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Macroeconomics

The plant will be located at Taweelah complex
2 hours ago EWEC, ACWA Power announce financial closing of Taweelah desalination plant
UAE – Mubasher: Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation (ADPower), and Saudi Arabia's ACWA Power have announced the successful financial closing of the AED 3.19 billion Taweelah reverse osmosis …
Oil production will restart in Khafji
4 hours ago Kuwait, Saudi Arabia to resume oil production from neutral zone
Riyadh - Mubasher: Kuwait and Saudi Arabia have reportedly reached an agreement to resume oil production in jointly-operated fields in the Neutral Zone between the oil-rich countries, Reuters reported on Saturday, citing Kuwaiti newspapers …
Part of the signing ceremony
05:57 PM Egypt inks terms & conditions agreement with Euroclear
Cairo – Mubasher: Egypt has signed a terms & conditions agreement with Euroclear Bank to peg Egyptians debt instruments to the bank’s local currency. Under the agreement, the Belgium-based bank will promote Egyptian debt instruments to a larger …
Brent crude futures declined by 0.5%
05:37 PM Kuwait’s crude oil price rises 57 cents on Friday
Mubasher: The price of Kuwait’s crude oil increased by 57 cents to settle at $61 per barrel on Friday, compared to $60.43 pb a day earlier, according to the Kuwait News Agency. Brent crude futures declined by 0.5% to hit $59.42 pb, while Nymex WTI …
Banks provided 93.7% of mortgage in Q2
05:29 PM Saudi Arabia’s mortgage levels up by 21% YoY in Q2-19
Riyadh – Mubasher: Saudi Arabian mortgage grew by 21% year-on-year to more than SAR 281 billion during the second quarter of 2019. Banks provided 93.7% of mortgage in Q2-19, while financial companies granted 6.3%, according to the Saudi Arabia …
KFH invests in a group of Egyptian companies
05:12 PM Kuwait Finance House to increase investments in Egypt
Cairo – Mubasher: Kuwait Finance House (KFH) is intended to increase investments in Egypt in the coming period, chairman Hamad Al Marzouk stated on Saturday, according to Akhbar el-Yom newspaper. Al Marzouk commended measures taken by the Egyptian …
Egypt’s oil production has dropped by 4.8% since the beginning of 2019
17 October 05:30 PM Egypt’s oil output hits 19m barrels in August
By: Heba El-Kordy Cairo – Mubasher: Oil output in Egypt declined by about 7,000 barrels per day (bpd) to around 612,650 bpd in August from nearly 619,440 in July, data released by the Joint Organisations Data Initiative (JODI) showed. During …
The UAE has raised its holdings of US Treasury bonds by 0.2% month-on-month
17 October 04:15 PM UAE raises holdings of US Treasury bonds in August
By: Enas Bahgat UAE – Mubasher: The UAE has raised its holdings of US Treasury bonds by 0.2% month-on-month, or $100 million, in August to $49.4 billion from $49.3 billion, data by the US Department of the Treasury showed. Year-on-year, the GCC …
Ayman bin Mohammed Alsayari is the deputy governor for SAMA
17 October 04:06 PM King Salman names new central bank deputy governor
Riyadh – Mubasher: Saudi Arabia's King Salman has issued a royal order appointing Ayman bin Mohammed Alsayari as the deputy governor for the Saudi Arabian Monetary Authority (SAMA), the Saudi Press Agency (SPA) reported on Thursday.    
Crude oil exports remained stable at 6.88 mbpd during August
17 October 03:54 PM Saudi oil exports hit 8.216 mbpd in August – JODI
By:  El-Sayed Gamal Riyadh – Mubasher: Saudi Arabia’s oil exports jumped during August, hitting the highest level since April. Oil export of the GCC nations increased to 8.216 million barrel per day (mbpd) in August, compared to 8.101 mbpd a month …
Deposits rose by EGP 42 billion to EGP 2.728 trillion by the end of August
17 October 03:34 PM Local deposits hit EGP 2.72trln in August – CBE
By: Heba El Kordy Cairo – Mubasher: Egyptian pound-denominated deposits at Egypt-based banks increased by 16.9% year-on-year in August despite cutting interest rates, compared to EGP 2.33 trillion in August 2018. Month-on-month, deposits rose by …
The World Bank aims to increase women’s participation in the labour market
17 October 03:20 PM World Bank to raise human capital investment in MENA to $2.5bn in 2024
Cairo – Mubasher: The World Bank plans to raise its allocated investments in human capital in the Middle East and North Africa (MENA) to $2.5 billion by 2024 from $1.119 billion in 2019. The international financial institution stressed the …
Egypt does not owe Shell any arrears
17 October 02:50 PM Shell plans to start operating concessions in Egypt in H2-20
Cairo – Mubasher: Royal Dutch Shell plans to begin operating its concession areas in Egypt during the second half of 2020, the executive vice president upstream JVs at Shell, Gerald Schotman, told Reuters. In addition, Shell applied to participate …
Shaker plans to retrofit more than 250,000 existing government buildings
17 October 02:10 PM Shaker to retrofit over 250,000 existing government buildings – Interview
By: Mahmoud Salah El-Deen Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker plans to retrofit more than 250,000 existing government buildings, in addition participating in some of KSA’s strategic projects such as Neom and Red Sea, Azzam Saud …
Egypt's foreign reserves hit $45.117 billion at the end of September
17 October 01:58 PM Egypt’s holdings of US Treasuries rise to highest level in 10M
By: Heba El-Kordy Cairo – Mubasher: Egypt’s holdings of US Treasuries increased to $2.164 billion in August, hitting its highest level since October 2018, compared to $2.145 billion in July, data by the US Department of the Treasury showed. …
Saudi Arabia to import 5,000 tonnes of feed barley
17 October 12:20 PM SAGO to buy 595,000 tonnes of feed barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has offered a bid to import 595,000 tonnes of feed barley during the two-month period between February and March 2020, according to SAGO’s statement on Thursday. This is considered the fifth …
The GCC nation continued raising its holding for the seventh month in a row
17 October 12:11 PM Saudi Arabia raises US Treasury holdings to $183.8bn in August
Riyadh – Mubasher: Saudi Arabia increased its holdings of US Treasury bonds by 8.44% year-on-year, or SAR 14.3 billion, in August. The kingdom’s holdings of US government bonds amounted to $183.8 billion in August, compared to $169.5 billion in …
MBZUAI Board of Trustees launching the world’s first graduate level AI university
17 October 11:17 AM UAE launches ‘MBZUAI’ as 1st research-based AI university in world
Mubasher: Abu Dhabi has announced the establishment of the first graduate level, research-based artificial intelligence (AI) university in the world. UAE’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), located in Masdar City, …
Kuwait ranked the third Arab holder of the US treasury securities
17 October 11:03 AM Kuwait’s holdings of US Treasuries hit $44.1bn in August-19
By: Eman Ghaly Mubasher: Kuwait's holdings of the US Treasury bonds increased by 1.4% year-on-year to $44.1 billion in August 2019 when compared to $43.5 billion, according to data by the US Department of the Treasury. Month-on-month, the …
ABB will display all aspects of Digital Powertrain Monitoring services at Wetex Dubai
17 October 10:51 AM ABB to showcase digital Powertrain monitoring services at WETEX Dubai 2019
UAE – Mubasher: ABB, Group, a global digital technologies provider, announced it will showcase its ABB Ability™ Digital Powertrain, a suite of digital solutions including devices, software, and services, at WETEX Dubai 2019. ABB Ability™ Digital …
Global oil prices edged higher by 1%
17 October 10:33 AM Kuwaiti oil drops 60 cents on Wednesday – KPC
Mubasher: The price of Kuwait's crude oil decreased by 60 cents to $60.01 per barrel (pb) on Wednesday, compared to $60.61 pb a day earlier, according to the official prices by Kuwait Petroleum Corporation (KPC). Globally, oil prices edged higher …
The issuance will be used to finance the country’s budget deficit
17 October 10:26 AM CBE issues EGP 19bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19 billion on Thursday on behalf of the Ministry of Finance (MoF). The first tranche of the T-bills amounts to EGP 9.5 billion and will be offered …
The two nations aim at reinforcing their economic ties
17 October 10:20 AM UAE-Vietnam non-oil intra-trade hits $8.2bn in 2018
UAE – Mubasher: Total non-oil intra-trade between the UAE and Vietnam valued at over $8.2 billion in 2018, the UAE Minister of Economy Sultan bin Saeed Al Mansoor said. Vietnam is the UAE’s largest Association of Southeast Asian Nations’ (ASEAN) …
The proposed programme will help Egypt continue its economic reforms
16 October 04:23 PM IMF looking to reach new deal with Egypt – MD
Cairo – Mubasher: The International Monetary Fund (IMF) aims to start a new cooperation programme with Egypt in the coming period, the IMF’s managing director Kristalina Georgieva said in a statement on Wednesday. The proposed programme will help …
STV has the potential to expand tenfold to $500 million in 2025
16 October 03:39 PM Saudi STV to expand tenfold to $500m in 2025
Riyadh – Mubasher: Saudi Arabia’s venture capital firm, Saudi Technology Ventures (STV), is growing rapidly, and yearly invested capital has the potential to expand tenfold to $500 million in 2025 from $50 million in 2018. The realization of such …