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21 September 06:05 AM

Local Economy

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20 September 11:29 AM Saudi Arabia continues to be China’s top oil supplier in August
Riyadh – Mubasher: Saudi Arabia has retained its position as China's top crude oil supplier for the ninth month in a row during August, Reuters cited official data by China’s General Administration of Customs on Monday. Saudi oil exports to China …
Commodities
Photo Archive
16 September 04:56 PM Saudi oil exports hit six-month high in July
Riyadh – Mubasher: Saudi Arabia’s oil exports increased to 7.65 million barrels per day (bpd) in July, hitting the highest level in six months since recording 7.75 million bpd in January, according to official data on Thursday. The exports volume …
Commodities
Nihal El-Chami, Head of Programme and Marketing at Falak Startups
14 September 12:49 PM Startup Lounge: More VC investors now interested in Africa, Middle East – Nihal El-Chami
By: Marina Gamil Cairo – Mubasher: With the growing number of startups across different sectors, especially financial technology (FinTech), the dynamics of the venture capital (VC) landscape in Egypt have been changing with local and international …
Companies Investments
ITFC approved for its member countries more than $58 billion since 2008
8 September 05:45 PM ITFC supports members with $605m under COVID-19 Response Program
Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided the member countries with $605 million as financial support under its COVID-19 Response Program, CEO of ITFC, Hani Sonbol, announced. The corporation aimed to help …
Sector Reports
The Kuwaiti airline will operate two daily flights between Kuwait and Cairo
5 September 04:23 PM Kuwait Airways resumes commercial flights to Cairo after one-year halt
Mubasher: Kuwait Airways has launched its first commercial flight to Egypt's Cairo on Sunday after about a one-year suspension.  The Kuwaiti airline will operate two daily flights between Kuwait and Cairo starting from 5 September, according to a …
The Egyptian payment portal myFawry has led Forbes Middle East list
31 August 10:58 AM Forbes Middle East releases region's top Fintech apps for 2021
Mubasher: Forbes Middle East has announced the region's 15 top Fintech apps 2021, with 9.5 million downloads and $6.9 billion worth of transactions in 2020. The Egyptian payment portal myFawry has been placed in the first position in the list with …
Macroeconomics
There was a decline in the capital investment to $12.4 billion
26 August 02:24 PM FDI projects in region decline 7%, capital investment shrinks 17% in H1-21
Mubasher: The number of foreign direct investment (FDI) projects in the Arab countries has decreased by 6.9% to 285 during the first half (H1) of 2021, according to a report by The Arab Investment & Export Credit Guarantee Corporation (Dhaman) on …
Sector Reports
Saudi Arabia set Arab Light OSP to Northwest Europe at a discount of $1.70/barrel
4 August 03:14 PM Aramco raises September crude official selling prices for Asia
Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has increased the September official selling prices (OSPs) for its Arab light crude to $3 per barrel above the Oman/Dubai average for Asia, Reuters reported on Wednesday. The Kingdom has …
Commodities
The CBK focused on employee development
27 July 05:01 PM C. bank’s FY20/21 has undoubtedly been an exceptional year – Al Hashel
Mubasher: The fiscal year (FY) 2020/2021 has undoubtedly been an exceptional year for the Central Bank of Kuwait (CBK), as the COVID-19 pandemic was a true test to the robust monetary and regulatory policies the CBK worked to implement over the …
Banking and Finance
The debt instruments carry a three-month maturity
26 July 02:38 PM CBK offers debt instruments worth SAR 200m
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq at a total value of KWD 200 million, according to a press release on Monday. The debt instruments carry a three-month maturity, with a 1.125% rate of return. Last …
Banking and Finance
The loan agreement was signed on 23 November 2020
25 July 11:44 AM El-Sisi approves Kuwaiti loan for two seawater desalination plants
Cairo - Mubasher: The Egyptian President, Abdel Fattah El-Sisi, issued decree no. 77 of 2021, approving the KWD 5.5 million loan agreement between the government and the Kuwait Fund for Arab Economic Development (KFAED), the Middle East News …
Macroeconomics
Photo Archive
22 July 09:51 PM Kuwait calls on citizen to delay travel plans to Indonesia
Mubasher: The Kuwaiti Foreign Ministry has urged citizens who wish to travel to Indonesia to postpone their plans, due to the critical health situation caused by the rapid spread of the coronavirus (COVID-19). In addition, The Ministry's Consular …
Macroeconomics
20 July 01:03 PM China records 19% lower oil imports from Saudi Arabia in June
Riyadh - Mubasher: China's oil imports from Saudi Arabia declined by 19% year-on-year (YoY) to 7.2 million tonnes, equivalent to 1.75 million barrels per day (bpd), in June, Reuters reported. Although China witnessed a decrease in oil imports from …
Macroeconomics
Kuwait Investment Authority has occupied the third position
20 July 11:57 AM SWFI lists four Arab sovereign wealth funds among world's top ten funds in July 2021
Mubasher: A total of four Arab sovereign wealth funds are listed among the world's top ten sovereign wealth funds in July 2021, with combined assets of $2.074 trillion, according to the recent data by the Sovereign Wealth Fund Institute (SWFI). …
Macroeconomics
The Hajj season this year will witness a digitised journey from start to finish
13 July 01:37 PM How pilgrims benefit from digitisation when performing Hajj
By: Ingy ElSafy Mubasher: The COVID-19 pandemic has brought technology-enhanced methods that help authorities implement social distancing to preserve the health of people. Saudi Arabia will provide a digital Hajj (Muslim pilgrimage) this year and …
Global Economy
Majority of GCC consumers likely to opt for digital banking services
6 July 05:22 PM Majority of GCC consumers likely to opt for digital banking services
Mubasher: The majority of GCC consumers, about 85% of respondents to a survey, would currently opt for digital banking services rather than visiting a bank branch, according to a paper by Backbase with YouGov. With the appetite accelerating more …
Sector Reports
GACA issued a circular to all airlines operating in Saudi Arabia
4 July 03:48 PM Saudi Arabia suspends flights to three destinations on COVID variant
Riyadh – Mubasher: Saudi Arabia’s General Authority of Civil Aviation (GACA) has suspended direct and indirect travel of citizens to the UAE, Ethiopia, and Vietnam without obtaining prior permission from the concerned authorities due to the …
Global Economy
MENA’s ESG market currently represents 1.3% of 2021's global issuance
4 July 02:35 PM Green finance in MENA reaches $6.4bn in H1, exceeds global growth rate
Mubasher: Green and sustainability-linked debt issuances in the MENA region amounted to $6.4 billion in value during the first half (H1) of 2021, exceeding the global growth rate, according to a report by Bloomberg on Sunday. The region’s green …
Banking and Finance
Middle East accounts for 23% of the global gaming industry
27 June 04:31 PM Mobile gaming market in Middle East likely to exceed $4bn next year
Mubasher: Approximately 100 million people in the Middle East use mobile gaming, with the industry across the region expected to reach $4.4 billion by 2022 compared to $1.06 billion in 2016. The region’s mobile gaming market grew 25% in 2020, …
Macroeconomics
The Swiss government is adhering to the opening strategy of the EU
27 June 02:02 PM Vaccinated GCC guests to enter Switzerland without quarantine, testing
Mubasher: All visitors from the Arabian Gulf countries who are vaccinated against COVID-19 will be allowed to enter Switzerland without the need to undergo quarantine nor testing. This decision has come to effect on 26 June, according to a press …
Macroeconomics
The UAE topped the Arab region with $19.88 billion worth of FDIs
24 June 02:34 PM UAE, Egypt, Saudi Arabia top Arab countries in FDIs
Mubasher: The UAE, Egypt, and Saudi Arabia were the top three Arab countries attracting foreign direct investment (FDI) inflows in 2020, according to the Arab Investment & Export Credit Guarantee Corporation (Dhaman) report on Thursday. The …
Macroeconomics
Diraya is managed by Kuwait Banking Association
23 June 02:23 PM CBK launches Diraya campaign for loan encashment risks
Mubasher: The Central Bank of Kuwait (CBK) has initiated Diraya (Be Aware) campaign to address the practice of loan encashment and its risks, according to a press release on Wednesday. The campaign aims to endorse financial awareness across all …
Banking and Finance
Ahmed El-Alfi, Chairman of Sawari Ventures
22 June 04:46 PM Startup Lounge: Tech offers great opportunities for success – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: In the second instalment of our interview with the Founder and Chairman of Sawari Ventures, Ahmed El-Alfi, we discuss the future of technology and the opportunities of startups to succeed as technological …
Global Economy
Ahmed El-Alfi, Chairman of Sawari Ventures
21 June 01:01 PM Startup Lounge: High growth requires taking risks – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: Today’s guest in the Startup Lounge has played an integral role in developing the entrepreneurial scene in Egypt and the MENA region. He is one of the startup ecosystem leaders and investors who brought real …
Banking and Finance
Morocco has emerged as a trending destination for Saudis
20 June 01:27 PM UAE, Egypt among top regional destinations for Saudis – Almosafer
Mubasher: The UAE, Egypt, Bahrain, and Qatar have topped the MENA region’s list of destinations of interest for Saudi international travellers since Saudi Arabia reopened its borders a month ago, given their proximity and familiarity, a recent …
Macroeconomics