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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 …
25 January 07:23 PM Oil prices to soften in 2020 as geopolitical tension mitigated
Mubasher: Global oil prices are expected to decline during the first six months of 2020, according to a report released on Saturday by the NBK.
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. …
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 …
23 January 05:33 PM E-commerce market in India may top $91bn in 2023 -GlobalData
Mubasher: India’s overall e-commerce market value is forecast to top INR 6.3 trillion ($91 billion) in 2023, according to GlobalData.
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, …
23 January 05:01 PM ‘Jatri’ app seeks to attract MENA investors to Bangladesh
Mubasher: Jatri has raised an undisclosed amount of seed funding backed by Dubai-based Falcon Network and Tahseen Consulting as well as other global angel investors.
23 January 04:49 PM African agriculture market shifts to mechanisation, ready for expansion
Mubasher: The $2.9 billion agriculture tractor market in Africa is expected to achieve a compound annual growth rate of 5.1% from 2019 to 2024.
23 January 03:32 PM Moody’s takes over risk intelligence technology leader RDC for $700m
Mubasher: Moody’s Corporation signed an agreement to acquire Regulatory DataCorp (RDC) for $700 million.
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 …
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 …
Mumtalakat’s CEO Khalid Al Rumaihi
22 January 09:44 PM Mumtalakat receives $4bn orders for $500m sukuk
Mubasher: Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has received $4 billion worth of orders for $500 million sukuk, Mumtalakat’s CEO Khalid Al Rumaihi told CNBC Arabiya on Wednesday. The company did not expect such …
22 January 07:27 PM US’ Hilco Redevelopment Partners buys $240m refinery in Philadelphia
Mubasher: American real estate developer Hilco Redevelopment Partners has sealed a $240 million deal to buy the Philadelphia Energy Solutions oil refinery.
22 January 05:04 PM China likely to further pressure global LV sales in 2020
Mubasher: The world’s light vehicle (LV) sales fell to 89.8 million in 2019, its lowest level since 2015, declining by 4.8% year-on-year from 94.3 million.
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
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 …
Remittance outflows to East Asia and the Pacific stands at $149 billion
21 January 06:04 PM MoneyGram joins forces with LuLu Money to boost Asia-Pacific expansion
Abu Dhabi – Mubasher: The leading non-banking financial firm LuLu Money has signed a partnership agreement with the US-based non-banking financial services company MoneyGram International to meet customers’ digital remittance needs in the …
21 January 04:43 PM Kia Motors to invest $25bn in EV development by 2025
Mubasher: Kia Motors Corporation announced its mid- to long-term strategy, ‘Plan S’, which aims to strengthen the company’s leading position in the future automotive industry.
21 January 04:24 PM Facebook to create 1,000 jobs in London this year
Mubasher: Facebook is planning to hire 1,000 people in London in 2020, the company’s vice president for the EMEA Nicola Mendelsohn stated on Tuesday.