Latest news with #DavidGoodman
Zawya
24-04-2025
- Business
- Zawya
Lebanon receives $250mln World Bank loan to ease power problems
DUBAI - The World Bank has granted Lebanon a $250 million loan aimed at helping alleviate persistent power cuts worsened by last year's war between Israel and Hezbollah, the country's finance ministry said on Thursday. Even before the conflict, Lebanon had for years been struggling with a severe shortage of imported fuel and poor infrastructure. Following the conflict, however, the World Bank said it would need around $11 billion for reconstruction and recovery. The fighting between the Iran-backed group and Israel ended for the most part in November through a brittle ceasefire brokered by the United States, though the two sides accuse each other of failing to fully implement the deal. Lebanon had said it received preliminary approval to increase a World Bank reconstruction loan to $400 million from $250 million. The loan is part of a $1 billion reconstruction programme, with the remainder of the financing to come from international aid. (Reporting by Elwely Elwelly Editing by David Goodman and Joe Bavier)
Zawya
09-04-2025
- Business
- Zawya
Saudi Arabia discovers 14 oil and natural gas fields, state news agency says
Saudi Arabian oil giant Aramco has discovered 14 oil and natural gas fields and reservoirs in the kingdom's Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday. (Reporting by Jana Choukeir Editing by David Goodman)
Zawya
24-03-2025
- Business
- Zawya
Mideast Stocks: Investor caution sends most Gulf markets lower
Most Gulf stock markets were subdued on Sunday as escalating geopolitical concerns and worries over U.S. tariffs and their potential impact on the global economy led investors to exercise caution and retreat from riskier investments. Saudi Arabia's benchmark index <.TASI> fell 0.6%, with Al Rajhi Bank < and the country's biggest lender, Saudi National Bank < each losing 1.6%. Oil giant Saudi Aramco < rose 0.4%. Aramco has agreed to buy fuel distributor Primax, which has operations in Peru, Colombia and Ecuador, Peruvian newspaper Gestion reported late on Thursday, citing sources familiar with the deal. In Qatar, the index <.QSI> retreated by 0.7%, with Commercial Bank down 7.1% as it traded ex-dividend. Outside the Gulf, Egypt's blue-chip index <.EGX30> gained 0.8%, with most of its constituents in positive territory, including a 3.7% gain for Commercial International Bank . (Reporting by Ateeq Shariff in BengaluruEditing by David Goodman)
Zawya
05-02-2025
- Business
- Zawya
Egypt's GASC signs $700mln ITFC loan deal to bolster food security
CAIRO: Egypt's General Authority for Supply Commodities (GASC) has signed a $700 million loan agreement with the Islamic Trade Finance Corporation (ITFC) to bolster its food security efforts, an Egyptian cabinet statement showed on Tuesday. The loan from is part of ongoing cooperation between Egypt and the Saudi organisation, which has played a key role in helping Egypt to secure staple foods such as wheat as well as energy supplies. ITFC has also earmarked an $800 million loan for the Egyptian General Petroleum Corporation to support the country's energy needs. However, GASC's precise role remains unclear since the government's decision last year to transfer strategic wheat procurement responsibilities to Mostakbal Misr, a state entity established in 2022. The shift in responsibilities has raised concerns among market observers. One of the world's largest wheat importers, Egypt relies heavily on foreign grain to sustain its subsidised bread programme, which serves 70 million people. Egypt's strategic wheat reserves have dwindled to enough for only four months, down from seven months of stock in mid-2024. (Reporting by Mohamed Ezz Editing by David Goodman)
