Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
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Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS

Algerian President Abdelmadjid Tebboune inaugurated a nearly 1,000-kilometre (621-mile) desert railway to transport iron ore from a giant mine, one of the longest in the country.

The line will bring iron ore from the Gara Djebilet deposit in the south to the city of Bechar located 950 kilometres north, to be taken to a steel production plant near Oran further north.

The project is financed by the Algerian state and partly built by a Chinese consortium, according to AFP.

During the inauguration, Tebboune hailed "the completion of a strategic and historic national achievement, long spoken of as a distant dream".

This project aims to increase Algeria's iron ore extraction capacity, as the country aspires to become one of Africa's leading steel producers.

The iron ore deposit is also seen as a key driver of Algeria's economic diversification as it seeks to reduce its reliance on hydrocarbons, according to experts.

President Tebboune attended an inauguration ceremony in Bechar, welcoming the first passenger train from Tindouf in southern Algeria and sending towards the north a first charge of iron ore, according to footage broadcast on national television.

The mine is expected to produce four million tonnes per year during the initial phase, with production projected to triple to 12 million tonnes per year by 2030, according to estimates by the state-owned Feraal Group, which manages the site.

It is then expected to reach 50 million tonnes per year in the long term, it said.

The start of operations at the mine will allow Algeria to drastically reduce its iron ore imports and save $1.2 billion per year, according to Algerian media.



First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
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First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)

Riyadh Air, Saudi Arabia’s new national carrier and a company wholly owned by the Public Investment Fund (PIF), has announced the arrival of its first two custom-built Boeing 787-9 Dreamliners at King Khalid International Airport in Riyadh.

The aircraft arrived in tandem on Friday at approximately 10 a.m. local time, receiving a water cannon salute upon touchdown.

The aircraft – using the call signs Riyadh 1 and Riyadh 2 and registered as HZ-RXAA and HZ-RXAB – are the first of Riyadh Air’s 72 state-of-the-art Dreamliners.

Their arrival marks the commencement of the carrier's broader strategy to expand its fleet to more than 180 narrow-body and wide-body aircraft.

Leveraging Saudi Arabia’s strategic location at the crossroads of Asia, Africa, and Europe, Riyadh Air aims to connect the capital to over 100 global destinations by 2030, with plans to fly to nearly 20 destinations by the end of this year.

Commenting on the arrival, Riyadh Air CEO Tony Douglas said: “To see our very first custom-built Dreamliners touch down in Riyadh is a truly historic moment for us, and a momentous day for Saudi aviation as part of Vision 2030. I could not be more excited or more confident about the future and the legacy we are creating.”

“Not only are we building an airline, we are opening a new gateway to the world from the heart of the Kingdom. We are absolutely ready and excited to welcome the world to Riyadh,” he added.


Egypt to Cut Red Tape for Business and List up to Four State Firms

Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
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Egypt to Cut Red Tape for Business and List up to Four State Firms

Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones

Egypt will step up efforts to cut red tape to spur on local businesses and it expects to list as many as four state-owned firms on the stock exchange over the next 12 months, its Investment and Foreign Trade Minister Mohamed Farid Saleh told Reuters.

Planned reforms aim to streamline company formation but also ease capital raising and make M&A processes easier, especially for non-listed firms, Saleh said.

"Within the coming 12 months, the priority would be in the area of the ease of doing business for already existing companies to facilitate their life... This is quite a hefty job," Saleh told Reuters on the sidelines of a visit to London.

He also predicted more than half a dozen companies would be floated on the country's stock exchange over the next 12 months, including a number of state-run ones.

State-owned enterprises still play an outsized role across Egypt's economy, with the IMF saying progress in reducing their footprint has been slower than expected.

Saleh said the government had got the ball rolling, having announced in March plans to sell up to a 20% share of Misr Life Insurance - something it has promised to do for more than 15 years - and could raise roughly 14 billion Egyptian pounds ($270 million).

"We're expecting three to four IPOs from our side, from the government side, and around four to five from the private sector," he said. He declined to name other state-owned companies that could be sold or how much such transactions could raise.

The minister said he expected flows of foreign direct investment in the fiscal year to end-June to rise 10% to 15% from $12.2 billion in fiscal 2024/2025.

Saleh said the government would not veer from its commitment to a floating exchange rate. Egypt's pound has been one of the world's hardest-hit currencies by the Iran war, falling nearly 8% since the conflict began. That has driven up inflation and threatened to reignite worries about the overall trajectory for the pound.

"Investors can deal with volatility, they don't deal with uncertainty," he said. "We were very clear and adamant about our policy direction... We are solely targeting inflation." He also said the government would maintain fiscal discipline, regardless of the situation in the region.

Asked about the seventh review of the country's IMF program, which is expected to be finalized in the coming weeks, Saleh said the government had achieved or even surpassed targets set on metrics such as its fiscal deficit and primary surplus.

A follow-on program with the Fund once the current one expires by year-end was currently not on the cards, he said.

"When you go and enter into a program, it is because of financial needs and because of other aspects. Those things are not present as we speak."


Oil Edges Lower after Oman Says Mina al Fahal Operations Proceeding Normally

Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
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Oil Edges Lower after Oman Says Mina al Fahal Operations Proceeding Normally

Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)

Oil prices edged lower after Oman said operations at Mina al Fahal port were proceeding normally, following a Reuters report that oil loadings had been suspended after an explosion.

Brent crude futures fell by 50 cents, or 0.53%, to $94.53 a barrel by 0915 GMT after settling down 2.84% in the previous session.

US West Texas Intermediate crude was at $92.61 a barrel, down 43 cents, or 0.46%, following a 3.1% loss on Thursday.

Both contracts still looked set to post their first weekly gains in three weeks, with Brent up 2.7% and WTI around 6%.

The contracts rose after fighting flared in the Middle East as US-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world's oil passes, remained limited, Reuters reported.

Petroleum Development Oman said on Friday that operations at Mina Al Fahal port were proceeding normally, after three sources told Reuters earlier that oil loading had been suspended following an explosion near its mooring berths.

Oman exports 800,000 to 900,000 barrels per day of crude from the terminal.

Hezbollah leader Naim Qassem rejected on Thursday a US-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.

US President Donald Trump said on Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace.

"Any optimism remains heavily clouded by a tangled web of headlines and counter-headlines," IG market analyst Tony Sycamore said in a note. OPEC is sticking to its oil demand growth forecast of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz.

Iranian oil exports have fallen to their lowest level in six years mainly due to the US naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.