This is a temporary backup site for TRENDS MENA while our primary website is being restored following a regional disruption affecting Amazon Web Services cloud infrastructure in the GCC.

Search Site

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

BYD 2025 revenue surges

The EV manufacturer reported net profit of $.3.3bn for 9M 2025.

Turkey, Libya sign maritime hydrocarbons agreement

  • The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
  • The deal came at the height of a year-long battle between rival governments vying for control of the capital.

TRIPOLI, LIBYA – Turkey’s foreign minister signed a deal in Libya’s capital Monday allowing for oil and gas exploration in ‘Libyan waters’.

“We’ve signed a Memorandum of Understanding on exploration for hydrocarbons in Libya’s territorial waters and on Libyan soil, by mixed Turkish-Libyan companies,” Mevlut Cavusoglu said at a press conference in Tripoli.

The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries’ shared maritime borders but sparked anger in Greece and Cyprus.

Cavusoglu however stressed on Monday that the new accord was between “two sovereign countries — it’s win-win for both, and other countries have no right to interfere”.

Najla al-Mangoush, foreign minister in Libya’s Government of National Unity, said the new deal was “important”, especially in light of “the Ukrainian crisis and its repercussions” for energy markets.

Turkey had signed a controversial security agreement in November 2019 with Libya’s UN-recognized government, claiming extensive, potentially gas-rich areas of the Mediterranean for itself.

The deal came at the height of a year-long battle between rival governments vying for control of the capital.

Cavusoglu was accompanied in Tripoli by a high-level delegation also including Turkey’s energy, defense and trade ministers.

Libya has been mired in violence for over a decade since the 2011 toppling of dictator Moamer Kadhafi in a NATO-backed uprising.

Dozens of armed groups have been struggling for influence, backed by multiple foreign powers.

Since March, a government appointed by Libya’s eastern-based parliament has been attempting to take office in Tripoli, but has so far failed.