Macroeconomics

IFC to pump $150m in Egypt’s agriculture sector – Minister
4 hours ago IFC to pump $150m in Egypt’s agriculture sector – Minister
Cairo – Mubasher: The executive board of the International Finance Corporation (IFC), the subsidiary of the World Bank (WB) approved on Friday to invest $150 million in Egypt’s agricultural sector, the Minister of Investment and International …
ADFG to invest in Egypt’s educational sector – Minister
01:19 PM ADFG to invest in Egypt’s educational sector – Minister
Cairo – Mubasher: Abu Dhabi Financial Group (ADFG) is interested in investing in Egypt's educational sector during the coming period, Egypt’s Minister of Investment and International Cooperation Sahar Nasr said on Friday during meeting with the …
An agreement had been signed in 2015 between KACARE and South Korea
22 September 05:35 PM KSA launches first nuclear power station in 2020
Ryiadh – Mubasher: The South Korean ambassador to the Kingdom of Saudi Arabia, Kwan Pyung-oh, said that his country is looking forward to constructing the first nuclear power station in the Kingdom, according to Al Eqtisadiah newspaper. The …
The number of the Saudi visitors during the first seven months of 2017 amounted to 904,000 visitors
22 September 04:56 PM Dubai sees 9.46m Saudi tourists in 10 years
Dubai – Mubasher: The number of Saudi tourists to the emirate of Dubai during the last 10 years reached 9.47 million tourists, according to Al Bayan newspaper. The number of the Saudi visitors during the first seven months of 2017 amounted to …
Saudis top other GCC and Arab investors
22 September 04:37 PM Saudis invest AED 53bn in Dubai real estate
Abu Dhabi – Mubasher: Sultan Butti bin Mejren, director general of Dubai Land Department, announced that the investments of Saudi nationals reached AED 53 billion, during the period from 2002 until September 2017, according to Al Bayan newspaper. …
Egypt is targeting the production of 500,000 cars per annum
21 September 08:04 PM Egypt’s auto industry sees $3bn investments – Minister
Cairo – Mubasher: The total value of investments in Egypt’s automotive industry amounts to $3 billion, said trade and industry minister Tarek Kabil. The auto industry is one of the most important and strategic sectors in the national economy, he …
Meanwhile, minister of petroleum and mineral resources Tarek El-Molla said that the cost of Egypt’s petroleum product subsides has reached EGP 122.4 billion in 2017
21 September 07:27 PM Egypt sees 41 oil explorations in FY16/17 – EGPC
Cairo – Mubasher: Abed Ezz El Regal, CEO of the Egyptian General Petroleum Corporation (EGPC), said on Thursday that there were 41 new petroleum explorations in the fiscal year 2016/2017. The new explorations include 28 for crude oil and 13 for …
GCC fund managers’ assets are projected to increase to $110.9 billion by 2020 from $45.8 billion in 2016, the report concluded
21 September 07:12 PM Six UAE SWFs record AED 4.74tn value - DIFC
Dubai – Mubasher: The Dubai International Financial Centre (DIFC) said in a new report that the values of the biggest 13 Sovereign Wealth Funds (SWFs) in GCC countries have reached $2.89 trillion by the end of June 2017. Among these funds, six are …
Aiguo said that the industrial zone will incorporate industrial, commercial, and service facilities, in addition to schools and hospitals, the newspaper added
21 September 02:52 PM China in talks to build industrial zone in Egypt
Cairo – Mubahser: Chinese ambassador to Egypt Song Aiguo has said that China was negotiating with the Egyptian government the establishment of an integrated industrial zone in the New Administrative Capital, according to Almal newspaper. Aiguo …
Kuwait’s oil output reached 2.7 million bpd in August
21 September 02:32 PM Kuwait oil revenues hit KWD 5.3bn in 5M
Kuwait – Mubasher: Kuwait’s oil revenues in the first five months of its fiscal year 2017/2018 amounted to KWD 5.3 billion ($17.56 billion), representing 45.3% of the country’s revenues for the year estimated at KWD 11.7 billion ($38.77 billion). …
The Africa50 fund will invest $8 million in 400 MWp project, which will be developed at the Benban site north of Aswan, according to the fund’s statement
21 September 12:36 PM Africa50 invests $8m in Aswan
Cairo – Mubasher: Infrastructure fund Africa50 has announced signing a joint development agreement with Norway’s Scatec Solar ASA and Norfund to finance a 400-megawatt peak (MWp) for solar power plants in Aswan, Egypt. The Africa50 fund will …
August alone recorded a deficit of KWD 49.9 million
21 September 11:59 AM Kuwait deficit hits KWD 84m in 5M – MoF
Kuwait – Mubasher: Kuwait’s general budget has recorded a deficit of KWD 83.55 million ($277.88 million) for the five-month period ended August, according to the country’s Ministry of Finance (MoF). August alone recorded a deficit of KWD 49.9 …
The general wholesale price index in Saudi Arabia fell 1.2% in August
20 September 07:51 PM Saudi wholesale price index falls 1.2% in August
Riyadh – Mubasher: The general wholesale price index in Saudi Arabia fell 1.2% in August on a year-on-year basis, data released by the General Authority for Statistics (GASTAT) on Wednesday showed. The drop was mainly due to declines in four …
The total value of credit facilities rose to QAR 900.02 billion from QAR 891.21 billion
20 September 06:49 PM Credit facilities rise to QAR 900bn in August - QCB
Mubasher: Qatar Central Bank (QCB) statements showed a 0.99% month-on-month increase, or QAR 8.81 billion, in credit facilities by the end of August. The total value of credit facilities rose to QAR 900.02 billion ($249.11 billion) from QAR 891.21 …
The decline in the market is still healthy for the time being owing to profit-taking after several stocks saw major increases lately, he added
20 September 04:01 PM Real estate weighs on DFM at close Wednesday
Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the red on Wednesday, pressured by the real estate sector. The general index lost 0.62% or 22.53 points to 3,632.54 points. The DFM dropped considerably for the second successive session …
“However, this investor class has seldom been researched in detail despite its widespread influence in the economy,” the report commented
20 September 03:59 PM Pension funds important for GCC stability, growth – Marmore
Mubasher: Pension funds across the GCC are the second largest set of institutional investors in the region after the Sovereign Wealth Funds (SWFs), according to a report by Marmore MENA Intelligence, a subsidiary of Kuwait Financial Centre …
Singaporean firm to set up EGP18bn industrial zone in Faiyum
20 September 02:22 PM Singaporean firm earmarks EGP 18bn for industrial zone in Faiyum
Cairo – Mubasher: A Singaporean holding company has allocated EGP 18 billion to establish an integrated industrial zone in the Kom Oshim area of Faiyum governorate, a source at Egypt’s Ministry of Trade and Industry told Almal News. On 19 …
Dubai continues to enhance its position as a pioneer financial centre in the Middle East, Africa and South Asia
20 September 02:18 PM UAE funds boost assets 1081% by 2020
Dubai – Mubasher: Dubai International Financial Centre (DIFC) said that fund managers in the UAE are expecting a 1081% increase in assets from $1.6 billion in 2016 to $18.9 billion by 2020. Dubai continues to enhance its position as a pioneer …
He added that through BSO’s “low-latency and highly resilient connectivity service” traders can enjoy transparent and secure trading
20 September 01:52 PM DGCX enables trading from London via BSO
Dubai – Mubasher:  The Dubai Gold and Commodities Exchange (DGCX) announced that BSO Network Solutions enhanced its Market Data Connect service to enable direct trading and market data access between it and Interxion London. The service will give …
Minister of Trade and Industry Tarek Kabil
20 September 01:46 PM Egypt exports likely to rise 10% in 2017 - Minister
Cairo – Mubasher: Egypt’s exports are expected to grow by 10% this year to reach $22 billion, minister of trade and industry Tarek Kabil told Reuters. The minister added that China would be Egypt’s fastest growing investment partner over the …
Total sales of gas stood at 1.63 trillion square feet
20 September 01:27 PM EGAS to launch oil, gas exploration tender near Mediterranean
Cairo – Mubasher: Egyptian Natural Gas Holding Company’s (EGAS) CEO Osama El Bakly said that a new global tender will be launched for oil and gas exploration in Egypt’s western Mediterranean. This tender will be launched prior to completing the …
Qatargas will deliver 1.5 million tonnes of Liquefied Natural Gas (LNG) per annum for three years
20 September 12:08 PM Qatargas, BOTAŞ sign LNG agreement
Mubasher: Qatargas on Wednesday announced that it signed a medium-term sales and purchase agreement with Turkish BOTAŞ Petroleum Pipeline Corporation (BOTAŞ). Under the terms of the agreement, Qatargas will deliver 1.5 million tonnes of Liquefied …
Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel
20 September 11:27 AM Kuwait’s crude oil down 7 cents Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel (pb) on Tuesday compared to $52.66 pb on Monday, according to a the latest data issued by the Kuwait Petroleum Corporation (KPC). The U.S. Energy Information …
MOHRE announced New Hijri Year holiday
20 September 10:06 AM UAE announces New Hijri Year holiday
Abu Dhabi – Mubasher: The UAE’s Ministry of Human Resources and Emiratisation (MOHRE) announced that Thursday, 21 September, will be an official holiday for the public sector in celebration of the New Hijri Year 1439. Moreover, UAE Cabinet posted …
Egypt's economic growth is still below pre-revolution levels
19 September 08:22 PM Egypt benefits from reforms, weak gov’t finances pose major challenge – Moody’s
Cairo – Mubasher: Egypt’s current credit profile, rated “B3 stable” by Moody’s Investors Services, has a large, diversified economy and strong reform momentum, the ratings agency said in a report released late Tuesday. It added that this credit …