Top News

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 …

Macroeconomics

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.

Oil and Energy

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 …

Macroeconomics

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 …

Macroeconomics

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 …

Bonds

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 …

Macroeconomics

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. …

Macroeconomics

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 …

Macroeconomics

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 …

Macroeconomics

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.

Global Markets brief

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, …

Macroeconomics

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.

Global Reports

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.

Global Reports

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.

Global Reports

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 …

Sector Reports

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 …

Macroeconomics

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 …

Sukuk and Islamic Finance

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.

Global Markets brief

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.

Global Markets brief

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 …

Global Economy

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 …

Macroeconomics

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 …

Macroeconomics

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 …

Companies Investments

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.

Global Reports