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Turkey plans first overseas deepwater energy exploration in Somali waters
January 2nd, 2026 - 05:09 GMT
Osama Ali

Osama Ali

Turkey plans first overseas deepwater energy exploration in Somali waters

ALBAWABA - Turkey is set to embark on its inaugural overseas deepwater energy exploration, with a drilling vessel slated for deployment in Somali waters next month, as revealed by Turkish Energy Minister Alparslan Bayraktar. Bayraktar announced that the drilling ship Cagri Bey will head to Somalia in February to commence offshore exploration. The operation will concentrate on maritime zones along the Somali coast, though specifics regarding potential reserves or the ...
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Last year, GE announced an investment of $100m in its research and manufacturing programmes in the kingdom. (Twitter)
May 23rd, 2016 - 11:45 GMT

Saudi Arabia: GE in $3B JV with SAIIC to support local manufacturing

Fitch indicated that Lebanon’s banking sector was among 15 banking systems that have a Banking System Indicator of “b”. (File photo)
May 23rd, 2016 - 10:45 GMT

Lebanon's banking sector rated at 'low-level of potential vulnerability': Fitch

Up to $200 billion is being spent on wider infrastructure required to host the World Cup. (Twitter)
May 23rd, 2016 - 09:28 GMT

Qatar World Cup stadium construction costs to hit $10B

Omagine are exploring a proposal involving Chinese investment in Omagine LLC and the Chinese contractor arranging finance for the Omagine Project. (Shutterstock)
May 23rd, 2016 - 08:00 GMT

Omagine courts Chinese contractors for Oman's $2.5B waterfront development

In March 2016, Dubai Islamic Bank successfully closed a $500M sukuk issuance. (File photo)
May 23rd, 2016 - 07:00 GMT

GCC sukuk issues reach $5.2B this year

The agreement includes establishment of a mechanism to employ and a guarantee of the rights and duties of the domestic workers as also the employers, as per international norms. (File photo)
May 23rd, 2016 - 06:00 GMT

Maid to measure: Saudi, Indonesia strike deal to improve conditions for domestic help

The total number of multinational companies that signed agreements in Al Mazunah Free Zone exceeds 75. (Al Mazunah)
May 23rd, 2016 - 05:00 GMT

Oman's Al Mazunah free zone marks increase in international investments

The cabinet is seeking to create conditions that will help enhance trust, expedite investments and encourage additional investments in the gas sector, including the entry of new investors. (File photo)
May 23rd, 2016 - 04:09 GMT

Israeli cabinet approves new natural gas development plan

Jordan used to export 180,000-200,000 tonnes of fruit and vegetables to Iraq each year but were forced to export via Kuwait after the border crossing was closed. (File photo)
May 22nd, 2016 - 12:00 GMT

Hopes for agricultural sector revival with 'imminent' reopening of Jordan-Iraq border crossing

Officials from Russia (L) and Egypt (R) sign an agreement to build Egypt's first nuclear power plant as Egyptian President Abdel Fattah al-Sisi (C) in November 2015. (Facebook)
May 22nd, 2016 - 11:00 GMT

Egypt approves $25B Russian loan for Dabaa nuclear power plant construction

Saudi's retail sector has been experiencing the same crunch as in other Gulf markets, brought on by the steep dive in oil prices and the fallout this had on consumer spending habits. (Damas)
May 22nd, 2016 - 10:49 GMT

Damas expansion: UAE retail jewelry chain sees sparkle in Saudi market

The IMF standby arrangements allow the fund to respond quickly to countries’ external financing needs, and to support policies designed to help them emerge from crisis, with lending tailored to member countries' needs.
May 22nd, 2016 - 10:00 GMT

Iraq: New $5.4B IMF loan conditional on reducing $20.5B budget deficit

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