Iraq’s southern oil exports average 2.7 million bpd so far in February

Iraq’s southern oil exports average 2.7 million bpd so far in February
Iraq affirms its full commitment to the OPEC+ oil cut deal, a statement cited Hamza as saying on Wednesday. (File/AFP)
Short Url
Updated 24 February 2021

Iraq’s southern oil exports average 2.7 million bpd so far in February

Iraq’s southern oil exports average 2.7 million bpd so far in February

BAGHDAD: Iraq’s oil exports from its southern ports are stable at 2.7 million barrels per day (bpd) so far in February, Basra Oil Company chief Khalid Hamza said in a statement.
Iraq affirms its full commitment to the OPEC+ oil cut deal, a statement cited Hamza as saying on Wednesday.


Red Sea Project uses smart light systems as it seeks dark sky accreditation

Red Sea Project uses smart light systems as it seeks dark sky accreditation
Updated 4 min 23 sec ago

Red Sea Project uses smart light systems as it seeks dark sky accreditation

Red Sea Project uses smart light systems as it seeks dark sky accreditation
  • Smart systems help reduce waste and minimize light pollution
  • Red Sea Project wants to be certified by the International Dark Sky Association

RIYADH: All Red Sea Project assets, including resorts, hotels and facilities, run through smart control systems that allow enough light as needed while being careful to save energy consumption and reduce waste, said Myriam Yaniz, director of lighting management at the company.

Red Sea Project is using the technology as it looks to be certified as an International Dark Sky Place by the International Dark Sky Association.

The company reviews different scenarios to know the adequate amount of lighting required during different times of the day and during the different seasons, Yaniz told Al Eqtisadiyah paper, during the World's Earth Day celebration on Thursday.

"At the design stage and during the first meeting of any destination project, our night vision is conveyed to our team of consultants and provided with our list of criteria to ensure that the work is carried out accordingly," she said.

Red Sea Project is a land and property development on Saudi Arabia’s Red Sea coast announced by the Saudi Crown Prince Mohammad bin Salman in July 2017.


Saudi bank deposit growth accelerated to 11-month high in February

Saudi bank deposit growth accelerated to 11-month high in February
Updated 36 min 4 sec ago

Saudi bank deposit growth accelerated to 11-month high in February

Saudi bank deposit growth accelerated to 11-month high in February
  • Bank deposit growth was the fastest since March 2020

RIYADH: Bank deposits in Saudi Arabia grew during February at the fastest pace since March 2020 as the economy continued to rebound from the coronavirus pandemic.

Deposits reached SR1.96 trillion ($522.5 billion) at the end of February, an increase of 1.83 percent, the most since the previous March’s 1.92 percent gain, Al Eqtisadiah reported, citing SAMA data.

On an annual basis, bank deposits in Saudi Arabia increased by 10.2 percent, or SR180.47 billion. Individual and corporate deposits, which made up 74.6 percent of total deposits, increased by 9.8 percent year over year.

Demand deposits increased 14.2 percent to SR1.29 trillion in the 12 months to the end of February, making up 88 percent of total deposits with savings and foreign deposits accounting for the rest.


Egypt and Russia agree to resume all flights, including to resorts

Egypt and Russia agree to resume all flights, including to resorts
Updated 23 April 2021

Egypt and Russia agree to resume all flights, including to resorts

Egypt and Russia agree to resume all flights, including to resorts
CAIRO: Egypt and Russia have agreed to resume all flights between the two countries in a call between their presidents, Abdel Fattah El-Sisi and Vladimir Putin, Egypt’s presidency said in a statement.
Flights to resort destinations Sharm Al-Sheikh and Hurghada were suspended after a Russian passenger plane crashed in Sinai in October 2015, killing 224 people.
The Egyptian statement did not specify a timeline for the resumption of flights, but Russia’s Interfax news agency reported this week that flights could resume in the second half of May.
An Airbus A321, operated by Metrojet, had been taking Russian holiday makers home from Sharm el-Sheikh to St. Petersburg in 2015, when it broke up over the Sinai Peninsula, killing all on board. A group affiliated with Daesh militants claimed responsibility.
The decision to resume flights followed “the joint cooperation between the two sides on this issue, and based on the standards of security and convenience provided for visits at Egyptian tourist destination airports,” the statement said.

Egypt raises domestic fuel prices for first time since subsidy reform

Egypt raises domestic fuel prices for first time since subsidy reform
Updated 23 April 2021

Egypt raises domestic fuel prices for first time since subsidy reform

Egypt raises domestic fuel prices for first time since subsidy reform
RIYADH: Egypt’s price-setting committee raised domestic fuel prices on Friday for the first time since it was formed in October 2019 following the completion of subsidy reforms, the petroleum ministry said in a statement.

Prices were last raised in July 2019 when Egypt, a net oil importer, finished phasing out subsides on fuel products as part of a reform program backed by the International Monetary Fund. Prices had remained stable over the past year after being lowered in April 2020 and October 2019.

The prices of 80-octane, 92-octane, and 95-octane fuel were raised by 0.25 Egyptian pounds each, to 6.25 Egyptian pounds ($0.40), 7.5, and 8.5 pounds per liter, respectively, the statement said.

The pricing committee’s mechanism links energy prices to international markets, and takes into account the exchange rate as well as the impacts of the coronavirus pandemic, the statement said.

Egypt lowered fuel prices in October 2019 following several rounds of price hikes as part of an austerity program that triggered discontent, including protests against President Abdel Fattah El-Sisi.

Saudi share of Gulf economy rose to almost 50% in 2020

Saudi share of Gulf economy rose to almost 50% in 2020
Updated 23 April 2021

Saudi share of Gulf economy rose to almost 50% in 2020

Saudi share of Gulf economy rose to almost 50% in 2020
  • Saudi GDP contracted 11.8 percent to $700.1 billion in 2020
  • UAE GDP fell 15.9 percent to $354.3 billion

RIYADH: Saudi Arabia increased its share of the GCC economy to almost half in 2020 as it weathered the COVID-19 pandemic better than its neighboring Arab states.

The Kingdom’s made up 49.8 percent of the bloc’s economy in 2020, up from 48.4 percent in 2019, Al Eqtisadiah newspaper reported, citing data from the International Monetary Fund (IMF) and Gulf statistical agencies.

Nominal gross domestic product (GDP) for the six GCC countries fell 14.3 percent in 2020 to $1.41 trillion, while Saudi GDP contracted 11.8 percent to $700.1 billion.

The UAE’s economy shrank 15.9 percent to $354.3 billion, representing 25.2 percent of GCC output.

Qatar had the third largest regional economy in 2020. It shrank 16.9 percent to $146.1 billion, representing 10.4 percent of GCC GDP.