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01 March 07:53 PM

Local Economy

IPO numbers globally continued to pick up with 1,363 IPOs taking place in 2020.
02:32 PM KSA continues to lead IPO market in MENA with $1.45bn raised on Tadawul in 2020
Riyadh - Mubasher: The MENA region saw nine initial public offerings (IPOs) raise proceeds of $1.86 billion, a fall of 40% in total issuances and 94% in total proceeds when compared with 2019, according to the EY MENA IPO Eye Q4 2020 report. Out …
Initial Public Offerings
The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020.
25 February 01:38 PM Saudi trade exchange with 4 Gulf countries falls 6.1% in 2020
Riyadh – Mubasher: Saudi Arabia’s trade exchange with the UAE, Bahrain, Kuwait, and Oman slid by 6.06% in 2020 when compared to a year earlier. The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020, …
Macroeconomics
The GCC insurers could face key risks relating to volatility of earnings
25 February 12:51 PM S&P Global ratings on GCC insurance market expected to remain stable in 2021
Mubasher: S&P Global predicted its ratings on the GCC insurance market to remain stable in 2021, attributed to strong capital buffers, despite the coronavirus (COVID-19) economic repercussions and uncertainty. A relatively large number of the GCC …
Macroeconomics
Abu Dhabi's trade with Kuwait includes AED 19.7bn exports
24 February 10:24 AM Abu Dhabi's non-oil trade with Kuwait hits AED 51.3bn over five years
UAE - Mubasher: The total value of Abu Dhabi's non-oil trade with Kuwait reached AED 51.3 billion over the past five years, the Abu Dhabi media office reported. Abu Dhabi's non-oil trade with Kuwait comprised AED 19.7 billion exports, AED 2.6 …
Macroeconomics
The Middle East and Africa witnessed the highest level in percentage terms
18 February 01:35 PM Middle East insurance M&A defies COVID-19-driven dip in 2020; expected to surge in 2021
Mubasher: The insurance sector across the world has registered 407 completed merger and acquisition (M&A) deals in 2020, lower than 419 in 2019. This record was mentioned by finding opportunity in adversity, the latest edition of global law firm …
Global Economy
Saudi Arabia was the top GCC buyer of US Treasury bonds with $134.4 billion in December 2020.
17 February 02:34 PM GCC holdings of US Treasuries fall 16.5% in December
Mubasher: Investments of the GCC states in US Treasury bills and bonds decreased by 16.5% or $45.9 billion year-on-year (YoY) during December 2020. Total investments of Gulf countries in US Treasury bills and bonds amounted to $231.414 billion in …
Macroeconomics
The kingdom’s decision will apply only to contracts offered by the government.
16 February 12:16 PM KSA to cease contracting with foreign firms without regional HQ from 2024
Riyadh – Mubasher: Saudi Arabia will no longer sign contracts with foreign companies that do not have a regional headquarters in the kingdom after 2023, Reuters reported citing the Saudi Press Agency (SPA). The policy, which comes into effect on 1 …
Global Economy
Photo Archive
15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Macroeconomics
The USD slid to EGP 15.74 at the end of 2020
15 February 01:51 PM EGP among world’s top performing currencies in four years
Cairo – Mubasher: The Egyptian pound was among the top performing currencies worldwide against the US dollar over the last four years, the cabinet’s media centre said on Monday. The EGP exchange rate improved gradually since the beginning of the …
Macroeconomics
Photo Archive
10 February 03:13 PM KSA, Oman most exposed to diminishing fiscal uplift from SWF buffers - Moody's
Riyadh - Mubasher: The impact of the coronavirus pandemic on oil demand and prices has significantly increased gross funding requirements for sovereigns across the GCC, which will be partly funded by drawing down sovereign wealth fund (SWF) …
Ratings
Egyptian women feature the most with eight entries, followed by Emirati women with seven entries.
4 February 12:04 PM Forbes Middle East unveils Mideast’s Power Businesswomen 2021
Dubai – Mubasher: Forbes Middle East’s annual "Power Businesswomen" ranking celebrates 50 fearless regional female leaders and highlights the powerhouses who have shown resilience, flexibility, and strength in the face of unprecedented adversity. …
Global Economy
The total number of primary issuances during last year totalled 360.
3 February 02:28 PM Bonds, Sukuk primary issuances in GCC see value rising to $132.7bn in 2020
Mubasher: Primary debt issuances in the GCC region set a new record for the total value of issuances raised in one year, despite the double blow of the Covid-19 outbreak and the subsequent decline in oil prices, according to Kuwait Financial …
Sukuk and Islamic Finance
The campaign messages are published through several channels
3 February 01:25 PM CBK launches Diraya campaign to address e-crimes, e-fraud
Mubasher: The Central Bank of Kuwait (CBK) has recently launched 'Be Aware' Campaign (Diraya in Arabic) to enhance public awareness on e-fraud and e-crime, in cooperation with Kuwait Banking Association (KBA). With the participation of all Kuwaiti …
Central Banks
Regional debt issuances are expected to remain robust in 2021.
28 January 12:09 PM GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
Bonds
During the MoU signing ceremony today
26 January 04:22 PM DirectFN to bring latest fintech-style technology across Uzbekistan
Riyadh – Mubasher: Uzbekistan’s Capital Markets Development Agency (CMDA) and DirectFN Ltd. penned a memorandum of understanding (MoU) to start a meaningful dialogue and cooperate on the possibility of launching the most-advanced fintech-style …
Macroeconomics
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
Macroeconomics
The supercomputer is named after the first oil well discovered in Saudi Arabia.
19 January 01:26 PM Saudi Aramco, STC launch Dammam 7 supercomputer
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and the Saudi Telecom Company (stc) on Tuesday announced launching “Dammam 7”, a new supercomputer and one of the world’s 10 most powerful computers. The supercomputer, which is named …
Companies Investments
Photo Archive
17 January 01:43 PM Emirates’ trade surplus with GCC hits AED 3bn in 9M
Dubai – Mubasher: The UAE’s trade surplus with GCC countries amounted to AED 3 billion ($817 million) during the first nine months of 2020. The achieved surplus excludes AED 35.601 billion worth of non-oil exports and AED 32.61 billion worth of …
Sector Reports
The oil price is predicted to stabilise at around $50 per barrel
12 January 04:02 PM Global Sukuk issuance expected to rise to $140-$155bn in 2021
Mubasher: Global Sukuk issuance is expected to rise to around $140-$155 billion in 2021, driven by a recovery in issuance in Malaysia, Indonesia, and the GCC countries, according to a report by S&P Global Ratings. In 2020, the global Sukuk …
Macroeconomics
The issued bonds and related Tawarruq have a return rate of 1.125%
11 January 04:36 PM CBK issues KWD 240m bonds
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq at a total value of KWD 240 million, according to a press release on Monday. With a three-month maturity period, the issued bonds and related Tawarruq have a …
Central Banks
The UAE’s Minister of State for Foreign Affairs, Anwar Gargash
7 January 01:44 PM UAE says trade, transport may resume with Qatar within week
Abu Dhabi – Mubasher: Trade and transportation could resume between Qatar and boycotting countries within a week, Reuters reported on Thursday citing the UAE’s Minister of State for Foreign Affairs, Anwar Gargash. “Some issues are easier to fix …
Politics
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
Banking and Finance
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
Currencies
Saudi Arabia's Crown Prince Mohammed bin Salman signing the agreements.
5 January 04:44 PM Gulf leaders sign 41st GCC summit closing statement, Al ULA agreement
Riyadh – Mubasher: Gulf leaders on Tuesday have inked the closing statement of the 41st GCC summit and Al ULA agreement. The annual GCC summit kicked off today at Maraya Concert Hall in Saudi Arabia’s Al ULA city, with the presence of all member …
Global Economy
Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the annual summit.
5 January 03:17 PM 41st GCC summit kicks off in Saudi Al ULA city
Riyadh – Mubasher: The 41st GCC summit has kicked off on Tuesday in Saudi Arabia’s Al ULA city. Earlier today, Gulf Arab leaders headed to Saudi Arabia to attend the summit. Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the …
Global Economy