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3 June 05:30 PM Saudi Arabia, Russia near agreement to extend oil output cut
Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month.
Global Reports
Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well
3 June 11:14 AM Egypt makes new oil discovery in Western Desert
Cairo – Mubasher: Egypt has made a new oil discovery in Abu Senan area in the Western Desert. The discovery was made after Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well which started to produce 4,100 barrels of crude oil and …
Macroeconomics
Brent futures were up by $1.25 on Tuesday
3 June 09:29 AM Kuwait’s crude oil nears $34 pb on Tuesday - KPC
Mubasher: The price of Kuwait’s crude oil settled higher by 89 cents on Tuesday to reach $33.9 per barrel (pb) when compared to $33.01 pb a day earlier, according to the official prices of the Kuwait Petroleum Corporation (KPC). Global oil prices …
Commodities
Egypt aims to purchase 3.6 million of wheat from local farmers
2 June 05:57 PM Egypt buys 120K tonnes of Ukrainian wheat
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) announced the purchase of 120,000 tonnes of wheat sourced from Ukraine. The shipment will take place between 10 and 25 July, according to a statement on Tuesday. …
Commodities
KPMG - Saudi Arabia
2 June 04:53 PM M&A deals in GCC expected to grow amidst COVID-19 – Report
Riyadh – Mubasher: A recent report by KPMG is expecting merger and acquisition (M&A) deals in Saudi Arabia and other Arabian Gulf countries to increase amid the coronavirus disease (COVID-19) pandemic. With many small and medium-sized enterprises …
Sector Reports
Women currently outnumber men at universities in 15 Arab countries
2 June 04:44 PM Women's wealth in Middle East at $786bn with further growth expected
Mubasher: Women currently represent 13% of the Middle East wealth segment, with dramatic growth to be seen in the region during the coming years, according to a recent report by the Boston Consulting Group (BCG). Women's wealth in the Middle East …
Global Economy
Emirates airline resumed flights to nine cities
2 June 09:43 AM Emirates resumes flights to 8 countries
UAE - Mubasher: Emirates airline has announced the resumption of scheduled passenger flights to nine cities in eight countries during May, the Dubai-based carrier announced on its official Facebook account. Emirates hopes that flights to more …
Global Economy
Brent futures closed Monday up by 48 cents
2 June 09:21 AM Kuwait’s crude oil jumps $5.63 on Monday - KPC
Mubasher: The price of a barrel of Kuwait’s crude oil surged by $5.63 on Monday to finish at $33.01 when compared to $27.38 last Friday, according to the official prices of the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
Macroeconomics
The GCC is forecast to witness an economic recovery
1 June 04:38 PM Gulf states GDP expected to contract by 5.9% in 2020
Mubasher: The gross domestic product (GDP) of the Arabian Gulf countries is expected to retract by 5.9% in 2020 when compared to 2019, as the world economy is suffering from the consequence of the coronavirus (COVID-19) pandemic. Fiscal deficit in …
Global Economy
Emirates Airline is set to lay off some employees amid the COVID-19 crisis
1 June 03:01 PM Emirates foresees recovery of airline industry by June 2021
Dubai - Mubasher: Emirates airline President, Tim Clark, expects the airline industry to see a recovery as of June of next year, after being affected by the coronavirus (COVID-19) pandemic, according to Zawya. Clark made the announcement …
Global Economy
The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
Currencies
Photo Archive
31 May 04:01 PM Tadawul lists AlBilad Gold ETF
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) announced the listing and trading units of “AlBilad Gold ETF” as an exchange-traded fund (ETF). on Tuesday 2 June 2020. The units if the fund will be traded under the symbol 9405. The Saudi …
Markets Regulations
Butane prices for June have been reduced to $330 a tonne
31 May 01:21 PM Saudi Aramco raises propane price for June, lowers Butane
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has increased the price of its propane futures for June delivery to $350 a tonne from $340 in May, a pricing document reported by Reuters showed on Sunday. Butane prices for June have …
Commodities
The UAE's oil production in May came in line with the OPEC+ agreement
31 May 10:19 AM UAE delivers 2.4m bpd in May
UAE - Mubasher: The UAE has produced 2.40 million crude oil barrels per day (bpd) in May, a source told Reuters. The UAE's oil production in May came in line with OPEC+ agreement to cut oil supply by 9.7 million bpd as of 1 May, due to a decrease …
Commodities
The per-litre price of Super 98 gasoline will be maintained at AED 1.91
28 May 05:31 PM UAE announces fuel prices for June
UAE – Mubasher: Fuel prices will remain unchanged in June in the UAE when compared to prices in May, the UAE Fuel Price Follow-up Committee announced. The per-litre prices of Super 98-octane gasoline, Special 95-octane gasoline, diesel, and E-Plus …
Commodities
Brent crude oil for July delivery retreated by 4.6% or $1.65
28 May 10:58 AM Kuwait’s crude oil down to $28.05 pb – KPC
Mubasher: The price of Kuwait’s crude oil fell by 56 cents to $28.05 per barrel (pb) on Wednesday from $28.61 pb on Tuesday, according to the official prices released by Kuwait Petroleum Corporation (KPC). Globally, Brent crude oil for July …
Commodities
The global oil market has been supported by OPEC’s output cut deal
27 May 05:57 PM Kuwait’s crude oil rises $2.14 pb on Tuesday - KPC
Mubasher: The price of Kuwait’s crude oil reached $28.61 per barrel (pb) on Tuesday, 26 May, up by $ 2.14, compared to $26.47 pb last Friday, according to the official prices released by Kuwait Petroleum Corporation (KPC). The global oil market …
Commodities
Photo Archive
26 May 02:43 PM Oman crude oil up 68 cents on Tuesday
Mubasher: The price for Omani crude oil for July delivery increased by 68 cents on Tuesday, according to the Dubai Mercantile Exchange (DME). The barrel price amounted to $37.70 on Tuesday, compared to $37.02 on Monday. The price for June …
Macroeconomics
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
Sector Reports
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla
25 May 01:41 PM Egypt plans EGP 19bn investments in petrochemical projects
Cairo - Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources is considering the implementation of 11 new petrochemical projects at a total value of around EGP 19 billion, Minister of Petroleum and Mineral Resources Tarek El-Mulla …
Macroeconomics
Photo Credit: Saudi Press Agency (SPA)
24 May 11:29 AM Saudi Arabia to invest in Iraq’s Akkas gas field
Mubasher: Saudi companies plan to invest in Iraq’s Akkas gas field, as per a recent agreement between the two countries, Reuters reported. Both countries are also cooperating to ensure restoring the global oil market balance, in line with the …
Macroeconomics
Hotels in five governorates could reopen after receiving the safety certificate
24 May 11:13 AM Egypt grants health safety certificates to over 70 hotels
Cairo - Mubasher: More than 70 hotels in Egypt last week have received the health safety certificate, which is necessary for resuming their operations, according to Egypt’s tourism and antiquities minister. Receiving the certificate came after …
Sector Reports
Egypt's production of natural gas increased to 7 bcf in September
24 May 10:41 AM Egypt's natural gas production reaches 7.2 bcf per day
Cairo - Mubasher: Egypt's daily production capacity of natural gas reached an average of 7.2 billion cubic feet (bcf), Reuters reported citing a recent statement by the Egyptian cabinet. In September, Egypt's production of natural gas increased to …
Commodities
HMM Algeciras containership's length is around 400 metres
24 May 10:29 AM World's largest container to cross Egypt's Suez Canal
Cairo - Mubasher: The Suez Canal will receive South Korea's HMM Algeciras, the world's largest containership, the Egyptian Ministry of Transport announced in a recent statement. The 24,000-TEU-class vessel will pass through the canal as after …
Macroeconomics
Total fatalities in Kuwait increased to 129 on Thursday
21 May 02:54 PM Kuwait registers 1,041 more COVID-19 cases on Thursday
Mubasher: Kuwait on Thursday reported 1,041 new infections of the coronavirus (COVID-19), bringing the total count to 18,609 cases, according to the country's health authorities. Total recoveries have increased by 320 in the past 24 hours to stand …
Global Economy