First Independent Mena Newspaper
Deputy Crown Prince Mohammed bin Salman announced Monday a large-scale reform plan dubbed Vision 2030 meant to restructure the kingdom’s economy and ministerial departments, reform the educational system, and give long term residency permits to foreigners, among others. Yet, the most outstanding announcement he made is the creation of a $2 trillion Sovereign Wealth Fund […]
Algeria’s “social model” known for its significant subsidy program is “unsustainable even if oil prices go up because we have a problem of price but also a problem of volume.” The statement was made by Abdelatif Benachenhou, former finance minister and economic adviser to President Abdealziz Bouteflika, who said that the state spends around $45billion […]
Libyan National Army Tuesday announced it liberated the last jihadist-held area of Benghazi after two years of fighting. “We have totally liberated the area of Lithi,” said Fadel al-Hassi, of Libya’s Special Forces. Lithi neighborhood had been a stronghold of militant groups including the Islamic State. Loyalists led by the Libyan Army Chief Commander Khalifa […]
An Algerian court on Tuesday handed prison sentences to six people, ranging from 18 month suspended sentence to 6 years in prison plus fines, in a corruption case involving the country’s state-run oil firm Sonatrach. Seven defendants were acquitted while four companies, including Italy’s Saipem and the German Funkwerk, were also sentenced to fines ranging […]
Libya’s oil sector suffered a major attack on Thursday as the Islamic State group destroyed oil storage tanks at Ras Lanuf port after its successive attacks to take over the port failed. National Oil Corporation (NOC) stated that areas around the terminal are dealing with an “environmental catastrophe” with the fire services unable to access […]
IS Tuesday carried out a second day offensive on Libya’s vital oil terminals prompting national oil company to call for help saying IS’s control of the oil region will cause fall of the Libyan state. The Jihadist group pushed further Tuesday on the Libya’s coastal region housing the country’s vital oil terminals. The terrorist group […]
Tripoli-based General National Congress (GNC) Tuesday proposed its own Libyan-Libyan roadmap to end the political crisis in a counter move to the UN-supported plan which led to the approval of Libyan unity government in Morocco. The roadmap according to committee member Abdul-Gader Hawaili speaking at press conference includes formation of a new interim parliament made […]
The International Monetary Fund (IMF) and the African Development Bank (ADB) have approved this week release of billions in form of loans to Egypt in order to support its weak budget suffering from lack of foreign assistance and a huge domestic debt, reports say. The IFM according to reports has approved the first $1 billion […]
Morocco and the United Arab Emirates are two Arab countries sharing deep and sound friendship ties that are expanding to all sectors of common interests. The two countries stand side-by-side in their common endeavor for sustained development and in their determination to establish world peace and security in this global village. Moroccan community is rapidly […]
Libya’s neighbors and regional blocs Tuesday expressed concern over the ongoing fighting wrecking the dialogue process in the North African oil-rich country, pointing out that only Libyans themselves can solve their own problems, therefore rejecting foreign intervention. Egypt, Tunisia, Chad, Niger, Libya, Sudan, Algeria, the African Union, the EU, the UN, and the Arab League […]