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29 January 06:22 AM

Local Economy

Saudi Minister of Energy, Prince Abdulaziz bin Salman
27 January 12:35 PM Saudi Arabia monitors impact of coronavirus outbreak on oil market
Riyadh – Mubasher: Saudi Arabia is closely monitoring developments in the global oil market resulting from concerns about the coronavirus outbreak and its impact on China and the global economy, according to the Saudi Minister of Energy, Prince …
Commodities
Kuwait’s oil economy slipped by 1% in 2019
27 January 11:49 AM Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF
Mubasher: The International Monetary Fund (IMF) on Monday stated that Kuwait’s gross domestic product (GDP) slowed to 0.7% in 2019 from 1.2% in 2018, pressured by lower oil prices and output, despite the growing non-oil sector. Kuwait’s real oil …
Commodities
Total Saudi merchandise exports slipped by 14.9% in November 2019
26 January 01:50 PM Saudi oil exports dip 15.4% in November - GaStat
Riyadh – Mubasher: Recent data from the Saudi Arabia General Authority for Statistics (GaStat) showed a 15.4% year-on-year (YoY) decrease in Saudi oil exports in November 2019. Oil exports retreated to SAR 62.3 billion in November last year from …
Macroeconomics
Brent crude was down by 2.1% or $1.38 on Wednesday
23 January 12:22 PM Kuwait oil slips to $65.66 pb on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC). Globally, oil …
Macroeconomics
Iron prices have dropped by EGP 300 per tonne since the beginning of the week
15 January 03:28 PM Iron prices to further decline as EGP levels up
By: Abdullah Bedeir Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher. With the …
Macroeconomics
The shipment reflects the success of KNPC’s international marketing sector
15 January 02:07 PM KNPC exports first low-sulfur diesel shipment
Mubasher: Kuwait National Petroleum Company (KNPC) announced that the first shipment of low-sulfur diesel (ULSD 10ppm) has been exported through Mina Abdullah refinery to global markets after fulfilling al requirements. The exported 40,000-tonne …
Companies Investments
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Banking and Finance
Prince Abdulaziz bin Salman speaking at IPTC 2020
13 January 12:13 PM Saudi Arabia underlines commitment to oil market stability
Riyadh – Mubasher: The Saudi Minister of Energy, Prince Abdulaziz bin Salman, has reiterated Saudi Arabia’s commitment to do all it can to ensure the stability of the global oil market. The minister’s remarks came during his keynote speech at the …
Commodities
Egypt aims to expand into natural gas as an alternative to LPG
12 January 02:44 PM Egypt’s LPG sales drop 6% in H1-19/20
Cairo – Mubasher: Total sales of liquefied petroleum gas (LPG) fell by 6% year-on-year during the first half of fiscal year 2019/2020, the Egyptian minister of petroleum and mineral resources, Tarek El-Molla, said. The decline in local consumption …
The Ministry of Economy delegation visiting DMCC
12 January 12:06 PM DMCC plays vital role in diamonds, precious metals trade in Dubai
UAE – Mubasher: DMCC has recently hosted the UAE’s minister of economy, Sultan Bin Saeed Al Mansouri, to sum up the entity's role in streamlining, boosting, and driving global trade through Dubai. The minister toured Almas Tower and visited both …
Sector Reports
Gov't added 1,500MW clean energy to national electricity grid
11 January 08:46 PM Jordan attracts over $5bn clean energy investments
Mubasher: Jordan has expanded renewable energy share in its energy mix, attracting more than $5 billion in investments, the kingdoms’ ambassador to the UAE, Jumaa Al-Abadi, stated on Saturday, according to the Jordan News Agency (Petra). Since …
Macroeconomics
GCC's geopolitical risk is higher in nature than in the past
9 January 05:28 PM Moody’s: 3 factors behind GCC sovereigns’ 2020 negative outlook
Mubasher: Moody's Investors Service explained the factors which led to the negative outlook for sovereign creditworthiness in the Gulf area for the year 2020. A recent report by Moody’s showed that the slowdown in the development of fiscal reforms …
Macroeconomics
The less predictable global environment may reduce investor confidence
9 January 11:25 AM Levant, North Africa sovereigns' 2020 outlook negative – Moody’s
Mubasher: Moody's Investors Service highlighted that the negative outlook previously placed for sovereigns in the Levant and North Africa region in 2020 is a result of political and social tensions due to a slowing pace of reform and limited scope …
Ratings
Bahrain launched Cloud First Policy in 2017
7 January 03:58 PM Pakiza Abdulrahman: Gov’t leads cloud adoption in Bahrain; private sector is following – Interview
By: Ingy ElSafy & Moslem Ali Mubasher: Startup Bahrain is a national initiative launched in 2016 for the purpose of facilitating all tools required for small business to build and establish themselves while growing into international and regional …
Global Economy
Tanker Forward Freight Agreement (FFA) volumes increased by 38% YoY in 2019
7 January 01:35 PM Volatility boosts freight derivative volumes in 2019
UAE – Mubasher: Freight derivatives markets showed higher traded volumes in 2019 for both tankers and dry cargo vessels, data by the Baltic Exchange showed.  Tanker Forward Freight Agreement (FFA) volumes increased by 38% year-on-year (YoY) to …
Macroeconomics
The decision includes all flights whether to or from Australia
7 January 12:51 PM Etihad Airways facilitates flights for Australians on bushfires emergency
UAE - Mubasher: The UAE airline, Etihad Airways, on Tuesday announced that it will waive flight change fees for the Australian residents affected by the devastating bushfires in Australia.  The decision will be applied on all flights whether to or …
Macroeconomics
Egypt's plants season started in mid-November 2019
1 January 02:26 PM Egypt’s wheat planted area to exceed 3m feddans in days
Cairo – Mubasher: The total planted area of wheat in Egypt will reach more than 3 million feddans in the coming two to three days, Reuters reported on Wednesday, citing the head of services and follow-up at the Ministry of Agriculture, Abbas …
Macroeconomics
Global oil prices declined by 1%
1 January 11:31 AM Kuwaiti oil drops to $68.35 pb on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil fell by 62 cents to $68.35 per barrel (pb) on Tuesday, compared to $68.97 pb on Monday, according to the Kuwait Petroleum Corporation (KPC). Globally, oil prices declined by 1%, while NYMEX crude oil …
Macroeconomics
Aramco set the January price for butane at $590 per ton
31 December 2019 04:39 PM Saudi Aramco raises propane prices for January 2020
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has set the price for January propane shipments at $565 per ton, up from $440 in December. Meanwhile, Aramco set the January price for butane at $590 per ton, compared with $455 in …
DME oil futures is a benchmark for Oman, Dubai, Saudi Arabia, Bahrain and now Kuwait
31 December 2019 01:49 PM DME Oman to price Kuwait oil futures from February 2020
Dubai – Mubasher: Dubai Mercantile Exchange (DME) recently announced that Kuwait Petroleum Corporation (KPC) will use the DME Oman Futures contract as a price reference for Kuwaiti crude oil exports to Asia starting from 1 February 2020 onwards. …
Commodities
Global oil prices hit the highest records in three months on Monday
31 December 2019 11:55 AM Kuwait’s crude oil down 7 cents on Monday – KPC
Mubasher: The price of Kuwait's crude oil declined by 7 cents to settle at $68.97 per barrel (pb) on Monday, compared to $69.04 pb on Friday, 27 December, according to the latest data by the Kuwait Petroleum Corporation (KPC). Globally, oil prices …
Macroeconomics
Startups do not repay the funding since it is a grant by Tamkeen
26 December 2019 05:31 PM How can non-local startups get grants in Bahrain? – Interview with Pakiza Abdulrahman
 By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups endure several challenges in obtaining financing rounds, but this may not be an issue for a foreign startup if it decides to set up in Bahrain. Pakiza Abdulrahman, Manager of Business …
Sector Reports
Global oil prices increased by 1% on Tuesday
25 December 2019 11:52 AM Kuwait's crude oil up 59 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 59 cents on Tuesday to reach $68 per barrel (pb), compared to $67.41 pb on Monday, 23 December, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
Commodities
Trading hours will resume on Sunday, 5 January
25 December 2019 10:34 AM Boursa Kuwait announces New Year’s holiday
Mubasher: Boursa Kuwait announced a two-day holiday on the occasion of the New Year 2020, according to a statement on Wednesday. Kuwait’s stock market referred that it will close on Wednesday and Thursday, 1 and 2 January 2020. Trading hours will …