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Macroeconomics

Total cash deposits at the central bank stood at AED 84.75 billion in 5M
57 minutes ago UAE interbank fund transfers hit AED 3trn in 5M
UAE – Mubasher: Total transfers implemented at the national banks through the UAE funds transfer system (UAEFTS) increased by 7.6% year-on-year to AED 3.04 trillion during the first five months of 2019, compared to AED 2.82 trillion, data by the …
All the construction work of at the new capital's is set for completion in H1-20
1 hour ago Egypt completes 70% of New Administrative Capital’s infrastructure
By: Abdullah Bedeir Cairo – Mubasher: The official spokesman of Egypt’s New Administrative Capital has revealed the completion of around 60% to 70% of facilities and infrastructure works at the first phase of the new capital. The water facilities …
The company aims to offer EGP 350 million to microenterprises by the end of 2019
16 June 05:47 PM Tamweely Microfinance’s board approves EGP 25m capital hike
Cairo – Mubasher: Tamweely Microfinance’s board of directors approved raising the company’s capital by 50% to EGP 75 million from EGP 50 million. The capital hike aims to finance the company’s expansion plans in 2019 and implement the operation …
The free-of-charge storage period was increased to 30 days
16 June 05:15 PM MAWANI slashes handing charges at King Fahd Industrial Port in Yanbu
Riyadh – Mubasher: Saudi Ports Authority’s (MAWANI) board of directors approved reducing its handling charges and marine service fees for container vessels at King Fahd Industrial Port in Yanbu by 32% to 57.5%, Saudi Press Agency (SPA) reported. …
The two-year facility could be extended for one year at Zain’s request
16 June 05:11 PM Saudi Zain inks SAR 2.3bn Islamic credit facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) has signed a new Islamic Murabaha facility valued at SAR 2.25 billion to refinance its existing $599.808 million (SAR 2.250 billion) commercial loan with better terms. The …
The projects will have a power-generation capacity of 1.51 GW
16 June 04:51 PM Saudi solar PV projects target $1.5bn investments
Riyadh – Mubasher: The Saudi Arabian General Investment Authority (SAGIA) revealed that tenders for seven solar photovoltaic (PV) projects will be offered by the middle of 2019. These PV projects are expected to attract investments up to a total …
The project covers an area of 1.08 million square metres
16 June 04:34 PM Saudi Arabia to establish int’l city for dates
Riyadh – Mubasher: The Saudi Ministry of Environment, Water, and Agriculture (MEWA) has offered a distinguished project represented in building and developing an international city for dates in Madinah Al Munawara. The project spans an area of …
The project will serve about 90,000 patients annually
16 June 04:23 PM Japan grants Egypt $18m to support healthcare sector
Cairo – Mubasher: Egypt signed a grant deal worth $18 million with Japan to establish a new building for outpatient clinics of Abu Rish Children’s Hospital. The grant aims to improve medical services provided to children, Egypt’s investment …
The new projects are located in several cities including 10th of Ramadan city
16 June 03:35 PM Egypt’s transport ministry set to launch 7 dry ports, logistic areas
By: Abdullah Bedeir Cairo – Mubasher: Egypt’s transport minister Kamel El-Wazir announced that seven out of total nine dry ports and logistic areas are set to be launched in several new cities in the upcoming period. The new projects will be …
Oil exports of Saudi Arabia valued at SAR 69.337 billion in April 2019
16 June 03:24 PM Saudi Arabia exports down to SAR 86bn in April – GaStat
Riyadh – Mubasher: The recent report by the Saudi General Authority for Statistics (GaStat) showed that total merchandise exports of the kingdom stood at SAR 86.96 billion during April 2019 compared to SAR 89.65 billion in the same month a year …
Chemical or allied industries imports decreased by 22.4%
16 June 03:03 PM Saudi Arabia imports shrink 17% YoY in April – GaStat
Riyadh – Mubasher: Total merchandise imports of Saudi Arabia registered a value of SAR 39.31 billion during April compared to SAR 47.22 billion in the same month in 2018. Imports of the kingdom decreased by 16.8% or SAR 7.91 over that period, …
The second phase of the state’s IPO programme will include 6-7 companies
16 June 03:02 PM Egypt’s state-run enterprises to launch IPO contingent on restructuring – Minister
By: Abdullah Bedeir Cairo – Mubasher: Listing government-owned companies on the Egyptian bourse is contingent on the results of restructuring these firms, the country’s public enterprise minister Hisham Tawfik said on Sunday.  The ministry is …
The real estate sector has contributed to increasing the domestic product
16 June 01:58 PM Egypt’s parliament considers granting residence to foreigners buying property
By: Abdullah Bedeir Cairo – Mubasher: Egypt’s government has finished a draft law to grant residence to foreigners in return for purchasing a property, the country’s prime minister said on Sunday. The bill has been submitted to the Egyptian …
Saudi Arabia’s total exports levelled to SAR 86.96 billion in April
16 June 01:51 PM Saudi trade surplus grows 12.3% in April – GatSat
Riyadh – Mubasher: Saudi Arabia’s trade surplus registered an increase of 12.3%, or SAR 5.23 billion, in April compared to the same month in 2018. The Kingdom’s trade surplus grew to SAR 47.65 billion in the fourth month of 2019, up from SAR 42.42 …
Six PPP agreements worth $3.5 billion have been awarded in Q1-19
16 June 01:36 PM Saudi flour mills to be privatised in Q3-19
Riyadh – Mubasher: Saudi Arabian General Investment Authority (SAGIA) revealed that the privatisation of flour mills will be conducted during the third quarter of 2019. In Q1-19, six public-private partnership (PPP) agreements have been awarded …
The project supports the objectives of the Dubai Clean Energy Strategy 2050
16 June 01:18 PM DEWA launches bid for 5th phase of Mohammed bin Rashid Solar Park
UAE – Mubasher: Dubai Electricity and Water Authority (DEWA) has issued a bid for the 5th phase of Mohammed bin Rashid Al Maktoum Solar Park to generate 900 megawatts (MW) of electricity using photovoltaic solar panels, based on the Independent …
Dubai FDI will host the next edition of the forum in 2021, during the time of Expo 2020.
16 June 12:37 PM Dubai FDI to participate as sponsor in World Forum for FDI 2019
UAE – Mubasher: Dubai Investment Development Agency (Dubai FDI) revealed that it will take part in the upcoming World Forum for FDI 2019 as an event sponsor. The forum will take place during the period between 17 and 19 June in Sydney, New South …
PIF targets new strategic sectors such as tourism
16 June 12:24 PM Saudi PIF assets doubled in 2 yrs – Crown Prince
Riyadh – Mubasher: Assets of Saudi Arabia’s Public Investment Fund (PIF) have doubled to about SAR 1 trillion from SAR 500 billion in two years, the kingdom’s crown prince, Mohammed bin Salman, told Asharq Al-Awsat newspaper on Sunday. During the …
Guests will enjoy inclusive of two tickets to Dubai Parks and Resorts
16 June 12:05 PM Rove Hotels opens new branch in Dubai Parks
UAE – Mubasher: Rove Hotels has opened its sixth property, Rove at the Park, in the emirate of Dubai in Dubai Parks and Resorts, the Middle East’s largest integrated leisure and theme park destination located on Sheikh Zayed road. The newly opened …
Egypt aims to issue EGP 409.6 billion T-bills in FY18/19
16 June 11:26 AM CBE issues EGP 17.5bn in T-bills Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17.5 billion on Sunday on behalf of the Ministry of Finance (MoF). The first tranche of the T-bills will be offered through 91-day notes at EGP 8.75 …
Aramco raised $12 billion in its first-ever international bond issue in April.
16 June 11:14 AM Saudi Aramco IPO likely to be in 2020/2021 – Crown Prince
Riyadh – Mubasher: Saudi Arabia is committed to commencing the initial public offering (IPO) of the Saudi Arabian Oil Co, better known as Saudi Aramco, under “the proper circumstances,” the kingdom’s crown prince, Mohammed bin Salman, told Asharq …
The private sector will be the largest investor in the electricity sector in the future
16 June 10:55 AM Saudi gov’t to finalise $533m privatisation deals in 2019 – Crown Prince
Riyadh – Mubasher: Saudi Arabia’s government will finalise privatisation agreements valued at SAR 2 billion ($533 million) before the end of 2019, the kingdom’s crown prince, Mohammed bin Salman, told Asharq Al-Awsat newspaper on Sunday. The Saudi …
Alawwal Bank did not receive any objections from creditors during this period
16 June 10:45 AM SABB, Alawwal Bank complete merger after expiry of creditor objection period
Riyadh – Mubasher: The Saudi British Bank (SABB) and Alawwal Bank announced the effectiveness of their merger after the expiry of the creditor objection period on 15 June. Alawwal Bank noted that the bank did not receive any objections from …
The final deal could be announced in the coming days
16 June 09:59 AM ADNOC, Dutch OCI mull combining Middle Eastern fertiliser business
UAE –​ Mubasher: Abu Dhabi National Oil Company (ADNOC) and Dutch OCI are considering combining their Middle Eastern fertiliser businesses, Bloomberg News reported. The final deal between ADNOC and the Netherlands-based chemical producer could be …
Specialized talents are eligible for a five or ten-year visas
16 June 12:10 AM Jafza lures innovators with long-term visas
UAE – Mubasher: Jebel Ali Free Zone (Jafza) has decided to offer facilities to obtain long term visas for its customers to attract various competencies to the UAE. Under Jafza’s initiative, investors, entrepreneurs, and specialised talents are …