Global Economy

The report predicted that only nine countries will form half of the world's population by 2050
23 June 04:38 PM UN raises world population forecasts to 9.8bn by 2050
Mubasher: The world's population is expected to grow to 8.6 billion by 2030, 9.8 billion by 2050 and 11.2 billion by 2100, mainly driven by Africa's rising populations, according to The United Nations' (UN) forecasts. The UN adjusted its previous …
The relocation will result in hundreds of jobs leaving London
23 June 03:51 PM EU to relocate 2 agencies from London
Mubasher: The European Union (EU) on Friday announced it would move the European Medicines Agency (EMA) and European Banking Authority (EBA) out of London by the Brexit deadline, set on 30 March 2019, according to BBC News. The EU will hold a …
The Minister of Investment met with representatives from British companies operating in Egypt
20 June 06:09 PM Egypt saw $43bn of British investments last decade
Cairo - Mubasher: The Egyptian minister of investment and international cooperation said that the investments of British companies in Egypt reached $43 billion in the last ten years. Sahar Nasr added on Tuesday that British companies expressed …
Qatar sees sharp FDI drop in 2016 - UNCTAD
19 June 05:23 PM Qatar sees sharp FDI drop in 2016 - UNCTAD
Doha – Mubasher: Foreign direct investment (FDI) in Qatar dropped during 2016, according to a report issued by the United Nations Conference on Trade and Development (UNCTAD). FDI in the Gulf state reached $774 million in 2016, compared to $1.071 …
Deputy Finance Minister for fiscal policies, Amr Al-Munir
16 June 11:01 AM Egypt signs international tax evasion deal
Cairo – Mubasher: Deputy finance minister for fiscal policies, Amr Al-Munir, signed an international multilateral agreement to prevent tax evasion across the globe, according to a statement. Representing Egypt, he signed the agreement at the …
Egypt fuel consumption hits 91m tonnes in 2016
14 June 03:46 PM Egypt fuel consumption hits 91m tonnes in 2016 - BP
Cairo – Mubasher: Egypt’s consumption of various energy resources rose 4.7% to reach 91 million tonnes of oil equivalent in 2016, compared to 86.7 million tonnes in 2015, according to a report issued by Britain’s BP. Egypt’s oil consumption …
Crude oil, fuel shipping costs from Qatar rise on port ban
13 June 05:06 PM Crude oil, fuel shipping costs from Qatar rise on port ban
Doha – Mubasher: The costs to ship fuel and crude oil from Qatar are expected to rise after the UAE banned Qatar’s vessels from docking at its ports, Reuters reported, citing sources from the two sectors. Rates are now expected to reach between 75 …
KSA to double natural gas supplies to boost facility operations
13 June 12:57 PM KSA to double natural gas supplies to boost facility operations - Al Falih
Riyadh –Mubasher: The Kingdom of Saudi Arabia aims to double natural gas supplies during the coming decade to raise the level of natural gas utilisation at its public facilities to 70%, Saudi Press Agency (SPA) reported, citing the Saudi minister …
British Prime Minister Theresa May
12 June 07:20 PM British election results to delay Brexit talks - Moody's
Mubasher: Moody's Moody's Investors Service said on Monday that the inconclusive election result in the United Kingdom is likely to delay negotiations about the country's exit from the European Union which could be negative for Britain's credit …
Oil inventories decline to pick up in next 3M
11 June 01:57 PM Oil inventories decline to pick up in next 3M - Al Falih
Riyadh – Mubasher: The decline in crude oil inventories will accelerate in the next three to four months, Reuters reported, citing Saudi Arabia's minister of energy, industry, and mineral resources, Khalid Al Falih. Al Falih said on Sunday that …
El-Sisi to attend G20 summit in Germany
11 June 12:31 PM El-Sisi to attend G20 summit in Germany
Cairo – Mubasher: President Abdel Fattah El-Sisi will head to Germany on Sunday to attend the G20 summit under the theme "Investing in a common future”, according to a presidential statement. At the summit, Germany will launch an initiative for …
The Saudi minister of energy, industry and mineral resources, Khalid Al-Falih
10 June 11:34 AM Qatar crisis will not affect OPEC deal - Al Falih
Riyadh - Mubasher: The Saudi minister of energy, industry and mineral resources has ruled out any effect from the diplomatic crisis with Qatar on the OPEC output agreement, as reported by RT. Khalid Al-Falih also told reporters in Astana, the …
Brent crude futures rose 0.3% to $48 per barrel
9 June 12:40 PM Oil prices turns to gains on Friday
Mubasher: Oil prices turned to gains on Friday, after two sessions of sharp drops. By 10:40 am GMT, Brent crude futures rose 0.3% to $48 per barrel, while the West Texas Intermediate (WTI) futures added 0.3% to $45.80 per barrel.
Qatar provides about a third of global demand for LNG
8 June 06:53 PM Qatar gas exports not impacted by tie-break - Report
By: Eman Ghaly Doha – Mubasher: Four days after Saudi Arabia, Egypt, Bahrain, and the UAE severed diplomatic relations with Qatar, and closed land and sea ports, major global firms that receive Qatar’s liquefied natural gas (LNG) have said that …
This comes after the the blockade imposed on Qatar by Arab countries
7 June 05:58 PM Evergreen, OOCL suspend shipping services to Qatar
Mubasher: Taiwan-based Evergreen Company and Hong Kong's OOCL announced on Wednesday they had suspended shipping services to the state of Qatar after Arab countries cut diplomatic ties with Qatar and imposed port restrictions, as reported by …
The CEO of DEWA Saeed Mohammed Al Tayer
6 June 06:17 PM DEWA, Siemens ink AED1.7bn deal
Dubai - Mubasher: Dubai Electricity and Water Authority (DEWA) has signed a 12-year operating plant service agreement (OPSA) with German company Siemens, according to a press release. The deal is worth AED 1.7 billion, and it includes providing …
On Monday, the company also announced suspending its flights to Saudi Arabia
6 June 01:50 PM Qatar Airways halts flights to Bahrain, UAE, Egypt
Doha – Mubasher: Qatar Airways suspended its flights to Bahrain, Egypt, and the UAE starting Tuesday until further notice, according to Reuters. The airline will allow passengers holding confirmed flight tickets to Saudi Arabia, the UAE, Bahrain, …
The transactions involved include letters of credit
6 June 12:44 PM Saudi, Emirati banks hold off talks with Qatari counterparts
Riyadh – Mubasher: Some banks in Saudi Arabia and the UAE are holding off on doing business with Qatari banks following the diplomatic rift in the region, sources told Reuters on Tuesday. The transactions involved include letters of credit, they …
Deeper cuts have also been debated
1 June 06:41 PM OPEC may revisit oil cut proposal if inventories remain high - Agency
Mubasher: Members and non-members in the Organization of the Petroleum Exporting Countries decided last week to extend their deal regarding trimming oil output for nine months. Unnamed sources told Reuters on Thursday that members and non-members …
Saudi minister of energy Khalid Al Falih
31 May 11:49 AM OPEC, non-OPEC committed to oil inventory cuts – Al Falih
Riyadh – Mubasher: Members and non-members of the Organization of Petroleum Exporting Countries (OPEC) are committed to the goal of reducing global oil inventories to a five-year average, Saudi minister of energy, industry and mineral resources …
The cabinet approved a ban on agricultural and animal products imports
30 May 03:59 PM Sudan bans Egyptian imports
Cairo - Mubasher: The Sudanese prime minister has issued a ban on Egyptian imports, according to an official statement. Bakri Hassan Saleh said in a statement on Tuesday that the cabinet has approved the decisions of the commerce ministry …
Photo Credit: Company Website
27 May 06:57 PM DP World negotiates acquiring stake in Russian ports operator
 Dubai - Mubasher: DP World is in talks to buy a stake in a Russian transport operator company, the Financial Times reported. Summa Group is discussing selling a stake in Fesco, Russia’s largest ports and rail transport operator, to a consortium …
Photo Archive
27 May 11:40 AM Agility to pay $95m to settle US contracts
Mubasher: Agility announced on Friday reaching an agreement to pay $95 million (KWD 28.8 million) in cash to settle a civil lawsuit accusing it of defrauding the United States military on food supply contracts, according to Reuters. On Wednesday …
Britain’s FTSE 100 index sank 0.4% to 7,547.6 points, declining 1% in a week.
26 May 07:40 PM European stocks end Friday in red
Mubasher: The European stocks declined on Friday, amid anticipations of G7 summit with leaders of the world's major economies. The Stoxx Europe 600 index went down 0.2% to reach 391.3 points, losing 0.05% this week. The German DAX index decreased …
(Photo Credit: Mubasher)
26 May 06:00 PM Global oil stockpiles to decline 200m barrels
Abu Dhabi – Mubasher: Global inventories of crude oil are expected to decline by 200 million barrels after the prolongation of oil production cut deal for nine months, starting 1 July, UAE Energy Minister Suhail bin Mohammed al-Mazroui. The …