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  • *Discovery comes as Egypt struggles to meet energy needs. "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural-gas finds," it said, adding that it had full concession rights to the area. It also represents a major boost for Egypt, where power cuts caused by gas and oil shortages have often...

  • ROME— The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni said the discovery— made in its Zohr prospect "in the deep waters of Egypt"— could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.

  • Fire at Saudi oil company residence kills 11 Sunday, 30 Aug 2015 | 2:53 AM ET

    DUBAI, United Arab Emirates— A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia's oil-rich east, killing at least 11 people and injuring more than 200, officials in the kingdom said. The Interior Ministry's General Directorate of Civil Defense said victims were of various nationalities, without elaborating.

  • Egypt replaces EgyptAir chairman after heavy losses Thursday, 27 Aug 2015 | 11:29 AM ET

    CAIRO— Egypt's civil aviation minister says he is replacing EgyptAir's chairman in a bid to return the company to profitability, after it accumulated over a billion dollars in losses since the 2011 uprising that toppled longtime autocrat Hosni Mubarak. El-Hefny said earlier this year that the company accrued losses of up to 10.3 billion Egyptian pounds...

  • CAIRO— Egypt's stock market fell to its lowest level in almost two years on Sunday, as global markets sag and investors sober up from a buying binge surrounding a much-hyped economic conference last spring, analysts said. "It's a global sell-off; there's lack of foreign investments, given the macro-economic headwinds," said Amr Elalfy, global head of research at...

  • Is Egypt risking its stability? Wednesday, 19 Aug 2015 | 2:40 AM ET
     Is Egypt risking its stability?

    CNBC’s Hadley Gamble comments on news that Egypt has ramped up its counter-terrorism measures.

  • *Egypt overturned week-old ban on cotton imports in July. SHUBRA KHEIT, Egypt, Aug 11- Standing waist deep in a cotton field, Egyptian farmer Mohamed Khalil cannot mask his anger; after the agriculture ministry banned cotton imports to help local producers, the cabinet abruptly vetoed the idea- the latest in a series of economic policy U-turns and delays under...

  • Egypt's 'gift' to the world Friday, 7 Aug 2015 | 1:10 PM ET
    Egypt's 'gift' to the world

    CNBC's Hadley Gamble reports on the major expansion of the Suez Canal in Egypt.

  • Suez Canal expands Friday, 7 Aug 2015 | 10:26 AM ET
    Suez Canal expands

    CNBC's Hadley Gamble reports on the major expansion of the Suez Canal in Egypt this week.

  • Egypt unveils Suez Canal extension Friday, 7 Aug 2015 | 6:45 AM ET

    Egypt's Abdel-Fattah el-Sissi presided Thursday over the unveiling of a major extension of the Suez Canal.

  • The deals tied to Egypt's Suez extension Friday, 7 Aug 2015 | 2:40 AM ET
    The deals tied to Egypt's Suez extension

    CNBC's Hadley Gamble outlines the trade and geopolitical interests surrounding the Suez Canal extension

  • Suez Canal extension: a political move? Friday, 7 Aug 2015 | 1:30 AM ET
    Suez Canal extension: a political move?

    Angus Blair, founder of Signet, says the $8.5 billion Suez Canal extension was partly a move to change internal sentiment in Egypt.

  • ISMAILIA, Egypt, Aug 6- Egypt received a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world's most populous country. The former armed forces chief, who led a military takeover two years ago but ran for president as a civilian...

  • ISMAILIA, Egypt, Aug 6- Egypt staged a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world's most populous country. The former armed forces chief, who led a military takeover two years ago but ran for president as a civilian...

  • ISMAILIA, Egypt, Aug 6- Nationalist celebrations to inaugurate a major extension of the Suez Canal intended to power an economic turnaround began on Thursday when Egyptian President Abdel Fattah al-Sisi boarded a historic yacht to welcome foreign dignitaries. The $8 billion New Suez Canal project was completed in just one year instead of three on Sisi's...

  • NAIROBI, Aug 4- Loss-making Kenya Airways, which has been hit by a slump in tourism in the African country, may require a $500- 600 million bailout, Kenya's finance minister said on Tuesday. The carrier, part-owned by Air France-KLM, has not made a profit in three years and sunk deeper into the red in the year through March with a pretax loss of 29.7 billion shillings.

  • *Egypt to offer new dollar-denominated bonds. CAIRO, Aug 1- Egypt has turned more than half of initial agreements signed at a March investor conference into investment projects, the planning minister said, as Cairo tries to regenerate an economy battered by years of turmoil. Egypt has signed exploration deals worth around $21 billion with global oil companies...

  • NAIROBI, July 30- Kenya Airways sunk deeper into the red in the year through March, sending its shares plummeting on Thursday, but CEO Mbuvi Ngunze said the tourism slump that sparked the losses may have bottomed out. The carrier, one of Africa's largest, said its pretax loss widened to 29.71 billion shillings for 2014/ 15, from 4.86 billion shillings a year earlier,...

  • Egypt confounds wheat thieves with hi-tech U.S. storage Wednesday, 8 Jul 2015 | 11:36 AM ET

    ALEXANDRIA, Egypt, July 8- A move to store Egypt's wheat in state-of-the-art warehouses monitored by a control center in Cairo could end losses from theft and waste, cutting its $3 billion bread subsidy bill, an executive at the U.S. firm designing the project said. Blumberg Grain, a family-owned food storage firm based in Florida, signed a $28 million contract with...

  • WITNESS-A front-row seat as Libya's hopes faded Wednesday, 8 Jul 2015 | 5:48 AM ET

    But the episode shows how Libya had changed since rebels toppled Muammar Gaddafi in August 2011. Back then, young fighters in Tripoli had celebrated into the night after they seized Gaddafi's Bab Aziziya compound. Libya is split between two rival governments: an official one, which has decamped to Tobruk in the east, and an unrecognized one in the capital Tripoli.