem el-Beblawi, Egypt’s new finance minister, warned at the end of…

Turmoil hits Egypt’s foreign currency reserves

Turmoil hits Egypt’s foreign currency reserves

Egypt has lost a third of its foreign currency reserves since the beginning of the year as a result of the turmoil accompanying the revolution, which swept Hosni Mubarak, former…

Syria to look east for oil markets

The Syrian government says it has been approached by potential customers for its crude oil and developers for its oil fields, despite reports that the country is unable to export…

Sanctions force Syria to cut oil output

Sanctions force Syria to cut oil output

Syria has told foreign oil companies to cut production as a backlog of crude fills its storage capacity because the government has been unable to bypass an embargo on exports…

Syria moves to protect foreign reserves

The Syrian government is resorting to radical interventions in the economy as more than six months of popular protests against the regime of Bashar al-Asad and increasingly painful international sanctions…

Egypt decides against international loans

Egypt has decided not to press on with plans for loans from the International Monetary Fund and the World Bank, Samir Radwan, the country’s finance minister, has told the Financial…