Macroeconomics

Fitch views KSA's banking sector as strong and stable - (Photo Credit: Arabianeye-Reuters)
22 March 08:51 PM Fitch lowers Saudi Arabia’s rating to A+
Riyadh - Mubasher: Fitch Ratings has downgraded Saudi Arabia’s long-term foreign and local currency issuer default ratings to 'A+' from 'AA-', with a stable outlook, according to a recent report. KSA expects the public budget deficit to fall to …
Photo Credit: Arabianeye-Reuters
22 March 06:29 PM Egyptian tourism saw the biggest drop globally in 2016
Cairo - Mubasher: Tourism activity in Egypt has seen the worst decline among the world’s major touristic destination in last year, according to a recent report by the the World Travel and Tourism Council (WTTC). Tourism in Egypt has decreased by …
(Photo Credit: Arabianeye-Reuters)
22 March 06:13 PM KSA inflation negative for second month in row
Riyadh – Mubasher: Inflation levels in Saudi Arabia retreated 0.07% in February 2017, compared to the same month in 2016, remaining negative for the second month in a row, the General Authority for Statistics (GaStat) revealed in a statement. The …
Source: Ahram
22 March 05:27 PM Egypt’s inflation rate soars to 30%, food price inflation hits 42%
Cairo - Decypha: Egypt’s inflation rate has reached 30.2%, marking its highest level in 30 years in February 2017, according to the latest figures from the country’s Central Agency for Public Mobilisation and Statistics (CAPMAS).    February is …
Photo Credit: Mubasher
22 March 05:22 PM Al-Tayyar not harmed by EGP flotation - CEO
By: Mohammed Idris Riyadh - Mubasher: The CEO of Al Tayyar Travel Group Holding, Abdullah Nasser Al Dawood, said his company has no fears of the pound flotation and its effects on the group and its investments in Egypt. The group provisions, …
Dubai
22 March 04:43 PM Dubai's tourism industry sees 12% growth in 2017
Dubai – Decypha: Dubai received three million tourists during the period between January and February 2017, marking a 12% growth in comparison to the same period the previous year, according to a statement by Dubai’s Department of Tourism and …
Indians ranked highest in terms of both volume and value among foreign investors - (Photo credit: Arabianeye - Reuters)
22 March 03:02 PM Dubai’s property market sees AED 91bn investments
Dubai – Mubasher: Total investments in Dubai’s real estate market reached AED 91 billion last year, according to data from the Dubai Land Department (DLD). Indians ranked highest in terms of both volume and value among foreign investors with AED …
The loan is part of the 2015-2019 strategic partnership between Egypt and the World Bank - (Photo Credit: Press Release)
22 March 01:57 PM Egypt negotiates $1 billion tranche of World Bank loan
Cairo - Mubasher: The Egyptian minister of investment and international cooperation said she is currently negotiating the third tranche of the $3 billion loan with the World Bank, with a value of $1 billion. Sahar Nasr added in a statement on …
Investments in Saudi Tourism set to reach SAR 175 billion in three years - (Photo Credit: SCTH Website)
22 March 01:17 PM Saudi tourism investments reached SAR 151bn in 2016 - SCTH
Riyadh - Mubasher: The Saudi Commission for Tourism and National Heritage (SCTH) said that investments in the tourism sector exceeded SAR 151 billion, while tourist spending reached SAR 168.3 million by the end of last year. A report issued by the …
Ahmed Kojak, deputy finance minister for monetary policy (Photo archive)
22 March 01:06 PM Egypt eyes $9bn foreign funding in 2017/18
By: Mostafa Adel Cairo – Mubasher: Egypt plans to receive foreign funding worth $9 billion during fiscal year 2017/2018, deputy finance minister for fiscal policy Ahmed Kouchouk said on Wednesday. “The targeted funding will come in form of loans …
Source: Reuters
22 March 10:29 AM Egypt to receive $15bn FDI in 2018
Cairo – Decypha: Egypt is expecting foreign investments from $13 -15 billion in the coming 2017/2018 fiscal year (FY), Egypt’s Finance Minister Amr El Garhy told Reuters. The projected dollar price for the FY 2017/2018‘s budget is set at EGP 16, …
Rig
22 March 10:20 AM Moody's: Global oil sector outlook turns positive
Cairo - Decypha: Moody's Investors Service (Moody's), a bond credit rating system, revised its outlook to positive on the global oil and gas sector. The revision from stable to positive followed higher profits from the oil industry’s upstream …
Kuwait
22 March 10:04 AM Kuwait to promote tourism with $1bn
Kuwait - Decypha: The Kuwaiti government has earmarked $1 billion for marketing and promotion of the country, to be invested between 2017 and 2024.   Additionally, Kuwait has numerous multi-billion mega projects in place to welcome the 440,000 …
Photo Credit: Arabianeye-Reuters
22 March 09:40 AM Kuwait crude oil rises 21 cents Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil went up 21 cents to total $48.47 per barrel on Tuesday as compared to $48.26 on Monday, according to the latest data issued by Kuwait Petroleum Corporation (KPC). On the global level, Brent crude oil went …
Exports
22 March 09:37 AM MENA receives $1.3bn worth of agriculture products from Brazil
Cairo - Decypha: Brazil exports $1.336 billion worth of agricultural products to the Middle East for the first two months of 2017, according to the Arab Brazilian Chamber of Commerce.   Agriculture exports have increased by 22.8% for the months of …
Source: Institute of Energy
22 March 09:08 AM MENA region sees $1tn in energy investments
Cairo - Decypha:  The total confirmed investments in the Middle East and North Africa (MENA) region’s energy sector has reached $1 trillion over the coming five years (2017-2022). This is despite the region's economic and political challenges, …
Photo Credit: Press Release
21 March 08:49 PM Gemini to launch AED 300m Dubai project in Abad-Jang
Dubai - Mubasher: Gemini Property will present its AED 300 million project in Dubai, Gemini Splendor, during the Abad-Jang Expo 2017 in Pakistan, according to Dome Exhibitions. The project is the first of its kind in Dubai’s Sobha Hartland, as per …
(Photo credit: Arabianeye-Reuters)
21 March 07:41 PM Al Haramain train to begin official operation early 2018 - Al Rumaih
Riyadh - Mubasher: Official operation of Al Haramain High Speed Rail will begin in early 2018, Al Madina newspaper reported on Tuesday, citing Rumaih Al Rumaih, president of the Saudi Railways Organization (SRO). All works for the train will be …
(Photo credit: Arabianeye-Reuters)
21 March 06:00 PM UAE insurance to grow 20% in 2017
Abu Dhabi – Mubasher: The UAE's insurance sector will likely see significant growth of 15% to 20% in 2017, said Al Ain Al Ahlia Cooperative Insurance's board chairman. The continued decline and fluctuation in oil prices have affected various …
Photo Credit: Arabianeye-Reuters
21 March 04:47 PM Kuwait investments in Dubai property market rise
Mubasher: The number of Kuwaiti investors in the real estate market in Dubai has increased to reach 770 investors during 2016, with investments totalling AED 2 billion, a recent statement said according to Dubai Land Department (DLD). …
(Photo credit: Arabianeye-Reuters)
21 March 04:24 PM $30bn investments in Egypt oilfields in 3-4 yrs - Minister
Cairo – Mubasher: Egypt's petroleum and mineral resources minister on Tuesday confirmed that there will be some $30 billion worth of investments in the next three to four years in Zuhr, North Alexandria, and Atoll oilfields. Speaking at an event …
The UAE already imposes 100% tax on tobacco (Photo Credit: Ministry Press Release)
21 March 03:09 PM UAE to implement excise tax before year-end
Abu Dhabi – Mubasher: The UAE will implement an excise tax before the end of 2017, according to a statement. The Ministry of Finance (MoF) has launched the first phase of awareness workshops, which aim at preparing businesses for the excise and …
(Photo Credit: Arabianeye-Reuters)
21 March 03:00 PM Egypt will not eliminate petroleum subsidies – Minister
Cairo - Mubasher: Egypt will not fully eliminate petroleum products subsidies, but aims to reduce subsidies within three years, Minister of Petroleum Tarek El-Molla said. The plan of subsidies reduction will conclude in 2019, with the resumption …
Ministry of Finance headquarters in Cairo (Photo credit: Arabianeye-Reuters)
21 March 02:58 PM $4bn foreign investments in government debt post-flotation - Official
By: Mostafa Adel Cairo – Mubasher: Foreign investments in the Egyptian government's debt instruments rose to $4 billion between November 2016 to date, said deputy finance minister for fiscal policies on Tuesday. Speaking at the …
(Photo credit: Arabianeye - Reuters)
21 March 02:48 PM Suez Canal revenues decline 6.6% in February
Cairo – Mubasher: Egypt's Suez Canal revenues fell in February by 6.6% to EGP 375.8 million, versus EGP 402.6 million in February 2016. Revenues shrank 4.9% compared to EGP 395.2 million in January, according to official data.