Daily brief: Iraqi crude shipment to reach Egypt, Saudi gets more hotels

February 23, 2017 10:20 am

Egypt is set to receive the first Iraqi crude shipment in March. (Image: Alamy)

The first Iraqi crude shipment is expected to arrive to Egypt within the last 10 days of March. Here are the top seven business stories you need to know today.


Saudi Aramco recruits JPMorgan, M.Stanley for IPO, HSBC a contender

Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said.


Qatari-Turkish JV to build 2022 FIFA World Cup stadium

A joint venture formed between Qatari construction giant AlJaber Engineer and Turkish construction firm, Tekfeh Construction, have been contracted to build Al Thumama Stadium for the  2022 FIFA World Cup set to be held in Qatar, the Supreme Committee for Delivery & Legacy, the organisation responsible for delivering the stadium and infrastructure projects for the mega event, announced Wednesday.


First Iraqi crude shipment to arrive in Egypt by end-March

An energy agreement bringing Iraqi crude oil to Egypt is being finalised and a first shipment of one million barrels per month will arrive in the last 10 days of March, Iraq’s ambassador in Cairo said late on Wednesday.


Saudi Aramco in lead to buy OMV’s Turkish unit Petrol Ofisi, sources say

Oil giant Saudi Aramco is believed to be the front-runner to buy Turkish fuel stations business Petrol Ofisi from Austrian oil group OMV , sources familiar with the matter said.


(Malaysia’s Petronas, Saudi Aramco to sign deal on RAPID refinery project)


UAE Armed Forces sign deals worth over AED3.4 billion at IDEX 2017 last day

The UAE Armed Forces announced signing 20 new deals worth over AED3.4 billion on the fourth and last day of IDEX 2017. National companies were awarded 13 deals, while the remaining seven deals went to international companies


(Day 4: UAE announces $931million in defence contracts at IDEX 2017) 


Saudi Arabia set to add more hotel rooms in 2017

Saudi Arabia will see a record 68 new hotels and 29,033 hotel rooms open across its major cities in 2017, a new report has revealed. Riyadh, Jeddah, Al Khobar and Makkah are set to be the Kingdom’s busiest areas for hospitality development, according to the Saudi Arabia Hotel Construction Overview carried out by TOPHOTELPROJECTS


Sheikh Mohammed sends message, in Arabic, from space

The Mohammed bin Rashid Al Maktoum Space Centre (MBRSC) announced that Nayif-1 has transmitted its first message in Arabic from space, a quote by His Highness Sheikh Mohammed binRashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Nayif-1 is an educational project launched by MBRSC in cooperation with AUS with the goal of providing hands-on experience to Emirati engineering students on designing, building, testing and operating nanosatellites.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.