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07 July 10:23 PM

Local Economy

The Central Bank of Kuwait
5 hours ago Kuwaiti reserves up 14.4% in May
Mubasher: Kuwait’s foreign reserves increased by 14.41% during May, according to recent data by the Central Bank of Kuwait (CBK). Reserve assets amounted to KWD 13.67 billion ($44.52 billion) by the end of May 2020, compared with KWD 11.95 billion …
Central Banks
This is NEOM’s first partnership with leading renewable energy partners
03:47 PM NEOM, ACWA Power, Air Products ink $5bn agreement
Riyadh - Mubasher: Air Products has signed an agreement with ACWA Power, and NEOM for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. The project, equally owned by the three partners, will be …
Companies Investments
Kuwaiti crude price reached $44.05 per barrel
01:49 PM Kuwaiti oil price exceeds $44 pb
Mubasher: The price of Kuwaiti oil went up by $0.95 on Monday, according to the Kuwait Petroleum Corporation (KPC). Kuwaiti crude price reached $44.05 per barrel (pb) yesterday, compared with $43.10 pb on Friday, Kuwait News Agency (KUNA) …
Macroeconomics
The airline aims to operate nearly 45% of its pre-COVID capacity by August
12:54 PM Etihad Airways to expand services to 58 cities worldwide
Abu Dhabi - Mubasher: Etihad Airways announced the gradual expansion of normal scheduled services to more cities across its global network following the relaxation of COVID-19 travel restrictions on outbound and inbound travel for citizens and …
Global Economy
The offers will be received on Tuesday 12:00 pm
10:49 AM Egypt launches int’l wheat tender
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) launched on Monday a global tender to import an unspecified amount of wheat during the period from 8 to 18 August, Reuters reported. The offers will be received on …
Commodities
Central Bank of Kuwait
6 July 04:52 PM FDI in Kuwait up 2% in 2019
Mubasher: Foreign direct investment (FDI) in Kuwait increased by 2.03% during 2019, according to the data of the Central Bank of Kuwait (CBK). Last year, FDI in Kuwait totalled KWD 4.52 billion ($14.72 billion), up from KWD 4.43 billion ($14.42 …
Macroeconomics
GCC banks' interest income is expected to decline this year
6 July 11:57 AM GCC banks to witness lower profits in 2020 amid COVID-19
Mubasher: The profits of banks in GCC countries will decrease in 2020 due to the economic contraction amid the coronavirus (COVID-19) pandemic and lower oil prices, Moody's Investors Service said in a report on Monday. Moody's referred that …
Sector Reports
Fields in the zone could produce around 500,000 b/d
6 July 11:32 AM Saudi Arabia, Kuwait resume oil output from Al Wafra, Khafji
Mubasher: Saudi Arabia and Kuwait have resumed crude oil production from Al Wafra oilfield on 1 July after it has been halted for five years, the Kuwaiti Ministry of Oil announced on Monday. Meanwhile, crude oil production from Khafji oilfield, …
Macroeconomics
Aramco raised August prices to all markets
6 July 11:04 AM Saudi Aramco raises August oil prices
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has raised the August official selling prices (OSP) for its Arab light crude oil sold to all markets, Reuters reported on Monday. The oil giant set the August OSP for Asian customers …
Macroeconomics
The ratings and outlook reflect the satisfactory level of debt
1 July 04:10 PM CI affirms Al Imtiaz's long-term credit rating at 'BBB'; outlook stable
Mubasher: Capital Intelligence (CI) has affirmed the long-term and short-term credit ratings of Al Imtiaz Investment Group at 'BBB' and 'A3', respectively, and lowered its outlook from Positive to Stable. The 'Stable' outlook shows that the …
Ratings
Moody's has affirmed the bank's long-term deposit rating at 'A3'
1 July 12:22 PM Moody's affirms Boubyan Bank's credit ratings; outlook stable
Mubasher: Moody's Investors Service has maintained all the credit ratings of Boubyan Bank, with a 'Stable' outlook, according to the bank's disclosure to Boursa Kuwait on Wednesday. The credit rating agency has affirmed the bank's long-term …
Banking and Finance
Brent crude futures declined 56 cents
1 July 11:31 AM Kuwaiti crude oil increases $1.2 pb on Tuesday
Mubasher: Kuwaiti crude oil prices rose by $1.22 to $36.34 per barrel (pb) on Tuesday, compared to $35.12 on Monday, 29 June, according to Kuwait Petroleum Corporation (KPC). Globally, the crude oil prices fell amid the increasing concerns over …
Commodities
The price for Octane 91 has been set at SAR 0.98 per litre
1 July 10:45 AM Saudi Aramco adjusts fuel prices after latest VAT hike
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has adjusted the local fuel prices after the decision to increase the value-added tax (VAT) to 15% came into effect on Wednesday.     The oil giant has set the prices for the Octane …
Commodities
The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
Macroeconomics
Mansour Group, from Egypt, came in first place
28 June 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
Companies Investments
Photo Archive
28 June 10:50 AM Boursa Kuwait to resume suspended operations
Mubasher: Boursa Kuwait will resume some operations that were suspended due to the precautionary measures against COVID-19 during the past few months. In addition to the ongoing trading on the Kuwaiti stock exchange, as of Sunday 28 June, the …
Markets Regulations
The move will coincide with the November Semiannual Index Review
24 June 12:02 PM MSCI to promote Boursa Kuwait to emerging market in November
Mubasher: The MSCI index will reclassify the MSCI Kuwait Indices from frontier markets to emerging markets in November 2020, the Kuwaiti Capital Market Authority (CMA) announced on Tuesday. The move will coincide with the November Semiannual Index …
Macroeconomics
Central Bank of Kuwait
23 June 05:48 PM Kuwaiti bank assets down first time in 6M
Mubasher: The total assets of banks operating in Kuwait declined during April, for the first time in six months, specifically since October 2019. Assets decreased by 0.48% in April 2020 to KWD 72.44 billion ($235.76 billion), compared with KWD …
Banking and Finance
Photo Archive
23 June 05:24 PM Abyaar to resume trading tomorrow
Mubasher: Boursa Kuwait announced that trading the stock of Abyaar Real Estate Development will resume on Wednesday. The stock was suspended as the company did not pay the subscription fees for 2020. A total of 14 stocks were recently announced to …
Trading Activities
Pilgrims pray around the Kaaba, Hajj 2019 - (Photo Credit: Getty Images)
23 June 11:20 AM Saudi Arabia to limit Hajj this year to citizens, residents
Riyadh - Mubasher: Saudi Arabia has allowed the Hajj for this year to go forward with a small number of pilgrims, limited to citizens and residents aged 65 or younger, who are already in the kingdom, the Saudi Ministry of Hajj and Umrah said in a …
Global Economy
Central Bank of Kuwait
23 June 11:02 AM Kuwaiti banks provide KWD 2.7bn finances in 3M
Mubasher: Local banks in Kuwait have provided KWD 2.7 billion ($8.9 billion) worth of credit facilities to businesses under the economic stimulus package, launched by the government early April, Kuwait News Agency (KUNA) reported. Around 80% of …
Sector Reports
The stocks have been suspended for variable reasons
21 June 03:40 PM Boursa Kuwait suspends trading of 14 stocks
Mubasher: Boursa Kuwait announced a list of 14 suspended companies from trading due to varied reasons. Tamkeen Holding Company was suspended as it did not submit the financials for the second and third quarter of 2019. The stocks of Ithmaar …
Markets Regulations
The well has an initial output of over 2,000 barrels of oil per day
18 June 11:31 AM KUFPEC starts 1st oil production from Egypt’s Geisum concession
Mubasher: Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that its Egyptian unit started its first oil production from its GNN-4 well in the Geisum concession in Egypt’s Gulf of Suez.  “GNN-4 is the first appraisal well in the …
Companies Investments
The total number of cases in Kuwait reached 37,533
17 June 04:00 PM Kuwait records 575 COVID-19 cases Wednesday
Mubasher: Kuwait has announced 575 new coronavirus (COVID-19) cases on Wednesday. The total number of cases in Kuwait reached 37,533, according to the Kuwaiti Ministry of Health. The ministry registered the recovery of 690 cases, increasing the …
Committed investments in the GCC region increased by 2.3%
16 June 01:09 PM Investments in MENA estimated at $792bn in 5 yrs – APICORP
Mubasher: The Arab Petroleum Investments Corporation (APICORP) estimates that planned and committed investments in the Middle East and North Africa (MENA) region will exceed $792 billion over the next five years from 2020 to 2024. The estimated …
Sector Reports