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14 December 06:23 PM

UAE news

Part of the groundbreaking ceremony
1 hour ago MAG Development launches $2bn Mag City in Dubai
UAE – Mubasher: MAG Holding Group’s real estate unit, MAG Development, has broken ground on its $2-billion mixed-use project ‘Mag City’, according to a company statement released on Saturday. Located at Mohammed Bin Rashid City’s Meydan District 7 …
Real estate
Oil sector growth will be kept in check
2 hours ago Saudi non-oil growth to average 2.4% in next three years – NBK
Riyadh – Mubasher: Saudi Arabian non-oil growth is expected to reach 2.7% in 2019, amounting to an average of 2.4% in 2020-2022. The growth of the kingdom’s oil sector will be kept in check due to output cuts commitments with OPEC+, a report by …
Macroeconomics
13 December 10:53 PM Oil futures end 89 cents higher on Friday
​​​​​​​Mubasher: Oil futures went up at Friday’s settlement, rising 1.5% for the week, as US President Donald Trump announced reaching a trade agreement with China.
Global Markets brief
13 December 10:45 PM Gold levels up $9 at Friday’s end, records weekly gain
Mubasher: Gold prices grew at Friday’s settlement, rising 1.1% for the week.
Global Reports
The initiative will support knowledge transfer
13 December 09:47 PM DEWA launches 2nd phase of inclusion initiative for people of determination
UAE – Mubasher: The Dubai Electricity and Water Authority (DEWA) has launched the second phase of the Inclusion of People of Determination (POD) Innovation Incubator initiative for the inclusion of POD by DEWA’s subsidiaries. The initiative will …
Macroeconomics
Contracts are set to be signed before year-end
13 December 08:22 PM Saudi Mawani announces joint contracts with DP World, Red Sea Gateway
Riyadh – Mubasher: Saudi Arabia’s Supervisory Committee for Privatization of Transport Sector has approved signing concession contracts with global port operator DP World and regional port operator the Red Sea Gateway Terminal (RSGT) to develop …
Companies Investments
13 December 07:47 PM US, China agree to stop drums of trade war
Mubasher: The US and China have agreed on an initial trade deal that will reduce tariffs between the two countries.
Global Reports
The telecom sector sank 0.12%
13 December 06:12 PM ADX loses 8.6 pts in week; Market cap amounts to AED 516.3bn
Abu Dhabi – Mubasher: The general index of the Abu Dhabi Securities Exchange (ADX) declined by 8.6 points, or 1.17%, to 5,036.46 points in a week. Market capitalisation went down to AED 516.32 billion over the week, compared to AED 516.41 billion …
Stock Evaluations
Emirates NBD surged 5.4%
13 December 05:59 PM DFM achieves highest level in 6 weeks
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index grew by 27.72 points, or 1.03%, to 2,722.43 points in the second week of December, recording highest performance in six weeks. Market capitalisation grew to AED 370.84 billion …
Trading Activities
13 December 05:12 PM Global Thermal Paper Market to reach $5.5bn by 2025
Mubasher: The Global Thermal Paper Market’s value is expected to achieve a compound annual growth rate of 8.2% to reach $5.5 billion by 2025.
Global Economy
13 December 03:20 PM Chinese education market to produce $572bn in 4 years
Mubasher: Education market in China is expected to generate $572.51 billion by the end of 2023, expanding at a compound annual growth rate of 11.3%.
Global Markets brief
13 December 02:41 PM World’s rare earths market to hit $5.62bn in 5 years
Mubasher: World's rare earth materials market is projected to reach $5.62 billion by 2025, according to a business data platform.
Global Reports
13 December 12:21 PM Telenor chooses Ericsson to build Norway’s 5G network
Mubasher: Norway’s state-controlled Telenor chose Sweden’s network equipment giant Ericsson as the main provider for its fifth-generation network, the telecoms company said on Friday.
Global Markets brief
The number of US tourists rose 1% from last year.
13 December 11:51 AM Dubai welcomes 481,000 US tourists in 10M
Dubai – Mubasher: The number of US tourists who visited the emirate of Dubai in the first 10 months of 2019, amounted to 481,000, official figures showed. This marked a year-on-year growth of 1%, compared with 478,000 US visitors in the same …
Macroeconomics
Domestic consumption fell to 31 million tonnes
13 December 11:14 AM Egypt’s petroleum consumption declines 8m tonnes in 4 years
Cairo – Mubasher: Egypt’s domestic petroleum consumption has declined in four years, as a result of the implementation of reforms to the pricing structure of petroleum products, according to petroleum minister Tarek El Molla. Domestic consumption …
Macroeconomics
Kuwait crude oil settled at $65.60 per barrel
13 December 10:41 AM Kuwaiti oil barrels end Thursday at $65.60 pb–KPC
Mubasher: Kuwait crude oil edged up by $0.26, settling at $65.60 per barrel (pb) on Thursday, Kuwait News Agency (KUNA) said on Friday, citing the Kuwait Petroleum Corporation (KPC). This came after Kuwaiti barrels recorded $65.34 pb in the prior …
Commodities
12 December 06:45 PM GlobalData: 2020 to become the year of instant payments   
While the payments trend focused on technologies like artificial intelligence (AI), the instant bank-to-bank payments systems will lead the payments transformative technology in 2020.
Global Reports
ArabNet Riyadh provided a meeting point for startups with investors, incubators and VCs
12 December 04:31 PM Saudi Arabia asserts role as MENA digital hub during ArabNet Riyadh
Riyadh – Mubasher: ArabNet Riyadh 2019 concluded on Wednesday with great success, providing an interactive platform for engagement between local and international experts and participants, with a special focus dedicated to tech startups. The 8th …
Banking and Finance
The market cap value added AED 150 million on Thursday
12 December 02:01 PM ADX ends Thursday in red
Abu Dhabi – Mubasher: The general index of the Abu Dhabi Securities Exchange (ADX) was down by 0.70% or 3.76 points at the end of Thursday’s trading session, ending at 5,036.46 points. The bourse’s turnover totalled AED 194.39 million after 73.76 …
Trading Activities
The bourse saw liquidity of AED 163.68 million on Thursday
12 December 01:46 PM DFM edges up at Thursday's close; market cap gains AED2bn
Dubai – Mubasher: The main index of the Dubai Financial Market (DFM) edged higher by 0.33% or 8.86 points at the end of Thursday’s trading session, closing at the level of 2,722.43 points. The bourse saw liquidity of AED 163.68 million after …
Stock Evaluations
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat currencies expected to reshape the future of financing as many countries …
Banking and Finance
12 December 12:50 PM KKR completes acquisition of 70% stake in NVC China
The investment was made from KKR’s Asian Fund III
Global Reports
Tribal Credit recently closed a $5.5 million Seed round
12 December 12:04 PM How startups benefit from blockchain at Tribal Credit – Interview with Mohamed ElKasstawi
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups nowadays should look for new ways to boost their business, and one of these ways is using blockchain technologies and digital money. The US-based Tribal Credit, headquartered in Silicon …
Global Economy
12 December 12:03 PM Biocorp, Sanofi inks insulin delivery tech deal
Mubasher: France’s Biocorp inked a partnership agreement with pharmaceutical giant Sanofi for the use of the medical device maker’s connected device for insulin pens, Mallya.
Global Markets brief
Kuwait crude oil closed at $65.34 per barrel
12 December 11:21 AM Kuwait oil declines to $65.34 pb on Wednesday–KPC
Mubasher: Kuwait crude oil inched down by $0.13, to close at $65.34 per barrel (pb) on Wednesday, compared with $64.47 pb in Tuesday’s settlement, the Kuwait Petroleum Corporation (KPC) said. Outside Kuwait, oil prices fell worldwide, after the US …
Commodities