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Macroeconomics

Khalid Al Falih, Saudi Minister of Investment
25 February 06:11 PM Khalid Al Falih named Saudi investment minister
Riyadh – Mubasher: King Salman of Saudi Arabia has appointed Khalid Al Falih as Minister of Investment, Saudi Press Agency (SPA) reported. This comes as the Saudi King has issued a royal decree creating an investment ministry by transforming the …
Photo Archive
25 February 03:58 PM Saudi imports up 18% in December
Riyadh – Mubasher: Imported goods by Saudi Arabia grew by 18.3% during December 2019 to a total value of SAR 49.59 billion, compared with SAR 41.9 billion for the same month in the year before. On a monthly basis, imports increased by 31.1% …
Investors will be given the opportunity to bid on 320 blocks
25 February 02:15 PM Egypt to launch gold exploration tender mid-March
Cairo – Mubasher: Egypt will launch an international exploration tender for gold and other minerals such as copper and silver from 15 March to 15 July, the minister of petroleum Tarek El-Molla revealed. Investors will be given the opportunity to …
Global prices retreated by around 4% on Monday
25 February 01:55 PM Kuwait’s crude oil slid to $56.75 pb on Monday – KPC
Mubasher: The price of Kuwait’s crude oil declined by $1.84 on Monday, 24 February, to reach $56.75 per barrel (pb) as compared to KWD 58.59 pb last Friday, according to the official prices by Kuwait Petroleum Corporation (KPC). On the global …
Egypt's imports fell by 6.2% to $6.04 billion
25 February 01:43 PM Egypt’s trade balance deficit narrows 10.8% in December 2019
Cairo – Mubasher: Egypt’s trade balance deficit shrank by 10.8% year-on-year to $3.45 billion in December 2019, compared to $3.87 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Tuesday. Exports …
Private investments grew to EGP 444 billion
25 February 01:07 PM EGP’s GDP expands to EGP 5.3trn in FY18/19
Cairo – Mubasher: Egypt’s gross domestic product (GDP) at current prices reached EGP 5.3 trillion in fiscal year 2018/2019, rising by 20% from FY17/18, the minister of planning and economic development Hala El-Saeed said. Investment spending …
The loans reached AED 171.1 billion in January
25 February 12:25 PM Banks’ loans to UAE residents up 3.5% in January
UAE – Mubasher: The total value of credit facilities provided by banks operating in the UAE to the residents increased by 3.5% year-on-year (YoY) in January 2020, hitting a new record. The loans reached AED 171.1 billion ($46.6 billion) in January …
Total South Korean investments in Egypt reached $570 million
25 February 11:51 AM Egypt, S.Korea bilateral trade hits $1.59bn in 2019
Cairo – Mubasher: Trade exchange between Egypt and South Korea amounted to $1.595 billion in 2019, the Egyptian minister of trade and industry Nevine Gamea said. Bilateral trade between the two countries included electronics, engineering products, …
Exports of food industries grew to $279 million
25 February 10:25 AM Egypt’s non-oil exports up 4% YoY in January
Cairo – Mubasher: Egypt’s non-oil exports rose by $85 million or 4% year-on-year (YoY) during January, according to data released by the General Organization of Export and Import Control (GOEIC). The North African nation’s non-oil exports amounted …
Signing the agreement
24 February 04:58 PM SAMA, CMA sign electronic link agreement
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) and the Saudi Capital Market Authority (CMA) signed a joint electronic link agreement to benefit from the "Tanfeith" program. The program aims at the direct linking and integration of …
Saudi Minister of Energy, Prince Abdulaziz bin Salman
24 February 04:41 PM Saudi Arabia working on energy sector overhaul – Minister
Riyadh – Mubasher: Saudi Arabia is working with all stakeholders in the energy sector seeking optimum development, according to the Saudi Minister of Energy, Prince Abdulaziz bin Salman. The ministry is cooperating with other government entities …
The agreement aims to promote competitiveness of the UAE economy
24 February 03:57 PM UAE, Arizona State University pen MoU on innovation
UAE – Mubasher: The UAE Ministry of Economy has inked a memorandum of understanding (MoU) with Arizona State University (ASU) to develop the fields of innovation, entrepreneurship, and technology transfer. The MoU was signed by UAE Minister of …
The company drilled a total of 34 development wells in H1 of FY19/20
24 February 03:33 PM Agiba Petroleum to invest $577m in FY20/21
Cairo – Mubasher: Agiba Petroleum Company is looking to inject $577 million in investments during fiscal year 2020/2021, the company’s chairman Mohamed Baydoun said. The company aims to maintain output rates of FY19/20, Baydoun added in a …
Saudi tourism industry could see investments of SAR 115 billion
24 February 03:31 PM SCTH promises more reforms in tourism sector
Riyadh – Mubasher: Chairman of the Saudi Commission for Tourism and National Heritage (SCTH), Ahmed Al Khatib, said that around SAR 115 billion are ready to be invested in the tourism sector. Investments would be through the tourism development …
Four exploratory wells will be drilled in the next period
24 February 02:57 PM Ganope plans to drill 16 exploratory wells in FY20/21
Cairo – Mubasher: Ganoub El Wadi Petroleum Holding Company (Ganope) plans to drill 16 exploratory wells during fiscal year 2020/2021 with a total investment cost of $53 million, the company’s chairman Mohamed Abdel Azim said. The company also …
Saudi Minister of Economy and Planning, Mohammad Al Tuwaijri
24 February 02:57 PM Saudi Arabia encouraging investment through 3 pillars – Minister
Riyadh – Mubasher: Saudi Arabia is moving from the phase of studies to implementation when it comes to exerting efforts to create a suitable environment to attract investments, said the Saudi Minister of Economy and Planning, Mohammad Al Tuwaijri. …
Total Belarusian exports to Egypt amounted to $116 million
24 February 02:06 PM Egypt-Belarus bilateral trade hits $142m in 2019
Cairo – Mubasher: Trade exchange between Egypt and Belarus rose by 31% year-on-year to $142 million in 2019, the Middle East News Agency (MENA) reported on Monday, citing the Belarusian ambassador to Cairo Sergei Terentiev as saying. Total …
Housing costs continued to fall in 2019
24 February 01:38 PM Kuwait’s inflation may rise to 2% in 2020 – NBK Report
Mubasher: Kuwait’s inflation could increase to a moderate level ranging from 1.5% to 2% in 2020.       In the fourth quarter (Q4) of 2019, the country’s consumer price index (CPI) eased to 1.5% year-on-year (YoY) as compared to 1.7%, according to …
The volume of exports by foreign companies in Egypt reached $313 million in 2019
24 February 01:16 PM Egypt exports $12.3bn goods under QIZ protocol in 14 yrs
Cairo – Mubasher: Egypt exported $12.3 billion worth of products since the introduction of the Qualified Industrial Zone (QIZ) protocol in 2005 to the end of 2019, the minister of planning and economic development Hala El-Saeed said in a statement …
The issuance will be used to finance the country’s budget deficit
24 February 11:02 AM CBE offers EGP 7bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) valued at EGP 7 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds stands at EGP 3.75 billion and will be offered through …
The GDP of the UAE climbed by 2.9% in 2019
23 February 03:54 PM UAE’s real GDP rises 2.9% in 2019
UAE – Mubasher: The real gross domestic product (GDP) of the UAE climbed by 2.9% in 2019, according to recent data by the Central Bank of the UAE as reported by Emirates News Agency (WAM). The growth in the real GDP is driven by a rise in the …
Handled import containers reached 203,670 TEU last year
23 February 03:19 PM King Abdullah Port throughput surges 333% in 2019
Mubasher: King Abdullah Port reported a 333% increase in cargos to 2.98 million ton by the end of 2019, compared to 689,000 tons in 2018. In addition to the rise in the port’s annual throughput for bulk and general cargo, 85 cargo ships docked in …
Total output at the offshore field reached 2.7 bcfd in November 2019
23 February 02:52 PM Egypt’s Zohr output expected to reach 3 bcfd in March
Cairo – Mubasher: The Egyptian Ministry of Petroleum announced that the total number of wells that have been put into production at Zohr field reached 14 after Petro Shorouk has recently put four wells into production at the Southern area. With …
Egypt’s public debt to GDP ratio stood at 82.2% in FY17/18
23 February 01:51 PM Egypt’s debt-to-GDP ratio hits 10-year low in Q1-19/20
Cairo – Mubasher: Egypt’s public debt to gross domestic product (GDP) ratio fell to its lowest level in 10 years, registering 66.5% at the end of the first quarter of fiscal year 2019/2020. According to data released by the Egyptian cabinet, the …
The project is forecast to create more than 500 direct and indirect jobs
23 February 01:18 PM Egypt’s West Bakr wind farm to produce 2,000 GW annually
By: Mohamed Mowafy Cairo – Mubasher: Egypt is currently building West Bakr wind farm in the Gulf of Suez at a capacity of 250 megawatts (MW) with total investments of $330 million, spokesman of the Egyptian Ministry of Electricity and Renewable …