KHARTOUM: Sudan has shelved the launch of a $1 billion sugar plant, state media said on Tuesday, delaying a strategic industrial project that was meant to help the government overcome a severe economic crisis.
The African country is trying to cut (...)
JUBA: A unit of Egyptian private equity firm Citadel Capital plans to cultivate up to 40,000 acres of farmland in South Sudan to sell staple foods such as maize in the newly-independent nation, an executive said on Tuesday.
South Sudan seceded (...)
NEAR ABU HEBERA VILLAGE: Sudan plans to increase sugar production by 450,000 tons annually with the help of a $1 billion plant, aiming to end dependency on imports and start exporting sugar by 2014, officials and executives said.
The African (...)
KHARTOUM: The Khartoum stock exchange on Sunday launched a long-awaited computer trading system that will bring to an end an era of scribbling stock prices on white boards and also marks Sudan's efforts to attract more investment.
But very thin (...)
KHARTOUM: Bank of Khartoum, Sudan's biggest private bank, is expanding in South Sudan to benefit from rising bilateral trade with the new African nation and eyes more Islamic bond sales, top executives said on Tuesday.
The lender, owned by Dubai (...)
PORT SUDAN: Sudan and Saudi Arabia plan to produce within three years gold, silver and copper in large quantities from the bottom of the Red Sea, trying to execute a project in planning for almost four decades, a senior Sudanese official (...)
TRIPOLI: Libyan government tanks and snipers put up scattered, last-ditch resistance in Tripoli on Monday after rebels swept into the heart of the capital, cheered on by crowds hailing the end of Moammar Qaddafi's 42 years in power.
The (...)
KHARTOUM: While southern Sudanese are enjoying their first heady days of independence, people in the north, like Khartoum food vendor Mutasem Suleiman, see hard times ahead.
When South Sudan split away last Saturday, the north lost most of its (...)
RIYADH: Top OPEC exporter Saudi Arabia hopes to double wheat reserves to a year's worth within three years, aiming to create a buffer against the impact of a spike in global food prices and serve its fast-rising population.
Saudi Arabia, which (...)
RIYADH: Dubai-based Abraaj Capital expects to invest $2 billion in 2011 and 2012, and the private equity firm is eyeing a number of deals this year, its top executive said, signalling a revival for the battered industry.
"We have a fund which is (...)
RIYADH: This year could mark a turning point for oil demand as use in emerging countries catches up with the developed world, top exporter Saudi Arabia said on Monday, while voicing concern speculation could push prices higher.
"Global oil demand (...)
MECCA: Sitting in the marble lobby of a luxury hotel in Mecca, Moroccan bank director Mohammad Hamdosh gets a breather from the cacophony of pilgrims bustling around the Grand Mosque in Islam's holiest city.
Millions have flocked to the city in (...)
RIYADH: Saudi-based conglomerate Savola Group posted a near-2 percent rise in third-quarter net profit on Monday, sharply below forecasts, after a rise in global sugar prices ate into its margins.
Savola, which owns the Middle East's biggest (...)
RIYADH: Saudi Arabia expects to spend more than initially budgeted for 2010 but it is too early to say whether the biggest Arab economy will post a deficit despite an improving economy, its finance minister said.
In December, Saudi Arabia drafted (...)
JEDDAH: The six-nation Gulf Cooperation Council (GCC) has made much progress to clear the last obstacles for the bloc's long-awaited customs union but total completion will take two to three years, Kuwait's finance minister said.
The introduction (...)
RIYADH: Saudi chemicals company SABIC said excess stocks should be less of a problem and prices were stabilizing in the second half as its shares fell on quarterly results that showed weak prices hurting profits.
At news conference on Monday (...)
RIYADH: Unnamed Saudi investors seek to buy a stake worth 10 to 15 percent in British Oil Company BP dealing with a massive US oil spill, a Saudi newspaper said in an unsourced report on Wednesday.
A delegation of Saudi investors will be heading (...)
RIYADH: US President Barack Obama wants to foster the historic US relationship with Saudi Arabia and defend trade links from competition, without raising questions about democracy in the Gulf Arab ally.
Washington is still the biggest trading (...)