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10 December 12:54 AM

Local Economy

Dubai International Airport
9 December 04:32 PM Dubai Airports prepares to cut single-use plastics
UAE – Mubasher: As the clock is ticking towards the self-imposed deadline to ban single-use plastics, Dubai International Airport (DXB) is actively laying the groundwork to eliminate plastic cutlery and drinking straws. In June 2019, Dubai …
Global Economy
Expenditures on fuel subsidies retreated to EGP 7.25 billion
8 December 05:16 PM Egypt cuts spending on fuel subsidies by 69% in Q1-19/20
Cairo – Mubasher: Egypt has slashed spending on fuel subsidies by 69% year on year during the first quarter of fiscal year 2019/2020, Reuters reported on Sunday, citing the Egyptian minister of petroleum Tarek El-Molla as saying.  The most …
Commodities
Sawiris owns 74.9% of Raiffeisen Touristik Group
5 December 02:11 PM Samih Sawiris acquires Thomas Cook’s German franchise network
Cairo – Mubasher: Raiffeisen Touristik Group, majority owned by the Egyptian billionaire Samih Sawiris, has acquired the German franchise network of Thomas Cook, Handelsblatt reported.  Sawiris owns 74.9% of Raiffeisen Touristik Group which …
Companies Investments
Founder and CEO of ArabNet, Omar Christidis
4 December 05:54 PM Arabnet Riyadh 2019 is packed with initiatives – CEO Interview
By: Moslem Ali Riyadh – Mubasher: ArabNet Riyadh will feature multiple tracks delving into discussions across a range of industries and topics on 10 & 11 December, bringing together more than 6,000 attendees. The Founder and CEO of ArabNet, Omar …
Global Economy
Kuwait’s foreign reserves rose by 5.23% year-on-year
4 December 03:58 PM Kuwait’s FX reserves grow 5.23% in October
Mubasher: Kuwait’s foreign reserves rose by 5.23% year-on-year in October, the Central Bank of Kuwait’s (CBK) monthly statistics showed on Wednesday. The Gulf country’s foreign currency exchange reserves amounted to KWD 11.801 billion ($38.939 …
Macroeconomics
Global gold prices fell by 4% during November
4 December 01:55 PM Egypt’s gold reserves fall $119m in November
By: Heba El-Kordy Cairo – Mubasher: Gold reserves in Egypt declined by $119 million to $3.148 billion in November, compared to $3.267 billion in October, in tandem with the decline in gold prices globally. Year-on-year, the contribution of gold to …
Commodities
Tight supplies and increased demand for high-sulphur pushed prices up
3 December 11:55 AM Aramco raises crude oil prices for Asian markets
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) raised on Monday the prices for light crude shipments to Asian markets for January delivery to the highest level in six years, Reuters reported. Aramco raised the January official …
Commodities
Kuwait oil settled at $62.38 pb
3 December 11:33 AM Kuwait oil drops to $62.38 pb
Mubasher: Kuwait crude oil plunged by $2.87, to close at $62.38 per barrel (pb) on Monday, compared with $65.25 pb in Friday’s settlement, the Kuwait Petroleum Corporation (KPC) said. Meanwhile, oil prices rose globally on Tuesday, amid …
Commodities
Kuwait’s exports to Jordan grew to KWD 30 million
2 December 05:11 PM Kuwait investments in Jordan reach $18bn in 2018
Mubasher: Kuwait’s investments in Jordan came in at $18 billion last year, according to a senior Kuwaiti commerce chamber official said on Monday. The volume of trade between Kuwait and Jordan, reached KWD 80 million ($264 million), the Kuwait …
Macroeconomics
Arab oil accounted for 92.4% of Japan’s petroleum needs
2 December 09:27 AM UAE exports 32.24m crude oil barrels to Japan in October
Mubasher: Japan has imported 32.24 million barrels of crude oil from the UAE during October 2019, according to data released by the Agency of Energy and Natural Resource in Tokyo. This amount accounts for 37.6% of Japan’s total oil imports and …
Macroeconomics
Kuwait oil price settled at $65.1 pb
28 November 10:44 AM Kuwait oil rises to $65.1 pb
Mubasher: Kuwait crude oil rose by $0.51, settling at $65.1 per barrel (pb) on Wednesday, compared with 64.59 pb in the preceding session, the Kuwait Petroleum Corporation (KPC) said. Meanwhile, global benchmark Brent crude futures closed $0.21 …
Commodities
Arab vacationers accounted for 28.3% of Dubai's total visitors
27 November 03:15 PM Saudi tourists top Dubai's Arab visitors in 9M
By: Mahmoud Gamal Dubai – Mubasher: The number of Arab tourists travelling to Dubai grew by 5.5% year-on-year (YoY) to around 3.42 million over the first nine months of 2019, as shown by official data. Arab vacationers accounted for 28.3% of the …
Macroeconomics
Aramco raised feedstock prices last month
27 November 10:53 AM Oil prices directionless; demand estimates remain stable – Report
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has raised feedstock prices in October, a move which impact is likely to be seen in the fourth quarter (Q4), according to a recent report by Al Jazira Capital. A change in margins …
Sector Reports
Nymex crude dipped below the $58-level
26 November 05:22 PM Kuwait crude oil drops 64 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil decreased to $64.98 per barrel (pb) on Monday when compared to $65.62 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices declined on …
Commodities
Diamond industry is at a major inflection point
26 November 12:09 PM DMCC upbeat on long-term diamond industry outlook, despite pressures
Mubasher: The Dubai Multi Commodities Centre (DMCC) said on Tuesday that the diamond industry is facing major pressures, citing a variety of factors, but remained positive on the long-term economic outlook for the sector. A steady decline in …
Sector Reports
Walid Farghal & Jihong Ding after signing MoU in presence of top officials
26 November 11:27 AM New UAE-Chinese business scope added via AIM’s partnership
UAE – Mubasher: The largest investment platform in the world, Annual Investment Meeting (AIM), has signed a memorandum of understanding (MoU) with China Venture Capital Research Institute (CVCRI). Within the Belt and Road Initiative (BRI), …
Companies Investments
Stargems is an international diamond company registered in DMCC
25 November 11:36 AM UAE’s Diamond Exchange hosts rough diamond tender; $50m sold
UAE – Mubasher: The Dubai Diamond Exchange (DDE) hosted one of the largest rough diamond tenders to take place in Dubai over the period from 17 to 21 November 2019 Stargems, which is an international diamond company registered in the Dubai Multi …
Sector Reports
Khalid Abdullah Al Hussan, Chief Executive Officer (CEO) of Tadawul
24 November 02:28 PM Tadawul could launch derivatives market in 2020
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) will announce the expected to launch a financial derivatives market before the end of 2019, said CEO Khalid Abdullah Al Hussan During an event organized by the Riyadh Chamber, Al Hussan said …
Initial Public Offerings
In the Middle East, geopolitical risks are a credit driver, says Moody's
21 November 01:33 PM Emerging market outlook for 2020 turns negative - Moody's
Mubasher: Gross domestic product (GDP) growth in emerging markets will average above 4.5% in 2020, according to Moody’s Investors Service. This pace remains sluggish compared to past peaks, as “emerging market growth slowed significantly in 2019 …
Macroeconomics
Egypt's oil output reached 19.8 million barrels in January
20 November 02:25 PM Egypt’s oil output reaches 171m barrels in 9M – Survey
By: Heba El-Kordy Cairo – Mubasher: Egypt’s crude oil production declined by 2.97% year-on-year to 170.9 million barrels during the first nine months of 2019, down from 173.8 million, according to statistics conducted by Mubasher based on data …
Commodities
Total oil production reached 18.87 million during September
19 November 03:37 PM Egypt’s daily oil output hits 5-month high in September
By: Heba El-Kordy Cairo – Mubasher: Oil production in Egypt increased by about 17,000 barrels per day (bpd), or 2.7%, month-on-month in September, registering the highest daily oil output since April 2019. The North African nation’s oil output …
Commodities
Not only developed economies can benefit from intelligent connectivity
19 November 12:12 PM Intelligent connectivity catalyst for GDP growth – Huawei Report
Mubasher: A recent report by Huawei showed that countries with scores over 65 on the Global Connectivity Index (GCI) that made continuous investment in intelligent connectivity can expect a boost in the gross domestic product (GDP) by more than …
Macroeconomics
Brent futures closed Monday lower by 50 cents
19 November 10:17 AM Kuwait crude oil adds 77 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 77 cents on Monday to settle at $64.73 per barrel (pb) from $63.96 pb on Friday, according to the latest data by Kuwait Petroleum Corporation (KPC). At the global level, Brent futures closed …
Commodities
Bundesbank
18 November 05:38 PM No signs for recession in Germany - Bundesbank
Mubasher: Economic growth in Germany is expected to remain weak during the fourth quarter (Q4) of 2019, according to the German central bank (Bundesbank), Reuters reported. Nevertheless, Bundesbank sees no reason to fear a recession with signs …
Global Economy
Visitors will be allowed to test new services at the new concept store
18 November 03:03 PM Renault City debuted in France
Mubasher: French automobile manufacturer Groupe Renault has opened its debut ‘Renault City’ concept store in the heart of a major shopping area in partnership with the Sofibrie Group (Havard family). Situated in Val d'Europe shopping centre in …
Companies Investments