Local Economy

The Egyptian Minister of Trade and Industry, Tarek Kabil - (Photo Credit: Arabianeye-Reuters)
23 April 05:17 PM Saudi investments in Egypt more than $6bn - Minister
Cairo - Mubasher: The Egyptian minister of trade and industry said that Saudi Arabia ranks first as the biggest Arab country investing in the Egyptian market, with investments exceeding $6 billion. Tarek Kabil said in a statement on Sunday that …
(Photo Credit: Arabianeye-Reuters)
23 April 05:16 PM Al Baha suspended from OTC trade
Riyadh - Mubasher: Al Baha Investment and Development announced that its shares were suspended from over-the-counter (OTC) trade as a part of the new mechanism. The company said that the move came after the Capital Market Authority (CMA) decision …
(Photo archive)
23 April 03:42 PM CMA lifts trading suspension on Alhokair shares
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) lifted the suspension of trading on the shares of Fawaz Abdulaziz Alhokair Company as of 24 April. On Saturday, the CMA had suspended trading on Alhokair's shares after failing to …
(Photo Credit: Arabianeye-Reuters)
23 April 02:34 PM China achieves $24bn trade surplus in March
Mubasher: China’s trade surplus reached $23.92 billion in March, with a slight decrease compared to the preliminary reading of $23.93 billion, according to data released by the General Administration of Customs (GAC) on Sunday. Imports priced in …
(Photo Credit: Arabianeye-Reuters)
23 April 01:35 PM Banks not to intervene in 2M 'Decisive Storm' allowance – SAMA
Riyadh – Mubasher: The Saudi Arabian Monetary Agency (SAMA) stressed the ineligibility of banks to obstruct the latest two-month salary paid as allowance to those deployed in the Decisive Desert Storm and Restoration of Hope military operations. …
(Photo Credit: SAMA Website)
23 April 12:23 PM SAMA’s foreign reserves represent 80% of GDP
Riyadh – Mubasher: Foreign reserves at the Saudi Arabian Monetary Authority (SAMA) represent 80% of the Saudi gross domestic product (GDP), according to a statement. The reserves represent a good line of defense to protect the local economy from …
KSA finance minister, Mohammed Al-Jadaan (Photo Archive)
23 April 11:42 AM KSA Q1 top line beats expectations – Minister
Riyadh – Mubasher: The performance of Saudi Arabia's general budget in the first quarter of the year showed that revenues were better than expected and expenses were lower than the ones approved for the period, finance minister Mohammed …
Photo Credit: Arabianeye-Reuters
22 April 08:02 PM Saudi Arabia to launch biggest goldmine Monday
Riyadh - Mubasher: Saudi Prince Khalid al-Faisal Al Saud, the Governor of Makkah, will officially inaugurate on Monday Al Dawaihi goldmine and factory, the biggest goldmine in Saudi Arabia. The goldmine is owned by the Saudi Arabian Mining Company …
Photo Credit: Arabianeye-Reuters
22 April 05:16 PM CMA suspends trading on Alhokair shares
Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) has announced in a statement on Saturday the Suspension of trading the Shares of Fawaz Abdulaziz Alhokair Company. This comes after Fawaz Alhokair Co. has failed to commit to announce its …
Photo Credit: Arabianeye-Reuters
22 April 10:07 AM S&P affirms Jordan’s BB-/B; outlook remains negative
Mubasher: Standard and Poor's Global Ratings has affirmed Jordan’s 'BB-/B' rating, with a negative outlook, according to a recent report. The Jordanian government will continue to contain fiscal, external balances in the next three years, assisted …
(Photo Credit: Arabianeye-Reuters)
21 April 10:52 AM Turkey supports investments in Saudi live stock
Riyadh – Mubasher: Turkish government allocated 1.5 million euros worth of investment incentives for the livestock field in Saudi Arabia, according to a statement. The new incentives require total investments of 3 million euros, and a five-year …
(Photo Credit: Arabianeye-Reuters)
20 April 03:09 PM Fitch rates KSA sukuk ‘A+’
Riyadh – Mubasher: Fitch Ratings has assigned on Thursday a final rating of “A+” to Saudi Arabia's US dollar-denominated sukuk, with a stable outlook. The rating firm noted that the rating comes in line with the expected rating assigned on 4 April …
(Photo Credit: Arabianeye-Reuters)
20 April 11:52 AM KSA saudises workforce in malls
Riyadh – Mubasher: Saudi Ministry of Labor and Social Development issued a decision to limit working in malls to Saudi citizens. The ministry targets raising the rate of Saudi citizen recruitment in economic sectors through the Nitaqat …
Photo Credit: Arabianeye-Reuters
20 April 10:20 AM Kuwait likely to renew oil output reduction deal
By: Amr Adel Abu Dhabi – Mubasher: The agreement previously sealed for reducing oil production may be extended to later than June, endorsed by the commitment of non-members of the Organization of Petroleum Exporting Countries (OPEC), the oil …
(Photo Credit: Arabianeye-Reuters)
19 April 05:02 PM China forms consortium to participate in Aramco’s IPO - Agency
Riyadh – Mubasher: China is working on creating a consortium, including state-owned oil giants, banks, and its sovereign wealth fund, to act as a main investor in the initial public offering (IPO) of Saudi Aramco, Reuters reported. Saudi Aramco is …
(Photo Credit: Company website)
19 April 01:23 PM Saudi Cable Company reduces debts
Riyadh - Mubasher: Saudi Cable Company on Wednesday reported signing a debt reduction agreement with a lender for a loan amounting to SAR 141.9 million. This agreement will lead to an immediate payment of SAR 51 million, including a SAR 11 million …
(Photo Credit: Arabianeye-Reuters)
18 April 04:42 PM Tadawul suspends stocks, sukuk to apply T+2 settlement cycle
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) suspended the trading of a number of listed securities that are settled after two business days in preparation for implementing the new (T+2) settlement cycle of listed securities. Suspension …
(Photo Credit: Arabianeye-Reuters)
18 April 12:45 PM KSA airports to be handed over to Public Investment Fund by 2018 – Agency
Riyadh – Mubasher: Saudi airports will be transferred to sovereign wealth fund by mid-2018, Bloomberg quoted chairman of Saudi Civil Aviation Holding Co. Faisal Al-Sugair, chairman of Saudi Civil Aviation Holding Co, added to the news agency that …
(Photo Credit: Arabianeye-Reuters)
18 April 12:30 PM KSA oil exports retreat 10% in February
Riyadh – Mubasher: Saudi Arabia’s crude oil exports fell 9.73% to 6.96 million barrels per day (bpd) in February from 7.71 million bpd in January, official data released by the Joint Organisations Data Initiative (JODI) showed, according to …
(Photo Credit: Commission website)
18 April 11:44 AM RCJY signs number of deals worth SAR 1.9bn
Riyadh – Mubasher: The chairman of the Royal Commission for Jubail and Yanbu (RCJY), Saud bin Thunayan, signed a number of contracts with national and international companies at a total value of SAR 1.88 billion. The deals aim to implement a …
(Photo Credit: Arabianeye-Reuters)
18 April 11:21 AM KSA inflation down 0.4% in March, stays negative
Riyadh – Mubasher: Inflation in Saudi Arabia decreased 0.44% year-on-year in March 2017, to remain negative for the third month in a row, the General Authority for Statistics revealed in a statement. The cost of living index reached 136.7 points …
Losses reached SAR 74 million by the end of last year - (Photo Credit: Arabianeye-Reuters)
17 April 08:33 PM Gulf Union accumulated losses reach 33% of capital
Riyadh - Mubasher: Gulf Union Cooperative Insurance reported that its accumulated losses have reached SAR 73.6 million, representing 33.55% of the company’s capital, according to the financial results of 2016. The company said in a statement to …
Total Middle East international investment into the UK topped AED 15.1 billion in 2016 - (Photo Credit: Arabianeye-Reuters)
17 April 08:29 PM UK investors to visit UAE, reinforce trade relations
Dubai – Mubasher: A UK government-led delegation of Investors are scheduled to visit the UAE in April to hold investment talks and deals with Middle East investors and reinforce the investment and trade relationships between the two regions. The …
(Photo credit: Arabianeye-Reuters)
17 April 08:20 PM Business Confidence in Middle East hits record high in Q1, UAE in focus - Report
Dubai – Mubasher: Business confidence in the Middle East region has "rebounded strongly" in the first quarter of 2017, the latest edition of the Global Economic Conditions Survey showed. Economic sentiment has been "spearheaded by an increasingly …
Saudi minister of energy, industry and mineral resources Khalid Al Falih (Photo archive)
17 April 06:28 PM Al Falih: Oil market to rebalance mid 2017
By: Mohamed Idris Riyadh – Mubasher: The oil market is expected to reach a rebalance in mid-2017, after that it will no longer need extensions to the agreement by the Organization of Petroleum Exporting Countries (OPEC), Saudi minister of energy, …