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Macroeconomics

Oil sector growth will be kept in check
3 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 …
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 …
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 …
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 …
"Yesser" has reached around 90 government entities
12 December 06:57 PM Saudi e-Government Program covers 86% of public sector
Riyadh – Mubasher: The Saudi Ministry of Civil Service announced the completion of linking the databases of 90 public entities through e-Government Program (Yesser), achieving am 86% coverage of the public sector. The ministry said in a statement …
Top-tier officials singing the agreement on Thursday
12 December 04:56 PM Egypt inks EUR 1.016bn funding deal for 1,300 train cars
Cairo – Mubasher: The Egyptian National Railways (ENR) concluded a EUR 1.016 billion agreement with the Hungarian Export-Import Bank Plc. (Eximbank) and State Specialized Russian Export- Import Bank.  The deal covers the import and manufacture of …
The investment cost of building Salam City is estimated at EGP 68 billion
12 December 01:52 PM Sisi allocates land for New Port Said City
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi has issued a presidential decree no 589 of 2019 to reallocate a land plot covering an area of 22,153 feddans (93.06 million square metres) in Port Said and North Sinai to the New Urban …
The projects include four water and seven wastewater facilities
12 December 01:38 PM Egypt sets up EGP 823m water, wastewater projects in Ismailia
Cairo – Mubasher: The Egyptian Ministry of Housing is currently establishing eleven water and wastewater projects in Ismailia at a combined cost of EGP 823 million. Scheduled for completion in September 2020, the projects are expected to serve …
An ESCRIBANO delegation will visit Egyptian military production firms
12 December 01:25 PM NOMP signs MoU with 2 defence manufacturers
Cairo – Mubasher: Egypt’s National Organization for Military Production (NOMP), IMUT and Spain’s ESCRIBANO signed a memorandum of understanding (MoU) to cooperate in the fields of military manufacturing and defence system development. Under the …
The deadline for receiving offers is 12 January 2020
12 December 12:05 PM Egypt offers 147 industrial units in Benha
Cairo – Mubasher: The Egyptian Ministry of Investment and International Cooperation announced offering fully-finished 147 industrial units in the investment zone in Benha.  Units will be offered in collaboration with the Micro, Small and Medium …
The issuance will be used to finance the country’s budget deficit
12 December 11:20 AM CBE issues EGP 18.75bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9.25 billion and will be offered …
The fund will start by the sale of a 70% stake in three power plants
12 December 11:01 AM Egypt's sovereign wealth fund selects assets based on investor appetite – CEO
Cairo – Mubasher: Egypt’s sovereign wealth fund (Tharaa) is looking to acquire some of the government’s “cherry-picked” assets in power and real estate sectors based on investor appetite, Ayman Soliman, CEO of the sovereign fund, told Reuters. “We …
The ‘food and beverages’ group accounted for 29.4% of CPI’s overall retreat
12 December 10:11 AM Abu Dhabi sees 0.8% lower CPI in 11M – SCAD
Abu Dhabi – Mubasher: The Abu Dhabi Consumer Price Index (CPI) reached 110.8% during the period from January to November 2019, down 0.8% from 111.7% over the same period in 2018, according to the Statistics Centre - Abu Dhabi’s (SCAD) recent …
The reduction will range from EGP 6,000 to a maximum of EGP 10,000
11 December 05:04 PM Egypt to witness price reduction in three car models by 2020
By: Mohamed Mowafy Cairo – Mubasher: Car prices in Egypt are expected to witness further reduction starting from January 2020 in tandem with the implementation of the final tranche of tariff reductions on imported cars from Turkey with a 60% local …
Bilateral trade between the UAE and Egypt amounted to $3 billion in H1-19
11 December 04:32 PM UAE-Egypt trade exchange likely to reach $8bn by end 2019
Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion during the first half of 2019, the Middle East News Agency (MENA) reported, citing the undersecretary of the Foreign Trade and Industry at the UAE Ministry of …
CBE governor - Tarek Amer
11 December 03:24 PM Egypt’s Eurobonds attract $70 billion bids – CBE governor
Cairo – Mubasher: Eurobonds issued by Egypt have reached $20 billion, the Central Bank of Egypt’s (CBE) governor, Tarek Amer, was quoted by the Middle East News Agency (MENA). Investors have placed orders for $70 billion worth of Eurobonds, Amer …
Debt Management Office (DMO) President Fahad Al Saif
11 December 03:23 PM Saudi Arabia ready to issue int’l bonds in January 2020
Riyadh – Mubasher: Saudi Arabia could issue new international bonds as soon as January, President of the Ministry of Finance’s Debt Management Office (DMO), Fahad Al Saif, reportedly told Reuters on Wednesday. This comes as part of plans by the …
The bilateral cooperation backed the higher trade exchange during 2018
11 December 02:56 PM UAE-Egypt trade exchange hits $3bn in 2018 – Trade minister
Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion, of which $1.9 billion are Egyptian exports and $1.1 billion are Emirati imports, the Egyptian minister of trade and industry, Amr Nassar said in a statement on …
UAEIIC's secretary general was in visit to Egypt
11 December 01:11 PM UAE aims to raise investments in Egypt to $14bn – UAEIIC
Cairo – Mubasher: the UAE is aiming to invest in Egypt up to $14 billion over the upcoming five years, the UAE International Investors Council’s (UAEIIC) secretary general said. In the light of the opportunities offered by promising Egyptian …
Sawiris set the mastering plan for Andermatt
11 December 11:08 AM Except for El Gouna, all projects came by coincidence – Samih Sawiris in RiseUp
By: Ingy ElSafy Cairo -Mubasher: On the final day of the RiseUp Summit 2019, the Egyptian tycoon Samih Sawiris was hosted to talk to the attendees about different topics and events, whether by speaking out on personal or business matters. The …
Land plots in the diplomatic district are sold at $400 per metre
11 December 10:46 AM Chinese, Saudi embassies request to move to Egypt’s new capital
By: Islam Fadl Cairo – Mubasher: About 60 embassies have submitted requests to the Egyptian Ministry of Foreign Affairs to obtain land plots in the diplomatic district in the New Administrative Capital, the official spokesman for the project …
The holiday season begins this weekend
11 December 09:47 AM Dubai Airports to see seasonal rush starting Thursday
Dubai – Mubasher: Dubai International Airport is preparing to welcome more than million travellers between Thursday, 12 December and Sunday, 15 December, Dubai International (DXB) recently disclosed. The announcement comes in line with the …
Crown Prince of Saudi Arabia Mohammad bin Salman
10 December 06:15 PM Economic reforms boosted Saudi non-oil growth - Crown Prince
Riyadh – Mubasher: Prince Mohammad bin Salman, Crown Prince and Deputy Prime Minister of Saudi Arabia, commended the 2020 state budget, which was approved on Monday by King Salman bin Abdulaziz Al Saud. “The 2020 Budget comes in light of a global …
Iconic Tower
10 December 06:05 PM New capital’s business district expected to be delivered by mid-2021
Cairo – Mubasher: Finishing work of towers at the central business district in Egypt’s New Administrative Capital is set to begin in January 2020, assistant to the housing minister Khaled Abbas said. Delivery of these towers is expected to start …
The CBE is expected to deliver further interest rate cuts over the coming twelve months
10 December 05:29 PM CBE expected to cut interest rates by 50bps late December – Capital Economics
Cairo – Mubasher: The Central Bank of Egypt (CBE) is expected to cut its overnight deposit rate by 50 basis points (bps) to 11.75% from 12.25% during its meeting on 26 December, London-based Capital Economics said in a report on Tuesday. Despite …