Sector Reports

Kuwaitis have purchased 135 houses in August

12 minutes ago Kuwaitis’ property buys in Turkey up 4.9% in August

Mubasher: The volume of properties sold in Turkey to Kuwaiti citizens decreased by 4.9% in August compared to July; however, Kuwaiti buyers have remained the third largest purchasers of real estate in Turkey. Kuwaitis have purchased 135 houses in …

Sales of the residential real estate segment in Kuwait improved by 23% in 8 months

2 hours ago Kuwait property sales decline 5.4% in 8M – NBK

Mubasher: The sales of the real estate sector in Kuwait shrank by 5.4% since the beginning of this year until August on an annual basis, with expectations for a further fluctuation in the investment and residential real estate segments for the …

KSA’s imports, exports reach SAR 9bn in 17 days – Al-Eisa

12:37 PM KSA’s imports, exports reach SAR 9bn in 17 days – Al-Eisa

Riyadh – Mubasher: Saudi Arabian imports reached 909,000 tonnes worth SAR 4.2 billion, whereas exports reached 1.6 million tonnes amounting to SAR 4.8 billion until 9 September, aleqtisadiah newspaper on Monday said, citing Saudi Customs’ …

UAE inflation drop to 2% in Q2 – C.Bank

11:01 AM UAE inflation drops to 2% in Q2 – C.Bank

Abu Dhabi – Mubasher: The UAE’s inflation decreased to 2% during the second quarter of 2017, compared to 2.7% during Q1-17, a recent report by the Central Bank of the UAE revealed. The country’s inflation fell to 1.2% in July 2017, compared to 2% …

SCTH to implement SAR 1.1bn projects during 2017

24 September 05:23 PM SCTH to implement SAR 1.1bn projects during 2017

Riyadh – Mubasher: The Saudi Commission for Tourism and National Heritage (SCTH) launched six initiatives at a value of SAR 1.1 billion in 2017 ($296 million) which were included in the National Transformation Program 2020. These initiatives are …

KSA's CITC to stop telecom firms services subject to violations – Minister

23 September 02:10 PM KSA's CITC to stop telecom firms services subject to violations – Minister

Riyadh – Mubasher: Communications and Information Technology Commission (CITC) of Saudi Arabia was authorised to stop the telecoms firms services’, in case of violations, Okaz newspaper on Saturday reported, citing Abdullah Al-Sawahah, Minister of …

Ticket prices will not be impacted by the gradual reduction of fuel subsidies

21 September 03:09 PM Fuel hike not to impact ticket prices – Saudi GACA

Riyadh – Mubasher: Ticket prices will not be impacted by the gradual reduction of fuel subsidies during 2017 and 2018, spokesperson of the Saudi General Authority of Civil Aviation (GACA) Abdullah Alkhareef said. Ticket prices have a certain …

KSA tops Dubai's external trade markets – official

21 September 02:00 PM KSA tops Dubai's external trade markets – official

Dubai – Mubasher: Saudi Arabia led the most strategic destinations of Dubai’s external trade, Saed Al Awadi, CEO of Dubai Exports said. The largest Arab country and GCC partner in the UAE’s trade is Saudi Arabia, Al Awadi added. The external …

Kuwait’s inflation rises 1.17% in August – CSB

21 September 12:22 PM Kuwait’s inflation rises 1.17% in August – CSB

Kuwait – Mubasher: Kuwait’s inflation went up 1.17% year-on-year during August 2017, figures issued by Central Statistics Bureau (CSB) revealed. The level of inflation stood at 112.2 points during August 2017, compared to 110.9 points during …

Saudi cost of living index falls 0.1% in August – GASTAT

20 September 01:47 PM Saudi cost of living index falls 0.1% in August – GASTAT

Riyadh – Mubasher: The Saudi cost of living index “inflation” shed 0.1% in August 2017, compared to the year-ago period, remaining negative for the eighth consecutive month, the Saudi General Authority for Statistics (GASTAT) on Wednesday said. …

Saudi crude oil exports decreased to 6.69 million barrels per day (bpd) in July 2017, compared to 6.89 million bpd in June, official data released on Monday revealed

18 September 05:45 PM KSA crude oil exports fall to 6.7m bpd in July – JODI

Riyadh – Mubasher: Saudi crude oil exports decreased to 6.69 million barrels per day (bpd) in July 2017, compared to 6.89 million bpd in June, official data released on Monday revealed. On a monthly basis, Saudi Arabia’s oil output dropped by …

Saudi Arabia plans to reduce the subsidy on gasoline and jet fuel prices during the coming two months, Bloomberg reported on Monday, citing informed sources as saying

18 September 03:40 PM KSA to raise gasoline, jet fuel prices by 80% in 2M – Bloomberg

Riyadh – Mubasher: Saudi Arabia plans to reduce the subsidy on gasoline and jet fuel prices during the coming two months, Bloomberg reported on Monday, citing informed sources as saying. “The government is taking its first step in removing …

Management Decisions

Egyptian exports to Belgium reached EUR 144m in H1-17 – Minister

16 September 06:50 PM Egyptian exports to Belgium hit EUR 144m in H1

Cairo – Mubasher: Egypt’s exports to Belgium surged 25% to reach EUR 144 million during the first half of 2017, compared to EUR 115 million in the year-ago period, the Minister of Trade and Industry Tarek Kabil said on Friday. The commercial …

Financial Results

The sales of the Saudi cement companies retreated 15.54% to 3.72 million tonnes during August 2017, compared to 4.4 million tonnes in August 2016

16 September 11:49 AM Sales of KSA cement firms drop 16% during August 2017

Riyadh – Mubasher: The sales of the Saudi cement companies retreated 15.54% to 3.72 million tonnes during August 2017, compared to 4.4 million tonnes in August 2016. Year-on-year, the total output of the country’s cement firms decreased to 3.79 …

The value of tenders for urban construction projects in the GCC region stood at $32 billion, the Arab Brazilian Chamber of Commerce (ABCC) stated in a report

13 September 03:05 PM $32bn construction deals tendered in GCC – Report

Dubai – Mubasher: The value of tenders for urban construction projects in the GCC region stood at $32 billion, the Arab Brazilian Chamber of Commerce (ABCC) stated in a report. Tenders for 801 urban construction projects worth a combined value of …

Negative foreign investor sentiment has weighed down on Qatar's financing costs

13 September 01:44 PM Diplomatic rift ‘credit negative’ for all GCC – Moody’s

Mubasher: Moody’s Investors Service on Wednesday said that the diplomatic disagreement that took place between Qatar and a number of GCC and Arab countries is “credit negative for all GCC countries, with Qatar and Bahrain being most exposed.” …

A sharp growth across the three key sectors was pointed out in the report

11 September 05:33 PM Dubai non-oil private sector growth sustained in August

Mubasher: The growth of Dubai’s non-oil private sector has been unchanged at a robust pace during August, endorsed by further gains in output, new orders, and employment rates, according to the recent “Emirates NBD Dubai Economy Tracker Index” …

Bank of America Merrill Lynch’s report on Sunday forecasted that the Saudi real gross domestic product (GDP) will grow by 0.9% during 2018

10 September 04:40 PM KSA real GDP expected to go up 0.9% 2018 – Report

Riyadh – Mubasher: Bank of America Merrill Lynch’s report on Sunday forecasted that the Saudi real gross domestic product (GDP) will grow by 0.9% during 2018. The bank’s report expected that Saudi GDP will not rise during 2017, compared to a 1.7% …

KSA to reduce oil supplies in October - Reuters

10 September 01:26 PM KSA to reduce oil supplies in October - Reuters

Riyadh – Mubasher: Saudi Arabia will decrease its crude oil allocations to its customers across the globe by 350,000 barrels per day (bpd) in October, Reuters reported citing an industry source as saying. The cuts in crude oil allocations will …

Corporate Actions

Inflation remains at multi-year lows at 1.3% year-on-year

10 September 09:56 AM Kuwait inflation likely to average below 2% in 2017 – NBK

Mubasher: The inflation rate in Kuwait is expected to average below 2% in 2017, down from 3.5% in 2016. The inflation rate of the consumer price index (CPI) seemed steady in July in line with the inflation in June, according to a recent report …

Saudi Arabia came in the second place in terms of the number of visitors to Dubai

31 August 11:25 AM Dubai attracts 9.2m tourists in 7M

Dubai – Mubasher: The number of tourists who visited Dubai in the first seven months of 2017 increased by 9.5% to total 9.2 million, according to a recent report issued by the Department of Tourism. Around 1.1 million Indians have visited Dubai …

Profitability was supported by higher yields on loans and stable funding costs

29 August 05:26 PM Profitability of 4 UAE banks remains solid in Q2 – Moody’s

Dubai – Mubasher: The solid interest income will maintain the profitability of the four largest UAE banks in the next 12 to 18 months, despite pressure on fee and commission income, Moody’s Investors Service stated on Tuesday. First Abu Dhabi Bank …

Banks acquire 41% of listed firms' profits in H1 – Report

29 August 03:51 PM Banks acquire 41% of listed firms' profits in H1 – Report

Riyadh – Mubasher: The banks listed on the Saudi Stock Exchange (Tadawul) acquired 41% of the listed firms' total profits during the first half of 2017, Albilad Capital’s report showed on Tuesday. The materials’ sector share in profits of listed …

VAT to be added to contracting deals in UAE – Sources

29 August 10:01 AM VAT to be added to contracting deals in UAE – Sources

Dubai – Mubasher: Contracting firms in the UAE started adding a new item to tender offers for future projects, in preparation for the application of the value-added tax (VAT), real estate sources said, according to Alkhaleej newspaper. The new …

UAE nationals invested more than any other nationality between January 2016 and June 2017

28 August 11:33 PM Dubai sees property foreign investments of AED151bn in 18M

Dubai - Mubasher: Foreign investments in Dubai property market in the last 18 months amounted to AED 151 billion, according to the Dubai Land Department (DLD). However, the data of the DLD showed that UAE nationals are in the lead, outperforming …