Local Economy

UAE – Mubasher: The UAE has witnessed a continued recovery from the COVID-19 pandemic at an accelerated pace in 2022, despite the uncertainty spreading the globe, according to a recent report by real estate advisor Savills. The encouraging …

UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) rose to 54.3 last February from 54.1 in January 2023, marking the strongest upturn since October 2022. The reading highlighted a powerful improvement in the non-oil …

UAE - Mubasher: The seasonally adjusted Purchasing Managers' Index (PMI) of the UAE hit 54.1 in January 2023, marking another powerful improvement in the sector's performance at the beginning of the year. January’s PMI edged down from 54.2 in …

Mubasher: The Saudi Central Bank (SAMA) and the Central Bank of the UAE (CBUAE) raised their key interest rates by 25 basis points after the US Federal Reserve (Fed) unveiled a 25-basis-point hike on 1 February 2023. SAMA increased its repo and …

UAE – Mubasher: The UAE recently announced $30 billion investments to be pumped in South Korea as well as memoranda of understanding (MoUs) between the two nations in different fields, WAM news agency reported. This came within the framework of …

Mubasher: The Central Bank of Kuwait (CBK) decided to lift the discount rate by 0.50% to 4% from 3.50% starting from Thursday, 26 January 2023. The decision is part of recent developments in local and international economic conditions, in addition …

Mubasher: Venture debt investments in the MENA region have exceeded $260 million through 18 financing deals during 2022, according to a report by Shuaa Capital and MAGNiTT. The report indicated that the high value came despite a backdrop of …

UAE – Mubasher: The United Nations Conference on Trade and Development (UNCTAD) will hold its 8th World Investment Forum in Abu Dhabi during 16-20 October 2023, according to a press release. Held under the theme ‘Investing in Sustainable …

Mubasher: The GCC issues of local debt instruments and US dollar-backed Eurobonds jumped to $15.90 billion in the fourth quarter (Q4) of 2022, compared to $11.80 billion in Q3-22 and $14.70 billion in Q2-22. A report by the Central Bank of Kuwait …

Mubasher: The ICT Conference (MEET ICT) and the Bahrain International Technology Exhibition (BITEX) is back in its 11th edition from 7-9 May 2023 at Gulf Hotel’s Gulf Convention Centre. This announcement was made in collaboration with the Bahrain …

Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) and Etisalat Egypt by e& have launched Erada Microfinance to provide access to a wide range of financial services to micro and small enterprises (MSEs).   Enabled by financial technology …

Abu Dhabi – Mubasher: The World Future Energy Summit, the 14th leading business event for future energy and sustainability, begins a three-day run at the Abu Dhabi National Exhibition Centre (ADNEC) on 16 January 2023. The summit will host global …

Cairo – Mubasher: Egypt on Sunday will extend an official invitation to American business tycoon Elon Musk to visit Egypt at the time of his choice. The move, which would be a boon for the country’s tourism sector, comes after a viral tweet the …

Cairo – Mubasher: The Nile Property Expo intends to enter new markets for the first time in 2023 such as London and New Jersey in the US.  The announcement was made by Basem Kalila, Chairman of the Board of Directors of Expo Republic, the company …

Dubai – Mubasher: Emirates NBD priced its inaugural AED1 billion dirham-denominated bond, making it the first UAE lender to issue this type of instrument after the Gulf nation had established the yield curve. The issuance, which is the first …

Cairo – Mubasher: The fourth edition of the Startups Without Borders (SWB) Summit will kick off this February at Cairo Business Park in New Cairo, state-run news agency MENA reported. Under the theme of Go Borderless, this year’s summit is set to …

Abu Dhabi – Mubasher: AD Ports Group is in talks with Egypt’s government to develop and operate the Suez Port, known as Port Tawfiq, as per a usufruct contract, Asharq Business reported. This contract represents the Emirati group’s third to …

Dubai - Mubasher: DMCC announced achieving its best-ever year for new member company registrations, attracting 3,049 new businesses to Dubai in 2022, breaking the record of 2,485 new members that was set in 2021. The remarkable growth was backed …

Dubai - Mubasher: Regional investors' appetite for global real estate investment opportunities is expected to grow, with GCC economies likely to be relative global outperformers in 2022 and 2023, according to JLL’s latest report. The challenges …

Cairo – Mubasher: The Suez Canal Authority (SCA) said that a cargo ship that went aground in the Egyptian waterway has been refloated and canal traffic was restored. Earlier today, M/V GLORY grounded while joining Southbound convoy near the city …

UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) inched down to 54.2 in December 2022 from 54.4 last November, marking a slight loss of growth in non-oil businesses. The reading highlighted a strong improvement in the …

UAE - Mubasher: UAE’s Ducab Group is supplying 633 kilometres of medium voltage and earthing cable to a new Egyptian 70-turbine windfarm in a move that cements the strong industrial partnership between the UAE and Egypt. The Gulf of Suez project …