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18 June 06:41 PM Six Arab countries advance in 2024 World Competitiveness Ranking
Mubasher: The 2024 World Competitiveness Report included six countries from the Arab region which all showed progress in this year’s ranking, according to the International Institute for Management Development (IMD) data. The UAE led the Arab …
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18 June 05:04 PM Global travel, tourism deals plunge in 5M while European markets show growth – GlobalData
Mubasher: The total number of deals registered in the global travel and tourism sector decreased by 10.90% to 286 during the first five months (5M) of 2024 when compared with 321 in January-May 2023, according to GlobalData Deals Database. The …
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17 June 05:44 PM Regional event ADFW to return under Welcome to the Capital of Capital theme
UAE – Mubasher: The third edition of Abu Dhabi Finance Week (ADFW) will take place on 9-12 December 2024 under the theme Welcome to the Capital of Capital, being the flagship financial event of the Middle East, Africa, and Southern Asia (MEASA). …
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16 June 04:58 PM Swiss NUOS unveils regional HQ, joins Abu Dhabi’s AGWA to build alternative production facility
Mubasher: Switzerland-based NUOS AG is expected to establish a headquarters (HQ) in Abu Dhabi as a regional hub, which will boost the emirate's strategic location and resources for more growth in Europe, North America, and the MENA market. NUOS …
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13 June 08:47 AM US Fed maintains interest rates amid uncertain outlook
Mubasher: The US Federal Reserve (Fed) left interest rates unchanged, signalling it will not pull back until seeing sustained progress lowering inflation from multi-decade highs. The Federal Open Market Committee (FOMC) has maintained the target …
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6 June 02:37 PM Saudi Arabia, UAE, Egypt secure 92% of MENA’s VC funding in 2023 – Report
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
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2 June 03:52 PM GCC tops Dubai Chamber of Commerce export list with AED 40.8bn
UAE - Mubasher: The Dubai Chamber of Commerce highlighted that the GCC market remained the top global export and re-export destination for its member companies in the first quarter (Q1) of 2024. The GCC region accounted for 55.50% of total exports …
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28 May 03:51 PM Oil prices climb amid mounting tensions in Middle East – Saxo Bank
Mubasher: The crude oil market is witnessing a rise due to escalating tensions in the Middle East following the killing of an Egyptian soldier in a clash with Israeli forces, according to a report by Saxo Bank. The price of West Texas Intermediate …
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28 May 01:43 PM Middle East named world's fastest-growing real-time payment market for 2nd year – Report
Mubasher: The Middle East ranked as the fastest-growing real-time payment market for the second consecutive year in 2023, according to the 2024 Prime Time for Real-Time report by ACI Worldwide and GlobalData. The region's real-time payment market …
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23 May 12:38 PM Egypt reportedly to operate EGP 1.7bn new fuel transportation pipeline
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources plans to operate a new transportation pipeline for petroleum products on the Mediterranean coast, according to Al Arabiya Business. The new pipeline will link the MIDOR oil …
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20 May 05:10 PM Civil aviation contributes $53bn to Saudi economy – GACA
Riyadh – Mubasher: Saudi Arabia’s civil aviation sector is contributing $53 billion to the kingdom's economy, according to a report by the General Authority of Civil Aviation (GACA). The contribution of the sector to the Saudi economy includes …
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13 May 10:32 AM UAE tops global rankings in fibre-to-the-home penetration
UAE – Mubasher: The UAE has been named the global leader in fibre-to-the-home (FTTH) penetration for the eighth consecutive year. The country has achieved an FTTH penetration rate of 99.30%, according to a report by the FTTH Council. The report …
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1 May 09:20 AM amana's strategy reinforces MENA trading volumes by 190%
UAE – Mubasher: Dubai-based neobroker amana launched a groundbreaking strategy to boost access to the MENA stock markets for its customers, according to a press release. In February, the investment service provider developed an initiative to …
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23 April 02:51 PM UAE pens MoU with 3 countries for Development Road project
UAE – Mubasher: The UAE has signed a memorandum of understanding (MoU) with Iraq, Qatar, and Türkiye for cooperation on the Development Road project. The project seeks to create a sustainable economy bridging East and West, increase international …
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16 April 01:52 PM DXB leads world’s top busiest airports for 10th consecutive year
UAE – Mubasher: Dubai International (DXB) has topped the 2023 list of top 10 busiest airports worldwide. The latest achievement marks DXB’s tenth year of leading the list, which is put by the Airports Council International (ACI), according to a …
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11 April 07:02 PM Saudi Arabia, Kuwait’s crude oil production rises in March; UAE shows decline
Mubasher: The Saudi crude oil production surged by 20,000 barrels per day (bpd) to hit 9.03 million bpd in March 2024 compared with 9.01 million bpd in February, according to the latest OPEC report. The average crude oil production by Saudi Arabia …
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7 April 01:12 PM Gulf banks could benefit from macroeconomic shift in Turkiye – Fitch Ratings
Mubasher: Potential macroeconomic changes in Turkiye are set to benefit subsidiaries of GCC-based banks in the country. A disinflation in Turkiye is set to cut GCC banks’ net losses and the decelerated devaluation of the lira is expected to reduce …
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28 March 03:59 PM Middle East, Eurasia make 32% of SMEs drawn to Dubai in 2023
UAE – Mubasher: Around 32% of the Small and Medium-sized Enterprises (SMEs) attracted by Dubai in 2023 originated from the Middle East and Eurasia. Meanwhile, 29% of SMEs drawn to the emirate come from Asia and Australia, according to data …
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21 February 08:11 PM Saudi Arabia could form majority of region’s MSCI EM – Goldman Sachs at Saudi Capital Market Forum
Riyadh – Mubasher: The MENA region could become 10% of MSCI Emerging Markets (EM) Index, with Saudi Arabia accounting for approximately 70% of this percentage, according to Goldman Sachs’ Richard Cormack, who is the Co-Head of Equity Capital …
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31 January 05:17 PM MENA green bonds see 155% jump in issuances; UAE, Saudi Arabia lead
Mubasher: The UAE and Saudi Arabia have dominated regional green bond league tables in 2023 with a combined 77% of total issuances in MENA, based on data from Bloomberg’s Capital Markets League Tables. The region witnessed an annual surge of 155% …
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21 January 01:53 PM stc tops ME telecom sector as most valuable brand with $13.9bn – Report
Riyadh – Mubasher: Saudi Telecom Company (stc) has maintained its top spot as the highest valuable brand in the telecom sector across the Middle East with $13.90 billion, according to Brand Finance Global 500 report for 2024. stc was the strongest …
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18 January 03:12 PM Qatar likely to sell 1st green bond shortly
Mubasher: Qatar is ready to sell its first green bond in the near future, Bloomberg cited the state Minister of Finance, Ali Al Kuwari, at the World Economic Forum in Davos. Al Kuwari stated: “We’re ready to do it very soon,” elaborating that “We …
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17 January 02:40 PM Egypt’s Paymob becomes 1st international fully licensed fintech in Oman
Cairo – Mubasher: Paymob, a global financial technology company headquartered in Egypt, has landed in Oman after receiving the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence which made it the first international fintech firm …
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26 December 2023 05:02 PM Kuwait's Q2-23 trade deficit with GCC shrinks to lowest level since Q1-22
Mubasher: Kuwait's trade deficit with the GCC countries dropped in the second quarter (Q2) of 2023 to its lowest level since Q1-22 when it recorded KWD 262.30 million, driven by higher exports and lower imports. Kuwait registered a trade deficit …
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25 December 2023 09:59 AM MENA's Valu boosts financial expansion with EGP 953m bond issuance
Cairo – Mubasher: MENA's leading fintech platform Valu has closed its seventh securitised bond issuance at a value of 953.10 million, according to a press release. In line with the approved extended EGP 9 billion programme, this followed the EGP …