Middle East Business News Review – 28 May

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A look at today’s important financial news and business updates from the Middle East region:

UAE eyes June opening for pipeline bypassing Hormuz

The ruler of Fujairah has told a foreign news agency that the strategic oil pipeline bypassing the Strait of Hormuz will be operational by next month. Click here to read more…

ADNOC takes over Emarat service stations in northern Emirates

UAE’s official news agency WAM announced on Monday Abu Dhabi National Oil Company (ADNOC) has taken over 74 Emarat’s service stations spread across the northern Emirates. Click here to read more…

High inflation challenges Saudi per capita income rise

Strong oil prices have led to a massive increase in Saudi gross domestic product (GDP) per capita income but growing inflation threatens the progress, a report said. Click here to read more…

Saudi Arabia to introduce minimum wage law soon

Saudi local media reported private sector workers are set to get a minimum wage within the next four months as part of a government drive to make jobs more appealing to nationals and curb unemployment. Click here to read more…

Iraq govt boosting oil infrastructure, production

Iraqi deputy minister for energy affairs said the government is studying plans to diversify into petrochemicals, expand its pipelines and explore sea for energy. Click here to read more…

Qatar’s Qtel raises $1.87bn from rights issue

Qatar Telecom has raised QR6.8bn ($1.87bn) from a fully subscribed rights issue, the firm said in a statement on Tuesday. The capital will be used for general corporate purposes and to refinance existing debt, according to a regulatory filing to the London Stock Exchange where Qtel has bonds listed. Click here to read more. (Source – Reuters via ArabianBusiness.com)

Saudi-linked Oger eyes $180m Africa investment

Oger Telecom, 35 percent owned by Saudi Telecom, will inject $180m into its South African subsidiary Cell C to improve the coverage and quality of the unit’s network, the Dubai-based firm said. Click here to read more. (Source – Reuters via ArabianBusiness.com)

Ma’aden signs $1.5b aluminum refinery contract

Saudi Arabian Mining Company has awarded a $1.5 billion contract to South Korea’s Hyundai Engineering & Construction Co. to build an aluminum refinery in the Kingdom, a bourse statement said Sunday. Click here to read more. (Source – Saudi Gazette via Zawya.com)

Gulf Keystone sees big oil moving into Kurdistan

Kurdistan’s plan to start oil exports to Turkey could make it attractive for more big oil players to try to move into the region, the head of Britain’s Gulf Keystone Petroleum told Reuters on Monday. Click here to read more. (Source – Reuters via Alrroya.com)

S&P drops Lebanon outlook to negative

Standard & Poor’s revised its outlook for Lebanon’s credit rating to negative from stable on Monday, citing the ongoing unrest in neighbouring Syria and the increased risk of domestic instability. Click here to read more. (Source – AFP via Yahoo! Maktoob)

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