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10 July 10:04 AM

Local Economy

The rating mirrors the emirate's long-term issuer rating
9 July 05:54 PM Moody's assigns provisional Baa2 to Sharjah's GMTN Programme
Dubai – Mubasher: Moody's Investors Service has assigned a provisional rating of Baa2 to the Government of Sharjah's Global Medium Term Note (GMTN) Programme. The Baa2 rating on the emirate’s proposed GMTN programme mirrors the Government of …
Macroeconomics
Confidence about business outlook continued to improve
9 July 02:25 PM Dubai PMI improves in June – IHS Markit
Dubai – Mubasher: The seasonally adjusted Dubai Purchasing Managers' Index (PMI) rose from 46 in May to a neutral reading of 50 mark in June. The change signals no change in overall business conditions at the end of the second quarter in the …
Macroeconomics
9 July 02:12 PM Abu Dhabi’s construction cost stabilises in Q1
UAE – Mubasher: The Abu Dhabi Construction Cost Index (CCI) remained unchanged in the first quarter (Q1) of 2020, compared with Q1-19, as the index maintained its reading at 98. On a quarterly basis, the index decreased by 0.4% from its level in …
Macroeconomics
The inflation rate remained in the negative territory
9 July 01:20 PM Abu Dhabi’ inflation down 2.8% in May
Abu Dhabi – Mubasher: The consumer price index (CPI) in the Abu Dhabi decreased in May 2020 by 2.8% on an annual basis, recording a reading of 108.7, down from 111.9 in May 2019. Accordingly, the emirate’s inflation rate remained in the negative …
Macroeconomics
The PPI reached 77.7% over Q1-20
9 July 01:13 PM Abu Dhabi producer prices down 0.5% in Q1
Abu Dhabi – Mubasher: The producer price index (PPI) of Abu Dhabi slipped by 0.5% on an annual basis over the first quarter (Q1) of 2020, reaching 77.7%. The prices of the ‘Manufacture of chemicals and chemical products’ activity declined by 26.8% …
Macroeconomics
The decision was made after reviewing Brent prices from April to June
9 July 11:08 AM Egypt keeps fuel prices on hold for 3M
Cairo – Mubasher: The Egyptian fuel pricing committee decided to maintain the prices of fuel unchanged for three months until the end of September.  The per-litre prices of 80-octane, 92-octane, and 95-octane gasoline are left at EGP 6.25, EGP …
Commodities
The project includes seven new stations to transport 125,000 passengers per day
8 July 05:55 PM Dubai Metro Red Line extension project launched at AED 11bn cost
Dubai – Mubasher: Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s vice president and prime minister and Dubai’s ruler, inaugurated the Dubai Metro Red Line extension. The AED 11 billion project, announced 47 months ago, includes seven new …
Macroeconomics
Certificates must be issued no more than 96 hours before departure
8 July 11:58 AM Emirates requires passengers from 10 countries to present negative coronavirus certificate
Dubai – Mubasher: Emirates airline announced that passengers from 10 countries will be required to obtain a negative coronavirus (COVID-19) certificate issued by a local government approved laboratory. “Certificates must be issued no more than 96 …
Corporate Actions
The shipment is expected to take place between 8 and 18 August.
8 July 11:21 AM Egypt buys 230,000 tonnes of Russian wheat
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) has purchased 230,000 tonnes of Russian wheat in an international tender on Tuesday, Reuters reported. The shipment is expected to take place between 8 and 18 August. …
Macroeconomics
The Hope Probe is expected to enter the Mars orbit in February 2021
8 July 10:09 AM UAE's mission to Mars sets record-low cost
Abu Dhabi - Mubasher: The UAE Hope Mars Mission has been completed at a cost of $200 million, which is one of the lowest in the world when compared to similar programmes, Emirates News Agency (WAM) reported late on Tuesday. The Hope Probe, the …
Macroeconomics
This is NEOM’s first partnership with leading renewable energy partners
7 July 03:47 PM NEOM, ACWA Power, Air Products ink $5bn agreement
Riyadh - Mubasher: Air Products has signed an agreement with ACWA Power, and NEOM for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. The project, equally owned by the three partners, will be …
Companies Investments
7 July 02:33 PM Fintech Galaxy launches FinX22 platform
Dubai – Mubasher: Fintech Galaxy has on Monday launched FinX22, a cloud-based open innovation platform that aims at driving financial inclusion, collaboration, fueling innovation, and connecting the region’s financial institutions to thousands of …
Companies Investments
7 July 02:10 PM DMCC extends business support package, partners with Emirates NBD
Dubai – Mubasher: The Dubai Multi Commodities Centre (DMCC) on Tuesday announced the extension of its business support package until the end of August. DMCC’s largest ever commercial incentive, originally launched in April, was designed to help …
Macroeconomics
The airline aims to operate nearly 45% of its pre-COVID capacity by August
7 July 12:54 PM Etihad Airways to expand services to 58 cities worldwide
Abu Dhabi - Mubasher: Etihad Airways announced the gradual expansion of normal scheduled services to more cities across its global network following the relaxation of COVID-19 travel restrictions on outbound and inbound travel for citizens and …
Sector Reports
Initial power generation is expected by the summer of 2022
7 July 10:52 AM TAQA announces financial closing for UAE's largest gas power plant
Abu Dhabi - Mubasher: Abu Dhabi National Energy Company (TAQA) announced the financial closing for the Fujairah F3 Independent Power Producer (IPP) project valued at AED 4.2 billion, Emirates News Agency (WAM) reported on Tuesday.  The investment …
Companies Investments
The offers will be received on Tuesday 12:00 pm
7 July 10:49 AM Egypt launches int’l wheat tender
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) launched on Monday a global tender to import an unspecified amount of wheat during the period from 8 to 18 August, Reuters reported. The offers will be received on …
Commodities
Motivate will help Sheraa's tech startups
6 July 01:42 PM Sheraa, Motivate launch AED 1bn tech startup fund
UAE - Mubasher: Sharjah Entrepreneurship Centre (Sheraa) has inked a partnership agreement with Motivate Media Group to create an AED 1 billion fund to support tech startups. Through the partnership, the tech startups under Sheraa's portfolio will …
Macroeconomics
GCC banks' interest income is expected to decline this year
6 July 11:57 AM GCC banks to witness lower profits in 2020 amid COVID-19
Mubasher: The profits of banks in GCC countries will decrease in 2020 due to the economic contraction amid the coronavirus (COVID-19) pandemic and lower oil prices, Moody's Investors Service said in a report on Monday. Moody's referred that …
Macroeconomics
Fields in the zone could produce around 500,000 b/d
6 July 11:32 AM Saudi Arabia, Kuwait resume oil output from Al Wafra, Khafji
Mubasher: Saudi Arabia and Kuwait have resumed crude oil production from Al Wafra oilfield on 1 July after it has been halted for five years, the Kuwaiti Ministry of Oil announced on Monday. Meanwhile, crude oil production from Khafji oilfield, …
Commodities
Aramco raised August prices to all markets
6 July 11:04 AM Saudi Aramco raises August oil prices
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has raised the August official selling prices (OSP) for its Arab light crude oil sold to all markets, Reuters reported on Monday. The oil giant set the August OSP for Asian customers …
Commodities
The ODF will replace the issuance of a one-week Certificate of Deposits
6 July 11:04 AM CBUAE sets new overnight deposit facility
UAE - Mubasher: The Central Bank of the UAE (CBUAE) has launched a new deposit facility knowns as Overnight Deposit Facility (ODF), according to a press release on Monday. The facility aims to encourage the conventional banks operating in the UAE …
Central Banks
The UAE topped the region on the index
6 July 10:16 AM UAE ranks 11th globally in logistics performance
UAE - Mubasher: The UAE has been placed in the 11th position on the Logistics Performance Index (LPI), an interactive benchmarking tool created by the World Bank. This announcement was made by Savills, the international real estate advisor, …
Macroeconomics
The total number of recoveries reached 40,297
5 July 03:42 PM UAE records 683 new COVID-19 cases
UAE – Mubasher: The UAE Ministry of Health announced on Sunday 683 new coronavirus (COVID-19) cases to raise the total number of cases in the UAE to 51,540 after conducting more than 47,000 tests. The total number of recoveries reached 40,297 …
A Ministry of Industry and Advanced Technology was created
5 July 12:10 PM UAE establishes new government structure
UAE - Mubasher: Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister, and the ruler of Dubai, has announced the UAE's new government structure, in which around 50% of the federal entities will be merged with each other or …
Macroeconomics
The higher demand for inputs leads to higher purchasing costs
5 July 11:07 AM UAE non-oil private sector grows for first time in 2020
UAE - Mubasher: The output of the UAE's non-oil private sector increased in June for the first time since December 2019 as the country is easing the coronavirus (COVID-19) restrictions, according to IHS Markit UAE Purchasing Managers' Index (PMI). …
Macroeconomics