Local Economy

Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) announced, on 23 July 2024, the appointment of Fahad Al Saif as the Head of the Investment Strategy & Economic Insights Division, effective immediately. Al Saif will continue in his …

Riyadh – Mubasher: The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release. The …

Mubasher: Primary debt issuances of bonds and sukuk in the Gulf Cooperation Council (GCC) countries surged to $75.50 billion in the first half (H1) of 2024, marking a 38% year-on-year (YoY) increase from $54.80 billion. Saudi Arabia led the GCC …

Riyadh – Mubasher: Saudi Arabia’s holdings of US Treasury bonds surged by 22.50% year-on-year (YoY), or $25 billion, to $136.30 billion in May 2024 from $111.30 billion. Month-on-month (MoM), the kingdom’s holdings of US Treasury bonds increased …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …

UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has issued $6 billion international bonds under its global medium term note programme. The company sold 30,000 bonds at a part value of $200,000, according to a bourse filing. The debt offering …

Cairo – Mubasher: The International Monetary Fund (IMF) has cut its expectations for Egypt’s real GDP growth for 2024 and 2025 by 0.3% for each year. The IMF reduced its expectations for the country’s growth in 2024 and 2025 to 2.70% and 4.10%, …

Riyadh – Mubasher: The number of passengers through Saudi airports surged by 17% year-on-year (YoY) to around 62 million in the first half (H1) of 2024 from 53 million. The number of flights rose by 12% YoY to approximately 446,000 in H1-24 from …

Mubasher: The Gulf Cooperation Council (GCC) is negotiating a free trade agreement (FTA) with the UK that could be signed by the end of 2024. The bloc’s Secretary-General Jasem Albudaiwi held a meeting with UK Trade Minister Jonathan Reynolds in …

Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …

Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has started issuing USD-denominated international bonds at a minimum subscription of $200,000. The bonds are issued under the company’s Global Medium Term Note Programme, according to a bourse …

Mubasher: Saudi Arabia and the UAE accounted for 82% of the GCC countries' total oil exports to Japan in May 2024, with their exports totalling about 53.69 million barrels. The GCC countries exported about 61.85 million barrels of crude oil to …

Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …

Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …

Riyadh – Mubasher: Saudi Arabia's liquidity levels surged by 8.60% year-on-year (YoY) to SAR 2.82 trillion at the end of May 2024, according to the Saudi Central Bank (SAMA). This represented an increase of more than SAR 222.928 billion compared …

Cairo – Mubasher: Egypt's construction industry, the largest in Africa and third largest in the MENA region, is projected to grow at a compound annual growth rate (CAGR) of more than 8% until 2029, according to JLL’s construction market …

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings. The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a …

Riyadh – Mubasher: Saudi Arabia's Local Content and Government Procurement Authority has updated the mandatory list by adding 205 new national products across 11 sectors. The additions include 20 building and construction products, 34 medicines …

Riyadh – Mubasher: Business activity in Saudi Arabia's non-oil private sector remained robust in June 2024 despite signs of softening demand, according to a report by Riyad Bank. The headline seasonally adjusted Purchasing Managers' Index from …

Riyadh – Mubasher: Saudi Arabia's point-of-sale (POS) transactions reached a record of 189.70 million between 23 and 29 June 2024, with a total value of SAR 12.30 billion. Transactions were strongest in food and beverage, healthcare and petrol …

Riyadh – Mubasher: Unemployment in Saudi Arabia (for both citizens and foreigners) inched higher to 3.50% in the first quarter (Q1) of 2024 from 3.40% in Q4-23. Unemployment among Saudis hit 7.60% in Q1-24, down from 7.80% in Q4-23, according to …