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Middle East

Oil field

ISIS selling oil to Syria

ISIS (Islamic State in Iraq and Syria) has begun selling Iraqi crude oil to Syria, against which the Islamic militant group has been fighting to take over the country.

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Kingdom of Saudi Arabia

Saudi Arabia may face cash crunch after 5 years

The indications are strong such that mighty Middle East (ME) region also may not sustain cheaper oil prices for long. If oil price continues to hover at $50 per barrel, the majority of Gulf nations will run out of cash in the next five years, according to International Monetary Fund (IMF). There's no exception to Saudi Arabia, the leader of Organization of Petroleum Exporting Countries (Opec), Oman and Bahrain. The oil price drop is expected to pull $350bn out of the ME region this year alone. The current account deficit of Saudi Arabia may touch 20 percent of its GDP this year.

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Oil field

Optimistic OPEC secretary-general expects balanced oil market in 2016

By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.

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Lufthansa invested €3 billion in premium economy service in the Middle East

Deutsche Lufthansa AG invested €3 billion to support its new premium service in the Middle East as it sees potential growth in the region.

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Emirates Airlines

Boeing 777 propels Emirates Airlines' growth

The long-haul aircraft requirement of Dubai for positioning itself as a major global hub in the Middle East (ME) Region has been mostly fulfilled by Boeing. Dubai-based Emirates Airlines is banking on Boeing 777 as its top priority and followed by Airbus A380. Emirates Airlines has emerged as the largest airline in the world operating both aircrafts. Emirates Airline has been working on its business strategy to transform Dubai into a global hub in the Region. It aims at becoming an unavoidable destination for passengers from Asia to Europe and the US. This makes the requirement of long-haul aircraft for the Emirates Airlines.

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StoreDot could fully charge your phone in just a minute

StoreDot, a startup nanotechnology company in Israel, had come up with a battery charger that could fully charge drained phone batteries in a minute. Doron Myersdorf, the co-founder and CEO of StoreDot, and his team introduce a charger that fully loads up phone batteries within 60 seconds.

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Smartphone user

Kuwait's Zain telecom giant dials in margin push investment

Kuwait telecom major Zain has decided to invest in technology firms that boost the weakening margins following the sluggish subscriber numbers and drop in revenues. As part of its investment strategy to boost margins, Zain will invest in two digital advertising companies. Zain is also focusing on smart city projects, online advertising, and television services.

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Iran's huge potential now open for global investments as crisis-hit nation comes out of sanctions

With sanction being waived off, Iran's underdeveloped oil and gas sector is now open to global investors. Six global powers- the US, the UK, Germany, Russia, France, and China- have agreed on a deal to lift sanctions on Iran with conditions.

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Ali Akbar Salehi

Iran plans to buy 90 jets per year: old fleet to be renovated

Media reports on Sunday reveal Iran's plans to buy up to 300 units of Boeing and Airbus planes to replace its antiquated fleet by purchasing at least 90 planes annually. An official of Iran's civil aviation agency projected that Iran would need between 400 and 500 planes in the next ten years.

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Teva Pharmaceutical Industries

Teva to buy Allergan generic drug business for $40.5 billion, drops Mylan bid

Teva Pharmaceutical Industries has agreed to buy Allergan Plc's generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world's largest pharmaceutical firms.

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Google's Waze to start carpooling pilot program in Israel

Google-owned online mapping company Waze is launching a carpooling pilot program in Israel where commuters pay fellow drivers a small fee for a ride to and from work.

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Avi Katz

$1 coffee chain taps into Israeli anger over high cost of living

With a $1 cup of coffee, Avi Katz is starting to do something Israelis have been demanding for years and politicians have failed to achieve -- lower the cost of living.

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Uncertain future for global diamond trade as profits vanish

The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.

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Bijan Zanganeh

Iran hopes to begin Russia oil-for-goods exports this week: Fars

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

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Middle East funds negative on Saudi after oil slides: Reuters survey

Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.

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