Local Economy

(Photo Credit: Arabianeye-Reuters)
27 February 08:09 PM S&P expects GCC commercial borrowing to fall to $75bn
  Mubasher: Standard & Poor’s said in a new report that it expects long-term gross sovereign commercial borrowing for the six member states in the GCC to decline to $75 billion in 2017, from $105 billion in 2016. Sovereign commercial debt with an …
The company will increase its capital to SAR 1.25 billion
27 February 03:28 PM CMA approves Cooperative Insurance capital hike
Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) has approved on Monday the Company for Cooperative Insurance request to increase its capital from SAR 1 billion to SAR 1.25 billion, according to a statement. The capital increase will be …
Trump needs to lay out a clear plan regarding trade and tax policies - (Photo Credit: Arabianeye-Reuters)
27 February 02:05 PM Stock investors await Trump's speech to Congress
By: Mahmoud Gamal Mubasher: Investors are anticipating the US president's address to a joint session of Congress on Tuesday, with expectations of a big impact on the business environment in the US. Financial analyst at ForexTime (FXTM) Hussien …
Capital Market Authority vice chairman Mohammed El-Kuwaiz - (Photo Archive)
26 February 12:03 PM Saudi market among world’s top 10 by 2030 - CMA
By: Mohamed Idris Riyadh - Mubasher: The vice chairman of the Saudi Capital Market Authority (CMA) said that Saudi Arabia aims to be the biggest market in the Middle East by 2020, and one of the world’s top 10 by 2030. Mohammed bin Abdullah …
Gold prices are expected to decline to 1,220-1,200 points (Photo Credit: Arabianeye-Reuters)
26 February 06:17 AM US dollar likely to strengthen; gold prices to decline
By: Mahmoud Gamal Mubasher: The US dollar is expected to rise this week, amid anticipations of strong economic data that will increase the possibility of a rate hike by the US Federal Reserve next month; thus, pushing gold prices down. The US …
Omani crude oil reached $53.43 per barrel - (Photo Credit: Arabianeye-Reuters)
25 February 04:07 PM Oman oil down 12 cents
Mubasher: The price of Oman oil for April delivery decreased by 12 cents per barrel, according to the Dubai Mercantile Exchange (DME). Omani crude registered $53.43 per barrel (pb) on Friday, compared to $54.44 pb on Thursday. It’s worth noting …
Photo Credit: Arabianeye-Reuters
25 February 03:14 PM Gulf companies showing interest in Nomu-Parallel Market
By: Mohamed Idris Riyadh - Mubasher: The CEO of the Saudi Stock Exchange (Tadawul) said that a number of companies from the Gulf region have requested to be listed on the Nomu-Parallel Market. Khalid Al-Hassan also told Mubasher, during a press …
Kuwait Crude Oil registered $52.71 per barrel on Friday - (Photo Credit: Arabaineye-Reuters)
25 February 12:28 PM Kuwait oil down 23 cents
Kuwait - Mubasher: The price of Kuwaiti oil barrel dropped 23 cents, Kuwait Petroleum Corporation (KPC) said Saturday. Kuwait crude reached $52.71 per barrel (pb) on Friday compared to $52.94 last Thursday, Kuwait News Agency (KUNA) reported. In …
(Photo credit: Arabianeye-Reuters)
24 February 02:39 PM Oman oil down 12 cents in Friday's trades
Mubasher: The price per barrel of Omani oil declined on Friday, according to data released by the Dubai Mercantile Exchange (DME). Omani oil for April delivery declined to $55.54 pb, compared to its closing price of $55.66 pb on Thursday. …
(Photo Credit: Arabianeye-Reuters)
23 February 02:58 PM Ahly for Real Estate denies KSA-housing deal suspension – Chairman
By: Heba El-Kordi Cairo – Mubasher: The chairman of Al Ahly for Real Estate Development on Thursday denied that his company suspended its signed housing agreements with the Saudi government. Hussein Sabbour told Mubasher in a phone interview that …
(Photo Credit: Arabianeye-Reuters)
23 February 12:11 PM Three Egyptian property firms suspend Saudi projects – Agency
Cairo – Mubasher: Three Egyptian companies said on Thursday that they have suspended housing-related agreements with Saudi Arabia following political instability between the two countries, news agency Reuters reported. In April 2016, four …
(Photo credit: Report)
23 February 09:52 AM Private sector's stimulation positively affects inflation – Jadwa
Riyadh – Mubasher: Jadwa Investment said that government initiatives aimed at stimulating private sector activity are likely to have positive impact on aggregate demand, and therefore inflation. The planned increase in household electricity prices …
Saudi cement sector to recover by 2018 - (Photo Credit: Arabianeye-Reuters)
22 February 06:48 PM Saudi cement sector challenged by rise in production
By: Mohamed Idris Riyadh - Mubasher: The Saudi cement sector is facing additional risks from new production capacities, financial analyst at Aljazira Capital Jasim Al-Jubran told Mubasher. Al-Jubran indicated that as Umm Al Qura Cement and United …
Locally manufactured goods can substitute imports to local and foreign markets - (Photo Credit: Arabianeye-Reuters)
22 February 02:50 PM Flotation marks new beginning for Egyptian economy - PwC
Cairo - Mubasher: The Central Bank of Egypt’s (CBE) decision to float the Egyptian pound was a step in the right direction towards a free and growing economy, according to a report by PricewaterhouseCoopers (PwC) Middle East, published Wednesday. …
(Photo archive)
22 February 09:43 AM Registration of residential contracts on 'Ijar' to start in Q2 – Official
Riyadh – Mubasher: The registration of the residential lease contracts in the "Ijar" system will start in the second quarter of 2017, system’s general supervisor engineer Mohammad Al Batti told Makkah Newspaper. The Ministry of Housing is working …
The licence allows Zain to offer all telecommunication services - (Photo Archive)
21 February 08:31 PM Zain obtains unified telecom licence
Riyadh - Mubasher: The Saudi Communications and Information Technology Commission (CITC) has issued a unified licence to provide all telecommunication services for Mobile Telecommunications Company (Zain) on Monday. The licence will enable the …
(Photo Credit: Arabianeye-Reuters)
21 February 06:35 PM Saudi reports deflation for 1st time in decade
Riyadh – Mubasher: Saudi Arabia recorded a deflation in January 2017 for the first time in a decade, according to data released by the General Authority for Statistics (GAS) on Tuesday. Official data showed that the Consumer Price Index (CPI) by …
The workshop came five days before launching the Parallel Market - (Photo Credit: Arabianeye-Reuters)
21 February 05:18 PM Tadawul supporting awaited Nomu-listed companies
Riyadh - Mubasher: The Saudi Stock Exchange “Tadawul” hosted an awareness workshop on “Investor Relations Essentials”, targeting representatives of the companies to be listed on Nomu-Parallel Market on the 26 February, according to a statement. …
(Photo archive)
21 February 11:56 AM NWC injects SAR 5.2bn into 48 projects in 2016
Riyadh – Mubasher: Saudi National Water Company (NWC) said that the total number of implemented projects in 2016 reached 48 at a total value of SAR 5.2 billion ($1.39 billion). The 48 projects were implemented in the water and sewage sectors in …
KSA and UAE have been major beneficiaries from the OPEC output deal - (Photo Credit: Arabianeye-Reuters)
20 February 07:31 PM GCC non-oil sector showing recovery signs - Report
Mubasher: Non-oil sectors in Saudi Arabia and the UAE, the two largest economies in the Gulf region, are starting to recover from their slumps in early 2016, Capital Economics said in a recent report. Both countries have been major beneficiaries …
Saudi White Cement Company's CEO Shoail Jarallah Al Ayed - (Photo archive)
20 February 10:28 AM White Cement Co. to raise production capacity – CEO
By: Mohamed Idris Riyadh – Mubasher: Saudi White Cement Company's CEO Shoail Jarallah Al Ayed said that the company intends to raise its production capacity from 320,000 tonnes to 945,000 tonnes per annum. The increase will seek to fulfill the …
(Photo credit: Arabianeye - Reuters)
19 February 06:22 AM Gold falls, US dollar recovers on economic figures
By: Mahmoud Gamal Mubasher: The announcement of growth in US consumer prices led to profit gains by gold traders and gave the US a space to recover. The US trade department said that the consumer prices index (CPI) for all items rose 0.6% in …
Growth Prospects Remain Cloudy - (Photo Credit: Arabianeye-Reuters)
18 February 09:17 PM Stability returns to Saudi insurers - Report
Riyadh - Mubasher: The Saudi insurance market appears to have finally turned the corner following a period of underwriting volatility, according to analysis by A.M. Best. The recent report by A.M. Best said that the recent financial discolu …
Russian economy is recovering after a two-year-long recession - (Photo Credit: Arabianeye-Reuters)
18 February 08:12 PM Moody's changes outlook on Russian bonds to stable
Mubasher: Moody's Investors Service has changed the outlook on Russia's Ba1 government bond rating to stable from negative. Moody's also affirmed Russia's government bond rating and issuer rating at Ba1 and the short term rating at Not Prime (NP), …
Omani Crude Oil reached $55.16 per barrel on Friday - (Photo Credit: Arabianeye-Reuters)
18 February 01:27 PM Oman oil up 2 cents
Mubasher: The price of Oman oil for April delivery increased by 2 cents per barrel, according to the Dubai Mercantile Exchange (DME). Omani crude oil reached $55.16 per barrel (pb) on Friday, compared to $55.14 pb on Thursday. It is worth noting …