Algiers / Reuters Algeria’s parliament has approved a new investment law that the government hopes will improve the business climate outside the oil sector after a drop in energy earnings of almost 50 percent due to falling oil prices. The law is part of reforms planned by the OPEC member state to diversify its economy away from oil and …

  AFP German container shipping giant Hapag-Lloyd has announced it is teaming up with United Arab Shipping Company to become one of the world’s top five shipping companies as consolidation in the sector continues apace. “Hapag-Lloyd AG and United Arab Shipping Company (UASC) have signed a Business Combination Agreement to merge both companies, subject to the necessary regulatory and contractual …

  Bloomberg Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Energy Minister Khalid Al-Falih said. The country, the world’s largest oil-producing nation, eventually will have a shipping fleet that will match its oil capabilities, Al-Falih said in Riyadh. Saudi Arabian Oil Co., or Aramco, will need more …