The M.A Kharafi and Sons group, owned by one of Gulf state’s biggest merchant families, will be receiving $930 million in damages after the cancellation of the construction of a vacation resort in the Libyan capital, three years ago, by the head of the former Libyan regime, Colonel Muammar Gaddafi. Reports carrying the story claim [...]
The Egyptian pound has strike a new low against the US dollar, after official exchange rates reached LE7, a rate unseen since 2003, in commercial banks in the country. It marks another turning point in the country’s crisis, despite financial assistance from Qatar and Libya. Egypt was able to register an increase in its foreign [...]
The governor of Libya’s central bank, Saddek Elkaber, has revealed they are engaged in talks to have the country’s credit rating by Standard & Poor’s in place after it was suspended when the armed campaign against the Gadhafi regime worsened. Standard & Poor suspended it ratings for Libya in April 2011 and by that time, the [...]
The Libyan Movie Awards, the first of its kind, organized by the European Union in partnership with the Italian Cultural Institute and NGO Libya, has begun at the Mahari/Radisson Blu hotel’s theatre. The 3-day film festival will showcase the works of Libyan filmmakers. A film competition for young filmmakers has been organized to encourage the [...]
The Egyptian pound is still going through its worst period after reaching a new all-time low against the United States dollar at an average of LE6.92. According to the Central Bank, the devaluation of the local currency will only worsen the country’s situation. On the black market, it’s even more expensive, and a dollar is [...]
The Libyan Oil Minister has announced they will be pushing for an increase of the quota allocated to the country at the Oil and Gas Summit 2013 of the global petroleum body, Organization of the Petroleum Exporting Countries (OPEC). The request for increment comes at the back of the continuous rise of oil production output [...]
The economy minister has forecasted a growth of 3% in 2013 after the country reached the post uprising era level of production. His prospect is considered to be conservative. The country was able to register an economic growth of 100% in 2012 when it started re-pumping oil. Minister Mustafa Abo Fonas said the expectations are [...]
Libya, Egypt & Sudan are considering the possibility of setting up a joint mining fund destined to finance projects in Arab countries and to study the best ways to tap and boost mineral resources. This project, to be carried out through the Arab league, was at the center of a meeting and discussions held lately [...]
With oil companies already complaining about their production being affected by the frequent strikes of their employees, another shooting has taken place at different fields after a similar incident occurred recently at the Mellitah gas complex which affected exports for almost a week. A militia group, many of whom are believed to be from the [...]
The Gdeim Izik trial was conducted according to the law, under the watch of observers whose reports stated that Morocco respected the rule of law. However, despite its efforts, Morocco is still the victim of an international campaign of defamation, led by Sahrawi activists around the world, and financed by Algeria’s petrodollars. In the light [...]
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