Regional News

  Tribune news service Bahrain’s Public Relations (PR) sector is under threat from an economic slowdown caused by low oil prices, according to an expert. The government has launched an austerity drive to tackle rising public debt and reduce the national deficit, but lower public spending also means less investment in the private sector. US presidential advisor Mary Jo Jacobi …

  Dubai / Emirates Business Supply chain risk in the Middle East and North Africa remained relatively stable during the first quarter of the year, at 4.371, according to the CIPS Risk Index, produced by Dun & Bradstreet for the Chartered Institute of Procurement & Supply (CIPS). The score remains high however by historical standard and compared to other regions, …

  Emirates Business GCC economies will have to make more productive use of their workforces in order to sustain economic growth, according to a new ICAEW report. At the same time, the accountancy and finance body warns that countries will need to create millions of jobs for new entrants to the labour market. The report Economic Insight: Middle East Q2 …

  Manama / Tribune News Service Oil prices must reach $138 per barrel for Bahrain to be able to balance its budget, according to a senior official. The rate is higher than those required by other GCC nations, said Energy Minister Dr Abdulhusain Mirza. He was speaking at a symposium, The Decline in Oil Prices and their Impact on the …

  AMMAN / Tribune news service Gaining favourable treatment in terms of customs duties and other fees is a key to increasing Jordan’s agricultural exports to the Russian market, a government official said. “Efforts are still under way to secure preferential treatment from Russia in terms of custom duties and taxes when exporting fruit and vegetables,” Ministry of Agriculture Spokesperson …

  Reuters Iran has deferred at least one of its fuel oil loadings for June to Asia, according to a trade source with direct knowledge of the matter. In a bid to recapture lost market share and bolster revenue, state-owned National Iranian Oil Co (NIOC) quickly ramped up exports of fuel oil once U.S. imposed economic sanctions were lifted in …

  Bloomberg Iran plans to invite international companies to bid for oilfield development rights in June, a government official said, as the Persian Gulf country seeks to revive its energy industry after years of crippling sanctions. The Oil Ministry will solicit bids in a tender round starting June 21 and running for a month, state-run Islamic Republic News Agency reported …

  Reuters Middle East fund managers have grown more cautious about building positions in both equities and fixed income, partly because of the risk of a U.S. interest rate hike as soon as June, a monthly Reuters poll showed. The poll of 14 leading fund managers, conducted over the last 10 days, shows 21 percent anticipate reducing allocations to Middle …

  Bloomberg The World Bank’s International Finance Corp. will invest $25 million in Egypt’s Carbon Holdings, a petrochemical producer, as part of plans to commit $2 billion in the country. The IFC will look for more ways to provide financing for Carbon Holdings, Mouayed Makhlouf, IFC director for the Middle East and North Africa, said in an interview in Dubai. …

AFP OPEC member Kuwait has earmarked 34.5 billion dinars ($115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said. “We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” Wafa al-Zaabi, head of planning at Kuwait Petroleum Corp, told an oil conference. …