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Macroeconomics

The AOI also agreed with TAQA Arabia to establish natural gas refuelling stations
21 January 05:23 PM Egypt’s AOI inks cooperation protocol to manufacture natural gas cylinders
Cairo – Mubasher: The Arab Organization for Industrialization (AOI) signed a protocol of cooperation with Qalaa Holdings, while another protocol was signed between ASEC for Manufacturing and Industrial Projects and TAQA Arabia. The protocol is …
The 21-karat gold grew to EGP 817 per gram
21 January 04:38 PM Gold gains EGP 2/gram on Thursday
By: Mohamed Mowafy  Cairo – Mubasher: Gold prices in Egypt continued its rising trend as the global price increased in anticipation of further stimulus under US President Joe Biden’s administration. The 21-karat gold grew to EGP 817 per gram on …
Egypt’s exports to Sudan amounted to $496 million last year
21 January 04:06 PM Egypt-Sudan trade exchange hits $862m in 2020
Cairo – Mubasher: Egypt’s Minister of Trade and Industry, Nevine Gamea, revealed that bilateral trade between Egypt and Sudan reached $862 million during 2020. Egypt’s exports to Sudan amounted to $496 million last year, while imports from the …
The UAE banks have provided AED 19.7bn facilities to non-residents
21 January 01:34 PM UAE banks grant non-residents AED 19.7bn facilities in 11M
UAE - Mubasher: The UAE national banks have provided AED 19.7 billion credit facilities to their non-resident clients during the first 11 months of 2020, according to the Emirates News Agency (WAM). The total balance of credit facilities granted …
The kingdom’s trade exchange with China came in at $67.13 billion in 2020.
21 January 01:15 PM Saudi trade surplus with China down 64% in 2020
Riyadh – Mubasher: Saudi Arabia’s trade surplus with China amounted to $10.93 billion in 2020. This represents a plunge of 63.9% when compared to a surplus of $30.33 billion in 2019, according to data collected by Mubasher based on figures from …
The Saudi Central Bank (SAMA)
21 January 12:42 PM SAMA, HRSD team up to combat money laundering, terrorist financing
Riyadh – Mubasher: The Saudi Central Bank (SAMA) and the Ministry of Human Resource and Social Development (HRSD) on Wednesday penned a memorandum of cooperation (MoC) to counter money laundering and the financing of terrorism. The step comes in …
Minister of Petroleum and Mineral Resources, Tarek El-Molla
21 January 12:19 PM Egypt inks five gold exploration deals with $13m investment
Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, witnessed the signing of five gold exploration agreements between local and Canadian companies and the Egyptian Mineral Resources Authority (EMRA). The …
Cash and interbank balances represent 19% of total assets
21 January 11:28 AM Egypt’s banking sector forecast to remain stable in 2021 - Moody's
Cairo – Mubasher: The Egyptian banking sector is expected to be stable in 2021 even as profitability comes under pressure due to falling net interest margins and growing non-performing loans, according to Moody’s Investors Service. Profitability …
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21 January 10:47 AM SAGO offers tender to buy 480K tonnes of feed barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has issued this year’s first tender to buy 480,000 tonnes of animal feed barley. The tender will arrive during March and April 2021, according to a statement on Thursday. SAGO, Saudi Arabia’s …
The issuance will be used to finance the country’s budget deficit
21 January 10:45 AM CBE offers EGP 19.25bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19.25 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7 …
Real estate prices inched up by 0.1% in Q4 on a quarterly basis.
21 January 10:34 AM Saudi real estate price index down 0.2% in Q4
Riyadh – Mubasher: Saudi Arabia’s real estate price index levelled down by 0.2% year-on-year (YoY) in the fourth quarter (Q4) of 2020. This drop was attributed to lower prices of commercial real estate by 1.9%, according to data from the General …
The new firm aims to empower and protect the critical economic infrastructure
21 January 10:15 AM STC launches cybersecurity company
Riyadh – Mubasher: Saudi Telecom Company (stc) announced the launch of the Advanced Company for Technology and Cybersecurity with the aim to provide advanced cybersecurity services and solutions in the business sector. The launch will meet the …
The index of manufacturing pharmaceuticals and chemical products went up 7%
20 January 04:02 PM Egypt’s manufacturing index rises 0.84% in November 2020 – CAPMAS
Cairo – Mubasher: Egypt’s index of manufacturing and extractive industries, excluding crude oil and petroleum products, advanced by 0.84% to 97.76 (initial) in November from 96.94 (final) in October, according to the Central Agency for Public …
Japan ranked first with a value of $1.26 trillion
20 January 03:50 PM Egypt’s holdings of US Treasuries hit $2.244bn in November 2020
By: Heba El-Kordy Cairo – Mubasher: Egypt’s holding of US Treasuries rose to $2.244 billion in November 2020, hitting its highest level in two years, compared to $2.176 billion in the same month a year earlier, data by the US Department of the …
Ganope's average oil output is seen at 27,600 barrels of per day in FY20/21
20 January 11:32 AM Ganope aims to drill 11 exploratory wells in FY21/22
Cairo – Mubasher: The South Valley Egyptian Petroleum Holding Company (Ganope) is planning to drill 11 exploratory wells during fiscal year 2021/2022 with investments of more than $37 million, the Chairman Alaa El-Batal revealed. The number of …
The North African nation is expected to jump to the seventh ranking globally by 2030
20 January 11:16 AM Egypt among top 10 fastest growing GDP countries by 2030 – Standard Chartered
Cairo – Mubasher: Egypt’s economy still maintains positive outlook amid the coronavirus (COVID-19) pandemic according to several international institutions, the Minister of Finance, Mohamed Maait, said. The economy's positive …
Jeddah Islamic Port
20 January 11:13 AM Mawani launches first shipping route in 2021 at Jeddah Islamic Port
Riyadh – Mubasher: The Saudi Ports Authority (Mawani) has launched a new shipping service from Jeddah Islamic Port, complementing its strategic partnerships with some of the world’s biggest shipping companies such as Hapag Lloyd, CMA CGM, COSCO, …
Japan topped the holders of the US debt instruments
20 January 11:10 AM UAE's holdings of US Treasury bonds hit $36.8bn in November
UAE - Mubasher: The UAE has raised its holdings of the US Treasury bonds by over 26.5% month-on-month (MoM) to $36.8 billion in November 2020, compared to around $29.1 billion in October. The UAE has raised its investments in the US debt …
The kingdom’s holdings of T-bonds rose by 2.5% monthly in November 2020 to $137.6 billion.
20 January 10:37 AM Saudi holdings of US T-bonds hit eight-month high in November
Riyadh – Mubasher: Saudi Arabia continued to increase its holdings of US Treasury bonds (T-bonds) in November 2020 for the fourth consecutive month, reaching an eight-month high. The kingdom’s holdings of T-bonds rose by 2.5% monthly in November …
83% of consumers expect an improvement in Dubai's economy
20 January 10:36 AM Dubai's Consumer Confidence Index registers highest level since 2017
UAE - Mubasher: Dubai's Consumer Confidence Index recorded 142 points during the fourth quarter (Q4) of 2020, marking the highest level since the third quarter (Q3) of 2017, Dubai Economy referred. Dubai registered 133 points in the index, …
The agreement with Spartan will meet the growing demand for aircraft training programmes within KSA.
19 January 04:24 PM Saudi Airlines pens MoU with Spartan for aircraft maintenance training
Riyadh – Mubasher: The Saudi Aerospace Engineering Industries (SAEI) and Prince Sultan Aviation Academy (PSAA), two subsidiaries of the Saudi Arabian Airlines Corporation (SAUDIA), signed a memorandum of understanding (MoU) with Spartan KSA LCC, …
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19 January 03:25 PM KSA seeks to generate 50% of electricity using renewable energy by 2030
Riyadh – Mubasher: Chairman of Saudi Arabia’s King Abdullah City for Atomic and Renewable Energy, Khalid bin Saleh Al-Sultan, said his country targets to approve generating 50% of electricity using renewable energy by 2030 and the remaining …
The micro-funding balances jumped by 40% to EGP 17.8 billion in Q1-20
19 January 01:36 PM Egypt eyes digital transformation in non-banking financial services
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) aims to achieve digital transformation in non-banking financial services such as micro- small-, and medium-sized (MSME) funding, stock market, mortgage, consumer financing, …
The agreement aims to develop the Saudi water sector.
19 January 12:42 PM SWCC, WTTCO ink assignment of management services agreement
Riyadh – Mubasher: An assignment of management services agreement has been concluded between the Saline Water Conversion Corporation (SWCC) and the Water Transmission and Technologies Company (WTTCO) on Tuesday to develop the Saudi water sector. …
The UAE topped Egypt’s export destinations with $2.88 billion
19 January 12:19 PM Egypt’s trade deficit shrinks 17% in 2020
Cairo – Mubasher: Egypt’s balance of trade deficit narrowed by 17% to $38.291 billion in 2020, compared to $46.225 billion in the prior year, the Minister of Trade and Industry, Nevine Gamea, revealed. The North African nation’s exports inched …