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Local Economy

Oilfields used 8.9 BCM of natural gas
25 January 07:50 PM Oman’s natgas output, imports hit 42.2 BCM in Nov. 2019
Mubasher: Oman’s local natural gas production and imports edged up 0.08% year-on-year to 42.194 billion cubic metres (BCM) by the end of November 2019, the Oman News Agency (ONA) reported on Saturday. Industrial projects accounted for 3.8% of the …
Non-oil exports to GCC countries hit KWD 65.1m
25 January 04:21 PM Kuwaiti non-oil exports level up by 9.2% YoY in 2019
Mubasher: The value of certificates of origin (COs) for Kuwaiti non-oil exports grew by 9.2% year-on-year in 2019, the Kuwait News Agency reported on Saturday. The number of COs for non-oil exports to Arab and foreign countries reached 14,830 at a …
Brent crude futures went down by 2.2%
25 January 04:03 PM Kuwait crude oil price falls $0.6 pb on Friday
Mubasher: The price of Kuwait’s crude oil declined by $0.6 per barrel (pb) on Friday, compared to the day earlier.   Kuwait’s crude oil settled at $63.57 pb on Friday, against $64.17 pb on Thursday, according to the Kuwait News Agency. Brent crude …
2020 bond due in April fell 2.7 cents
24 January 08:56 PM Lebanese dollar gov’t bonds tumble on Friday
Mubasher: A group of Lebanese dollar government bonds plunged on Friday, seeing record-low levels, according to Reuters.  The country’s 2020 bond due in April fell 2.7 cents to reach $0.775, while 2020 bond due in April levelled down 1.6 cents …
UAE topped the region
24 January 08:21 PM UAE’s e-commerce market totals $18.5bn in 2019
UAE – Mubasher: E-commerce sales in the Middle East and North Africa (MENA) grew by 20% year-on-year 2019, according to a report released on Friday by e-commerce platform Jollychic. The report expects e-commerce sales in MENA to grow at a range …
Brent crude futures declined by $1.17
24 January 03:39 PM Kuwait crude oil price sheds $1.5 pb on Thursday
Mubasher: The price of Kuwait’s crude oil went down by $1.49 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $64.17 pb on Thursday, against $65.66 pb on Wednesday, according to the Kuwait News Agency. …
Moody's affirmed KFH's, AUB's BCA
24 January 03:27 PM Moody's affirms ratings of KFH, AUB Kuwait
Mubasher: Moody's Investors Service has affirmed credit ratings of two Kuwaiti banks, according to a statement released on Friday. The global rating agency affirmed the A1 / Prime-1 long and short-term domestic and foreign currency deposit ratings …
DMCC Crypto Valley will offer a variety of services
24 January 03:03 PM DMCC enters partnership to launch Crypto Valley in Dubai
UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Crypto Valley Venture Capital (CV VC) and CV Labs to launch an ecosystem for cryptographic, blockchain, and distributed ledger technologies in Dubai. The new …
Government enterprise IT spending is forecast to record a CAGR of 5.7%
23 January 05:51 PM Digital transformation, innovation spending to see robust growth in META
Dubai – Mubasher: Investments in digital transformation and innovation are expected to make up 30% of total information technology (IT) spending in the Middle East, Turkey, and Africa (META) by 2024, compared to only 18% in 2018, according to a …
Egyptian trade minister, Neven Gamee
23 January 05:04 PM Bahraini investments in Egypt amount to $3.2bn
Cairo – Mubasher: The value of Bahraini investments in 216 projects in Egypt has reached $3.2 billion, Egyptian trade and industry minister Neven Gamee stated on Thursday. These investments are focused on finance, constructions, manufacturing, …
The breakthrough will close the loop in the circular economy
23 January 02:13 PM EQUATE Group announces 1st batch of Viridis 25 ready
Mubasher: EQUATE Group on Thursday announced the successful production of the first batch of Viridis 25, a new food-grade polyethylene terephthalate (PET) by the subsidiary Equipolymers (EQP) that is made with up to 25% chemically recycled PET as …
The Middle East’s trade surplus with Japan shrank by 18.2% in 2019
23 January 01:33 PM Kuwait’s trade surplus with Japan down 6.8% in 2019
Mubasher: Kuwait’s trade surplus with Japan slipped by 6.8% on an annual basis during 2019, according to a report issued by Japan’s Ministry of Finance on Thursday. The surplus amounted to 563.99 billion Japanese Yen ($5.13 billion) last year, …
Good regulation prevents chaotic disruption
23 January 01:04 PM Middle East’s renewable energy targets face obstacles - GlobalData
Mubasher: The increasing dependence on solar and wind energy in the Middle East, led by Abu Dhabi, Dubai, and Saudi Arabia, has become remarkable, driven by governments’ ambitious renewable energy targets. However, the adoption of renewable energy …
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 …
Egypt tops Arab countries attracting Emirati investments
22 January 11:15 PM Emirati investments in Egypt exceed AED 26.5bn
UAE – Mubasher: The Emirati investments in Egypt have exceeded AED 26.5 billion ($7.2 billion), secretary-general of the UAE International Investors Council, Jamal Saif Al Jarwan, stated on Wednesday, according to the Emirates News Agency. Al …
Private sector local currency deposits slid by 0.8% in November 2019
22 January 12:56 PM Kuwait’s bank deposits up to KWD 43.6bn in November 2019 – KFH report
Mubasher: Kuwaiti banking sector's deposits grew by KWD 656 million or 1.5% year-on-year (YoY) to approach KWD 43.6 billion in November 2019, Kuwait Finance House (KFH) said in a recent report, citing data from the Central Bank of Kuwait (CBK).    …
Kuwait’s expenditures and commitments surged by 13% in 9M-19/20
22 January 10:37 AM Kuwait’s oil revenues down to KWD 11.58bn in 9M-19/20
By: Eman Ghaly  Mubasher: Kuwait’s oil revenues dipped by 20.95% year-on-year (YoY) during the first nine months of fiscal year 2019/2020, according to the monthly report issued by the Ministry of Finance. The GCC nation's oil revenues reached KWD …
Saudi finance minister Mohammed al-Jadaan
21 January 09:54 PM Proceeds from Aramco’s IPO to finance industries in Saudi Arabia
Mubasher: Saudi Arabia will use the proceeds from Saudi Aramco’s initial public offering (IPO) to support the local economy over several years, finance minister Mohammed al-Jadaan told Reuters on Tuesday. The Public Investment Fund (PIF) received …
Non-oil economy may grow by 2.8% this year
21 January 08:47 PM Bahraini economy to grow 2.3% in 2020
Mubasher: The Bahraini economy is expected to maintain the same growth rate recorded last year in 2020, governor of the Central Bank of Bahrain (CBB) Rasheed Al Maraj stated on Tuesday. Strategic projects will have a positive impact on the …
Kuwait's surplus amounted to KWD 2.009 billion in 9M
21 January 04:14 PM Low revenues weigh on Kuwait’s budget deficit in 9M-19/20
Mubasher: Kuwait has recorded a budget deficit during the first nine months of fiscal year 2019/2020 after transferring the future generations’ reserve, pressured by low income and higher expenses, according to a statement by the Ministry of …
Salaries and subsidies represent 71% of the Kuwait's 2020 budget
21 January 02:22 PM Kuwait’s 2020 budget not giving optimism to firms – GlobalData
Mubasher: While Kuwait is an extremely wealthy and oil-rich state with huge investment demands, the Kuwaiti market failed to invest in infrastructure or strategic projects over the past few years, GlobalData recently reported citing its editorial …
The issuance will be due on 21 April 2020
21 January 10:47 AM Kuwait C.bank issues KWD 240m bonds; oversubscribed 12 times
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds and related tawarruq at a value of KWD 240 million ($792.40 million), with a 2.750% rate of return.   The issuance was oversubscribed by 12.125 times and registered an overall …
Chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk
20 January 03:59 PM KFH, AUB merger to generate higher profits; BHB listing approved
Mubasher: The chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk stressed that the bank focuses on merger and acquisition opportunities, CNBC Arabia reported on Monday. He noted that KFH’s merger with Bahrain’s Ahli United Bank …
Deposits grew by 1.5% YoY in November 2019
20 January 12:04 PM Kuwaiti banks grant KWD 38.2bn loans in November 2019 – KFH
Mubasher: The credit facilities provided by the Kuwaiti banking sector increased by 4.7% year-on-year (YoY) in November 2019, registering KWD 38.2 billion from KWD 36.5 billion. Meanwhile, deposits grew by 1.5% YoY in November 2019, according to a …
The UAE is one of AGFUND’s founding countries
19 January 04:43 PM ADFD pens agreement to allocate $20m to AGFUND
UAE – Mubasher: Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, has signed an agreement to provide $20 million (AED 73 million) to the Arab Gulf Programme for Development (AGFUND), a regional …