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Lawmakers close to Iran are trying to pass legislation that would force Riyadh to pay reparations to Iraqi victims of terrorism perpetrated by Saudi nationals.

Saudi Arabia will reappoint an ambassador to Iraq, a Saudi official said, adding that the kingdom is keen on cooperating with the new government.

Iraq seeks Gulf funds to stave off fiscal collapse

The New Arab & agencies

Iraq seeks Gulf funds to stave off fiscal collapse

Ali Allawi met with his Saudi counterpart in Riyadh on Friday, seeking emergency funds from the GCC to stave off an impending financial crisis in the country.

Erasing Palestinian refugees: Trump and the Nakba at 72

Dalal Yassine

Erasing Palestinian refugees: Trump and the Nakba at 72

Comment: Seventy-two years after the Nakba, Israel and the United States continue to deny the right of Palestinian refugees to return to their ...

Saudi Vision 2030 takes $8bn cut as austerity bites

The New Arab

Saudi Vision 2030 takes $8bn cut as austerity bites

Saudi Arabia's much-hyped modernisation programme has taken a substantial funding cut as the kingdom's finances suffer from the ...

The New Arab & agencies

Saudi Aramco posts 25 percent slump in profits

The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the three months to March, compared to $22.2 billion a year earlier.

The New Arab

Saudi markets reel after tripling of VAT

Monday’s austerity measures are valued at around 100 billion royals ($26.6 billion).

The New Arab & agencies

Saudi triples VAT, suspends handouts in virus-led austerity drive

Saudi Arabia's finance minister said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity ...

The New Arab & agencies

Iraq gets new government amid fiscal, coronavirus crises

Iraqi lawmakers gathered in parliament and chose Mustafa Kadhemi to lead the country through economic turmoil and Covid-19.

Iran ships '6.8 million barrels' of oil to Syria

The New Arab

Iran ships '6.8 million barrels' of oil to Syria

Following US sanctions, the Syrian regime has received roughly 2 million barrels of crude from staunch regional ally Iran every month. In recent ...

The New Arab & agencies

Bahrain stalls projects, cuts spending amid coronavirus pandemic

Bahrain's government has announced it is cutting operational expenses by 30 percent.

Coronavirus will cost Tunisia's tourism '$1.4 billion' in revenues

The New Arab

Coronavirus will cost Tunisia's tourism '$1.4 billion' in revenues

Tunisia's second-best sector will be ravaged by the coronavirus pandemic, slashing $1.4 billion in revenues and 400,000 jobs.

Algeria faces 'financial abyss' amid coronavirus-fuelled oil price collapse

The New Arab & agencies

Algeria faces 'financial abyss' amid coronavirus-fuelled oil price collapse

Experts are warning that Algeria faces economic and social turmoil as the country’s financial resources are drained by an oil price collapse ...

Gulf hubs asphyxiated by coronavirus

Sebastian Castelier

Gulf hubs asphyxiated by coronavirus

Comment: The key role airlines play in Gulf development strategies implies a potentially profound knock-on effect, writes Sebastian Castelier.

Saudi Arabia trims 2020 spending amid oil crash

The New Arab & agencies

Saudi Arabia trims 2020 spending amid oil crash

Saudi Arabia introduced its first austerity measures as the economy suffers from the fast-spreading coronavirus pandemic.

Rauf Mammadov

Oil price war: Why Russia left the OPEC+ regime

Some experts believe Russia decided to ratchet up its oil output to finish off the US shale industry. But is there more to it?

The New Arab

Saudi Arabia enacts biting austerity over coronavirus, oil price

Saudi Arabia has told its state agencies to cut their budgets by 20% in an austerity drive responding to an oil price freefall as well as the ...

The New Arab & agencies

Lebanon protesters renew rallies rejecting new government

Hundreds marched in Lebanon’s two main cities calling for the newly appointed government to be voted down, accusing them of being closely linked ...

The New Arab & agencies

Lebanon's parliament passes 2020 budget as protests continue

A budget in Lebanon has been agreed on in the midst of a popular uprising and police brutality.

Lebanese police attack protesters at Beirut anti-<em>budget</em> demonstration

The New Arab

Lebanese police attack protesters at Beirut anti-budget demonstration

Lebanese police are continuing their assault on demonstrators as they attack those protesting against the financial crisis.

Nizar Hassan

Anger against Lebanon's banks is justified, legitimate and progressive

Comment: Attacks on Lebanese banks have been portrayed as irresponsible and 'thuggish', but they too, participate in a corrupt system that has ...

Sudan's 2020 '<em>budget</em> of peace' to continue fuel subsidies

The New Arab

Sudan's 2020 'budget of peace' to continue fuel subsidies

Khartoum's transitional government will spend more on healthcare and education over the next year, Finance Minister Ibrahim Elbadawi said.

Saudi Arabia to hit debt market to fund spending

The New Arab

Saudi Arabia to hit debt market to fund spending

Saudi Arabia will issue bonds by January to fund government spending.

Saudi 2020 <em>budget</em> <em>deficit</em> to grow by $50 billion

The New Arab & agencies

Saudi 2020 budget deficit to grow by $50 billion

Saudi Arabia's budget deficit is likely to grow by $50 billion next year as the kingdom remains defiant that Vision 2030 is ...

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