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Local Economy

Oilfields used 8.9 BCM of natural gas
1 hour ago Oman’s natgas output, import hits 42.2 BCM in Nov. 2019
Mubasher: Oman’s local natural gas production and import edged up 0.08% year-on-year to 42.194 billion cubic metres (BCM) by the end of November 2019, the Oman News Agency (ONA) reported on Saturday. Industrial projects accounted for 3.8% of the …
Non-oil exports to GCC countries hit KWD 65.1m
5 hours ago Kuwaiti non-oil exports level up by 9.2% YoY in 2019
Mubasher: The value of certificates of origin (COs) for Kuwaiti non-oil exports grew by 9.2% year-on-year in 2019, the Kuwait News Agency reported on Saturday. The number of COs for non-oil exports to Arab and foreign countries reached 14,830 at a …
Brent crude futures went down by 2.2%
04:03 PM Kuwait crude oil price falls $0.6 pb on Friday
Mubasher: The price of Kuwait’s crude oil declined by $0.6 per barrel (pb) on Friday, compared to the day earlier.   Kuwait’s crude oil settled at $63.57 pb on Friday, against $64.17 pb on Thursday, according to the Kuwait News Agency. Brent crude …
2020 bond due in April fell 2.7 cents
24 January 08:56 PM Lebanese dollar gov’t bonds tumble on Friday
Mubasher: A group of Lebanese dollar government bonds plunged on Friday, seeing record-low levels, according to Reuters.  The country’s 2020 bond due in April fell 2.7 cents to reach $0.775, while 2020 bond due in April levelled down 1.6 cents …
UAE topped the region
24 January 08:21 PM UAE’s e-commerce market totals $18.5bn in 2019
UAE – Mubasher: E-commerce sales in the Middle East and North Africa (MENA) grew by 20% year-on-year 2019, according to a report released on Friday by e-commerce platform Jollychic. The report expects e-commerce sales in MENA to grow at a range …
Brent crude futures declined by $1.17
24 January 03:39 PM Kuwait crude oil price sheds $1.5 pb on Thursday
Mubasher: The price of Kuwait’s crude oil went down by $1.49 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $64.17 pb on Thursday, against $65.66 pb on Wednesday, according to the Kuwait News Agency. …
DMCC Crypto Valley will offer a variety of services
24 January 03:03 PM DMCC enters partnership to launch Crypto Valley in Dubai
UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Crypto Valley Venture Capital (CV VC) and CV Labs to launch an ecosystem for cryptographic, blockchain, and distributed ledger technologies in Dubai. The new …
Government enterprise IT spending is forecast to record a CAGR of 5.7%
23 January 05:51 PM Digital transformation, innovation spending to see robust growth in META
Dubai – Mubasher: Investments in digital transformation and innovation are expected to make up 30% of total information technology (IT) spending in the Middle East, Turkey, and Africa (META) by 2024, compared to only 18% in 2018, according to a …
Egyptian trade minister, Neven Gamee
23 January 05:04 PM Bahraini investments in Egypt amount to $3.2bn
Cairo – Mubasher: The value of Bahraini investments in 216 projects in Egypt has reached $3.2 billion, Egyptian trade and industry minister Neven Gamee stated on Thursday. These investments are focused on finance, constructions, manufacturing, …
The rise in surplus resulted from AED 359.2 billion increase in revenues
23 January 04:23 PM UAE’s surplus up to AED 66.3bn in 9M-19
UAE – Mubasher: The UAE’s surplus went up by 0.04% to AED 66.32 billion ($18 billion) during the first nine months of 2019, compared to AED 66 billion in the same period in 2018, Emirates News Agency (WAM) reported according to the government’s …
The breakthrough will close the loop in the circular economy
23 January 02:13 PM EQUATE Group announces 1st batch of Viridis 25 ready
Mubasher: EQUATE Group on Thursday announced the successful production of the first batch of Viridis 25, a new food-grade polyethylene terephthalate (PET) by the subsidiary Equipolymers (EQP) that is made with up to 25% chemically recycled PET as …
Good regulation prevents chaotic disruption
23 January 01:04 PM Middle East’s renewable energy targets face obstacles - GlobalData
Mubasher: The increasing dependence on solar and wind energy in the Middle East, led by Abu Dhabi, Dubai, and Saudi Arabia, has become remarkable, driven by governments’ ambitious renewable energy targets. However, the adoption of renewable energy …
Brent crude was down by 2.1% or $1.38 on Wednesday
23 January 12:22 PM Kuwait oil slips to $65.66 pb on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC). Globally, oil …
Egypt tops Arab countries attracting Emirati investments
22 January 11:15 PM Emirati investments in Egypt exceed AED 26.5bn
UAE – Mubasher: The Emirati investments in Egypt have exceeded AED 26.5 billion ($7.2 billion), secretary-general of the UAE International Investors Council, Jamal Saif Al Jarwan, stated on Wednesday, according to the Emirates News Agency. Al …
Expenses levelled up by 5.6% to AED 54.0 billion
22 January 05:36 PM UAE gov’t revenues exceed AED 56bn in 2018
UAE – Mubasher: The UAE’s Ministry of Finance announced that the value of revenues increased by 7.2% year-on-year to AED 56.1 billion in 2018, according to the results of the consolidated annual report for 2018. This announcement came during the …
Etisalat has a significant portfolio of brands in 16 countries
22 January 04:19 PM Etisalat tops most valuable consumer brands in MEA
Abu Dhabi – Mubasher: Emirates Telecommunication Group (Etisalat) has been ranked as the most valuable consumer brand in the Middle East and Africa in 2020 for the third year in a row by Brand Finance, the world’s leading independent brand …
The eleven selected companies will be added to 28 companies from around the world
22 January 02:33 PM MBRIF adds 11 new businesses to Accelerator programme
UAE - Mubasher: The Mohammed bin Rashid Innovation Fund (MBRIF), a UAE federally-sponsored initiative launched by the Ministry of Finance to support innovators in the GCC nation, announced the selection of eleven local and international innovative …
Saudi finance minister Mohammed al-Jadaan
21 January 09:54 PM Proceeds from Aramco’s IPO to finance industries in Saudi Arabia
Mubasher: Saudi Arabia will use the proceeds from Saudi Aramco’s initial public offering (IPO) to support the local economy over several years, finance minister Mohammed al-Jadaan told Reuters on Tuesday. The Public Investment Fund (PIF) received …
Non-oil economy may grow by 2.8% this year
21 January 08:47 PM Bahraini economy to grow 2.3% in 2020
Mubasher: The Bahraini economy is expected to maintain the same growth rate recorded last year in 2020, governor of the Central Bank of Bahrain (CBB) Rasheed Al Maraj stated on Tuesday. Strategic projects will have a positive impact on the …
The CPI decreased by 0.1% YoY in December 2019
21 January 07:59 PM Abu Dhabi’s CPI falls 0.8% YoY in 2019
UAE – Mubasher: The Abu Dhabi Consumer Price Index (CPI) declined to 110.7% in 2019, down 0.8% from 111.6% over the same period in 2018, according to the Statistics Centre - Abu Dhabi’s (SCAD) recent report. In December 2019, the CPI decreased by …
FTA allows applicants to apply for the recovery online
21 January 04:38 PM FTA establishes new platform for VAT refund on new homes
UAE – Mubasher: The Federal Tax Authority (FTA) has developed a new platform on its website to facilitate the process of refunding the Value Added Tax (VAT) on building new homes for Emirati citizens through only four documents. Setting up a new …
A real estate planning committee was set up in Dubai in 2019
21 January 02:18 PM Dubai property market likely to recover in 2020 - Seven Tides
UAE – Mubasher: The real estate market in Dubai is expected to thrive in 2020, driven by Expo 2020, new government initiatives, and flexible repayment plans, according to Seven Tides, a leading company in developing a residential, hospitality and …
Officials from DMCC and UN Global Compact
21 January 11:35 AM DMCC adopts 30% discount for companies in UN Global Compact
UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC), the global hub for trade and enterprise and the largest and fastest growing free zone in the UAE, announced up to 30% discount on the license fees for the member companies of the United …
The ratings indicate the company’s strong capital base
19 January 05:26 PM CI retains Finance House credit ratings; outlook ‘Stable’
Abu Dhabi – Mubasher: Finance House, an Abu Dhabi-headquartered finance company, announced that Capital Intelligence (CI) has maintained its reaffirmed short term and long-term credit ratings at ‘A3’ and ‘BBB’, respectively, with a ‘Stable’ …
The UAE is one of AGFUND’s founding countries
19 January 04:43 PM ADFD pens agreement to allocate $20m to AGFUND
UAE – Mubasher: Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, has signed an agreement to provide $20 million (AED 73 million) to the Arab Gulf Programme for Development (AGFUND), a regional …