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Oil sector growth will be kept in check
2 hours ago Saudi non-oil growth to average 2.4% in next three years – NBK
Riyadh – Mubasher: Saudi Arabian non-oil growth is expected to reach 2.7% in 2019, amounting to an average of 2.4% in 2020-2022. The growth of the kingdom’s oil sector will be kept in check due to output cuts commitments with OPEC+, a report by …
13 December 10:53 PM Oil futures end 89 cents higher on Friday
​​​​​​​Mubasher: Oil futures went up at Friday’s settlement, rising 1.5% for the week, as US President Donald Trump announced reaching a trade agreement with China.
13 December 10:45 PM Gold levels up $9 at Friday’s end, records weekly gain
Mubasher: Gold prices grew at Friday’s settlement, rising 1.1% for the week.
13 December 07:47 PM US, China agree to stop drums of trade war
Mubasher: The US and China have agreed on an initial trade deal that will reduce tariffs between the two countries.
13 December 05:12 PM Global Thermal Paper Market to reach $5.5bn by 2025
Mubasher: The Global Thermal Paper Market’s value is expected to achieve a compound annual growth rate of 8.2% to reach $5.5 billion by 2025.
The All-Share Market index grew 77 points
13 December 04:20 PM Boursa Kuwait’s indices see varied performance in week
Mubasher: The Boursa Kuwait’s indices ended the second week of December in a mixed note, while market capitalisation gained KWD 442 million ($1.46 billion). The All-Share Market index grew 77 points, or 1.27%, to 6,115.33 points over the week, …
13 December 03:20 PM Chinese education market to produce $572bn in 4 years
Mubasher: Education market in China is expected to generate $572.51 billion by the end of 2023, expanding at a compound annual growth rate of 11.3%.
13 December 02:41 PM World’s rare earths market to hit $5.62bn in 5 years
Mubasher: World's rare earth materials market is projected to reach $5.62 billion by 2025, according to a business data platform.
13 December 12:21 PM Telenor chooses Ericsson to build Norway’s 5G network
Mubasher: Norway’s state-controlled Telenor chose Sweden’s network equipment giant Ericsson as the main provider for its fifth-generation network, the telecoms company said on Friday.
Domestic consumption fell to 31 million tonnes
13 December 11:14 AM Egypt’s petroleum consumption declines 8m tonnes in 4 years
Cairo – Mubasher: Egypt’s domestic petroleum consumption has declined in four years, as a result of the implementation of reforms to the pricing structure of petroleum products, according to petroleum minister Tarek El Molla. Domestic consumption …
Kuwait crude oil settled at $65.60 per barrel
13 December 10:41 AM Kuwaiti oil barrels end Thursday at $65.60 pb–KPC
Mubasher: Kuwait crude oil edged up by $0.26, settling at $65.60 per barrel (pb) on Thursday, Kuwait News Agency (KUNA) said on Friday, citing the Kuwait Petroleum Corporation (KPC). This came after Kuwaiti barrels recorded $65.34 pb in the prior …
12 December 06:45 PM GlobalData: 2020 to become the year of instant payments   
While the payments trend focused on technologies like artificial intelligence (AI), the instant bank-to-bank payments systems will lead the payments transformative technology in 2020.
Al Arabiya will incur net loss of KWD 490,740
12 December 06:18 PM Al Arabiya Real Estate sells properties for KWD 4.2m
Mubasher: Al Arabiya Real Estate has signed an initial contract to sell properties in the Kuwaiti cities of Al Salmiya and Al Farwaniya for KWD 4.17 million, the company said on Thursday. Once the sale is concluded, Al Arabiya will incur net loss …
KAMCO is the merging company
12 December 05:54 PM KAMCO finalises merger with Global Investment House
Mubasher: KAMCO Investment on Thursday announced the finalisation of the merger with Global Investment House, according to the company’s Boursa Kuwait disclosure. The merger was implemented through exchanging 138.878 million Global capital shares, …
The Securities House is the merging company
12 December 05:19 PM The Securities House approves merger with Al Aman Investment
Mubasher: The board of directors of The Securities House approved the merger contract with Al Aman Investment. The board gave the green light for the swap ratio of 1.402:1 for the merger between The Securities House and Al Aman Investment, …
KAMCO's assets will fall by $83.8 million
12 December 05:11 PM KAMCO sells major stakes in overseas special-purpose entities
Mubasher: Kuwait-based KAMCO Investment announced on Thursday the sale of major stakes in overseas special purpose entities. KAMCO also acquired, through the stake sale, an administrative building fully leased to mortgage loan giant Freddie Mac, …
Warba Bank's long-term IDR was confirmed at 'A+'
12 December 04:34 PM Fitch confirms Warba Bank’s credit ratings, stable outlook
Mubasher: Fitch Ratings affirmed Warba Bank’s issuer default ratings (IDR) on the long and short terms at ‘A+’ and ‘F1,’ respectively, with a stable outlook, the lender said in a statement. Moreover, the ratings agency confirmed Warba Bank’s …
Warba Capital posted losses of KWD 64,880
12 December 03:55 PM Warba Capital’s losses shrink 51% in Q1-19/20
Mubasher: Warba Capital Holding trimmed its losses by 50.9% in its first financial quarter ended 31 October 2019, compared with last year, the company said in a Boursa Kuwait filing. Warba Capital posted losses of KWD 64,880 ($214,150) in the …
Boubyan profit came in at KWD 1.122 million
12 December 03:35 PM Boubyan Petrochemical’s profit jumps by 47.3% in Q2-19/20
Mubasher: Boubyan Petrochemical Company’s net profit climbed by 47.3% year-on-year in its second quarter ended 31 October 2019, the company’s bourse disclosure showed on Thursday. Boubyan profit came in at KWD 1.122 million ($3.7 million) in the …
Boubyan sold nearly 3.326 million Saudi Aramco shares
12 December 03:05 PM Boubyan Petrochemical exits stake in Aramco
Mubasher: Boubyan Petrochemical Company has sold its entire shares in Saudi Arabian Oil Co (Saudi Aramco), just after two sessions, profiting KWD 1.6 million ($5.3 million), according to a bourse statement. Boubyan sold nearly 3.326 million Saudi …
Kuwaiti stocks reversed losses by the end of Thursday
12 December 02:32 PM Boursa Kuwait turns green by Thursday’s end
By: Mohamed Farouk Mubasher: Kuwaiti indices reversed losses by the end of Thursday’ session, led mainly by banks. The All-Share Market index settled 0.27% or 16.27 points higher at 6,115.33 points, while the Main Market and Premier indices …
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat currencies expected to reshape the future of financing as many countries …
12 December 12:50 PM KKR completes acquisition of 70% stake in NVC China
The investment was made from KKR’s Asian Fund III
Tribal Credit recently closed a $5.5 million Seed round
12 December 12:04 PM How startups benefit from blockchain at Tribal Credit – Interview with Mohamed ElKasstawi
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups nowadays should look for new ways to boost their business, and one of these ways is using blockchain technologies and digital money. The US-based Tribal Credit, headquartered in Silicon …
12 December 12:03 PM Biocorp, Sanofi inks insulin delivery tech deal
Mubasher: France’s Biocorp inked a partnership agreement with pharmaceutical giant Sanofi for the use of the medical device maker’s connected device for insulin pens, Mallya.