Bloomberg Saudi Arabia announced on Tuesday a $500 billion plan to build a business and industrial zone that links with Jordan and Egypt, the biggest effort yet to free the kingdom from dependence on oil exports. The 26,500 square km (10,230 square mile) zone, known as NEOM, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and ...

Agencies Saudi Arabia reassured global investors that it’s on track to sell shares in oil giant Aramco in 2018 as the who’s who of global finance and business gathered in Riyadh for a conference dubbed the “Davos in the Desert.” The kingdom plans next year to sell a stake in Saudi Arabian Oil Co., as the world’s biggest oil exporter ...

Bloomberg Iraq began using a new offshore crude-exporting facility to boost shipments by sea and make up for a drop in pipeline exports from the country’s north due to a conflict with the self-governed Kurdish region. The supertanker Chloe, which can transport about 2 million barrels of oil, moored at the new loading point in the Persian Gulf off the ...