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17 February 11:55 AM

Local Economy

FAB made AUD 350 million in a five-year Kangaroo issuance
16 February 06:58 PM FAB issues AED 3bn First-ever Sterling, Kangaroo bonds
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has raised more than AED 3 billion in three days from its first ever Sterling bond and first Kangaroo bond since 2014, according to a press release on Sunday. The UAE’s largest bank has issued GBP …
Banking and Finance
Saudi Arabia headed the list of exports, imports, and re-exports with Abu Dhabi
16 February 01:54 PM Abu Dhabi sees 6.1% higher non-oil trade in 11M
UAE – Mubasher: Abu Dhabi’s non-oil merchandise trade declined by 6.1% year-on-year (YoY) to around AED 194.43 billion during the first 11 months of 2019 from around AED 207 billion in the same period of 2018. The non-oil exports from Abu Dhabi …
Macroeconomics
Room revenues rose by 11.1% YoY
14 February 09:40 PM Abu Dhabi’s hotel establishments yield AED 3.2bn revenue in 2019
UAE – Mubasher: Revenues of hotel establishments in Abu Dhabi grew by 6.8% year-on-year to AED 5.46 billion in 2019, according to the Emirates News Agency (WAM). Room revenues rose by 11.1% to AED 3.2 billion last year, compared to AED 2.88 …
Macroeconomics
Photo Archive
13 February 02:30 PM UAE’s petrochem sector obtains AED 23.1bn loans in 2019
UAE – Mubasher: Banks in UAE provided AED 23.1 billion credit facilities to the petrochemical sector in 2019, compared to around AED 19.89 billion in 2018, central bank data shows, Emirates News Agency (WAM) reported. This represented 1.4% of the …
Banking and Finance
Saudi Arabia was the top importer with 25%.
13 February 01:01 PM Egypt's furniture regional exports hit $164m in 2019
Cairo – Mubasher: Egypt has exported furniture valued at $265 million in 2019, down by 18% as compared to $324 million in 2018, Middle East News Agency (MENA) reported on Thursday. Exports to Saudi Arabia, the UAE, Oman, Iraq, and Sudan totalled …
Macroeconomics
Global prices increased by 2.5% on Wednesday.
13 February 10:54 AM Kuwait’ oil up $1.28 on Wednesday – KPC
Mubasher: Kuwait’s crude oil price increased by $1.28 on Wednesday, 12 February, to finish at $56.14 per barrel (pb) as compared to $54.86 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC). On the global …
Macroeconomics
The review will include the A3 long-term issuer rating
12 February 11:09 PM Moody's may upgrade TAQA’s credit ratings
Abu Dhabi – Mubasher: Moody's Investors Service on Wednesday announced that it placed Abu Dhabi National Energy Company’s (TAQA) ratings under review for upgrade. This review will include the company's A3 long-term issuer rating and P-2 short-term …
Ratings
Bonds will be paid on a quarterly basis.
12 February 05:07 PM National Industries issues KWD 30m bonds, due in 2025
Mubasher: The National Industries Group Holding has successfully issued non-guaranteed bonds worth KWD 30 million (approx. $98.7 million) on Tuesday, 11 February. The bonds will be matured in five years in 2025, according to a bourse statement on …
Bonds
Sharm El-Sheikh is one of Egypt's largest resorts and a world-renowned tourist attraction
12 February 02:20 PM Sharm El-Sheikh to become a smart green city
Cairo – Mubasher: Egypt plans to transform Sharm El-Sheikh into a smart sustainable green city, to increase the ratio of open areas per capita for both citizens and visitors from around the globe. The General Authority for Urban Planning, Ministry …
Macroeconomics
Egypt and Somalia agreed to enhance cooperation in the petroleum industry
12 February 12:26 PM Several MoUs signed on EGYPS 2020 second day
Cairo – Mubasher: The Egyptian Petroleum Projects and Technical Consultations Company (PETROJET) will be working on petroleum and refining projects in Equatorial Guinea for the first time, as per agreements signed during day two of the Egypt …
Macroeconomics
Kuwaiti public debt declined by 4.61% MoM
12 February 12:29 AM Kuwait’s public debt hits over KWD 2bn in December 2019
Mubasher: Kuwait’s public debt instruments dropped 41.5% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). The GCC country’s debt instruments went down to KWD 2.072 billion ($6.822 billion) …
Banking and Finance
Kuwaiti M2 declined to KWD 38.129 billion
12 February 12:16 AM Kuwait’s M2 falls 1.24% YoY in December 2019
Mubasher: Kuwait’s local liquidity went down by 1.24% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). Kuwaiti money supply (M2) declined to KWD 38.129 billion ($125.534 billion) last …
Banking and Finance
Mohamed bin Zayed City spans 2.2 square kilometres
11 February 05:59 PM AED 1.9bn Mohamed bin Zayed City in Fujairah completed
UAE – Mubasher: The Follow-Up Committee of the Initiatives of the UAE President has completed the construction of Mohamed bin Zayed City housing project in Fujairah at a value of AED 1.9 billion. Spanning an area of around 2.2 square kilometres, …
Real estate
Federal Tax Authority (FTA)
11 February 03:52 PM UAE bans tobacco, e-cigarette plugs without digital tax stamps
Abu Dhabi – Mubasher: The UAE Federal Tax Authority (FTA) announced that importing waterpipe tobaccos and electrically heated cigarette plug not marked with digital tax stamps will be prohibited across country as of 1 March 2020. The ban comes as …
Markets Regulations
Brent futures finished at $53.27 pb
11 February 12:45 PM Kuwait’s oil slides to $55.07 pb on Monday – KPC
Mubasher: The price of Kuwait crude oil dipped by $1.01 on Monday, 10 February, to stand at $55.07 per barrel (pb) from $56.08 pb last Friday, according to official data from Kuwait Petroleum Corporation (KPC). Globally, prices fell to their …
Commodities
Remittances from Egyptians working abroad increased to $6.71 billion
10 February 04:59 PM Egyptian pound records highest level in 3 years
Cairo - Mubasher: The Egyptian pound traded at EGP 15.66 to the US dollar on Monday, compared to EGP 15.69 on Sunday, registering its three-year highest level, Reuters reported. The pound has gained its strongest level since Egypt weakened the …
Currencies
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
Commodities
MCDC logo
8 February 11:51 PM Muscat Clearing & Depositing to apply blockchain technology
Mubasher: Muscat Clearing and Depositing Company (MCDC) on Saturday signed an agreement with Trust Chains Solutions and Services Company (Salasil al-Thiqa) to supply programmes, systems, and services for MCDC for the management of meetings and …
Macroeconomics
The issue will be open for subscription on 9-17 February
8 February 10:54 PM Oman C. Bank to issue OMR 150m gov’t bonds
Mubasher: The Central Bank of Oman (CBO) is set to launch the 63rd issue of government development bonds (GDB) on Sunday through auction, the Oman News Agency (ONA) reported on Saturday. The new issue is fixed at OMR 150 million with a maturity …
Bonds
Part of the signing ceremony
8 February 09:18 PM Expo 2020 Dubai inks agreements with UAE's interior, defence ministries
UAE – Mubasher: Expo 2020 Dubai has signed two agreements with the UAE’s interior and defence ministries, according to a statement released on Saturday. The agreements are aimed at strengthening collaboration in preparation for Expo 2020 which is …
Macroeconomics
Part of the signing ceremony
8 February 08:56 PM Sanad Aerotech signs cooperation agreement with Ethiopian Airlines
UAE – Mubasher: Sanad Aerotech, a part of UAE’s Sanad which is a subsidiary of Mubadala Investment Company, on Saturday signed an agreement with Ethiopian Airlines, according to the Emirates News Agency. The new agreement lays the ground for …
Macroeconomics
Brent crude futures went down by $0.46
8 February 07:40 PM Kuwait crude oil price goes down by 82 cents pb on Friday
Mubasher: The price of Kuwait’s crude oil declined by $0.82 per barrel (pb) on Friday, compared to the day earlier.   Kuwait’s crude oil settled at $56.08 pb on Friday, against $56.90 pb on Thursday, according to the Kuwait News Agency. Brent …
Macroeconomics
Oil sector activity fell 5.3% YoY last year
8 February 06:50 PM Kuwait sees sluggish growth in Q3-19 on oil output cuts – NBK
Mubasher: Kuwait’s GDP growth slowed to 0.4% year-on-year in the third quarter of 2019, compared to 1.8% in Q2-19, according to a report released on Saturday by the National Bank of Kuwait (NBK). This is the slowest rate since Q1-18 due to a …
Macroeconomics
OPEC producers may meet earlier than scheduled
8 February 05:50 PM Oman backs deeper oil output cut until June-end
Mubasher: Oman is supporting the recommendations made by an OPEC+ Joint Technical Committee (JTC) for a short, deeper oil output cut until the end of June, the GCC country’s oil minister Mohammed bin Hamad al-Rumhy announced, as Reuters reported …
Global Economy
AEEDC Dubai Night featured a host of entertainment activities
7 February 06:40 PM AEEDC Dubai 2020 witnesses sealing of $3.5bn deals
UAE – Mubasher: The 24th edition of UAE International Dental Conference and Arab Dental Exhibition (AEEDC Dubai 2020), has seen the signing of over $3.5 billion business deals, the Emirates News Agency reported on Friday. Organised by INDEX …
Event