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Local Economy

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 …
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 …
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, …
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 …
Brent crude was down by 2.1% or $1.38 on Wednesday
23 January 12:22 PM Kuwait oil slips to $65.66 pb on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC). Globally, oil …
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 …
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 …
The UAE is one of AGFUND’s founding countries
19 January 04:43 PM ADFD pens agreement to allocate $20m to AGFUND
UAE – Mubasher: Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, has signed an agreement to provide $20 million (AED 73 million) to the Arab Gulf Programme for Development (AGFUND), a regional …
EBRD offered EUR 183m to Egypt's Electricity Transmission Company
19 January 11:34 AM Egypt leads EBRD’s annual investments in 2019
Mubasher: With EUR 1.2 billion new commitments in 26 projects, Egypt has led the European Bank for Reconstruction and Development’s (EBRD) annual investments list in 2019, for the second year in a row, compared to EUR 1.1 billion in 2018. This …
Non-oil exports grew 14% YoY in H1-19
18 January 07:50 PM UAE’s non-oil exports to total AED 240bn in 2019
UAE – Mubasher: The value of the UAE’s non-oil exports is expected to reach AED 240 billion in 2019, undersecretary of the Emirati economic ministry for foreign trade, Abdulla Al Saleh stated on Saturday. The country’s non-oil exports grew 14% …
Kuwaiti economy is still dependent on oil returns
18 January 04:26 PM S&P affirms Kuwait's credit rating at ‘AA’; Outlook stable
Mubasher: Standard and Poor's (S&P) has affirmed Kuwait's credit rating at (AA) with a stable outlook, the Kuwait News Agency reported on Saturday. The rating agency said that the Kuwaiti economy is still dependent on oil returns, which accounts …
Participants stressed the crucial role of government support to achieve gender quality
16 January 05:13 PM WiSER forum highlights digitalisation’s role in women empowerment
Abu Dhabi – Mubasher: The global leading renewable energy company Masdar held its fifth annual Women in Sustainability, Environment and Renewable Energy (WiSER) Forum on Tuesday, January 14 at Abu Dhabi Sustainability Week (ADSW) 2020. During an …
Iron prices have dropped by EGP 300 per tonne since the beginning of the week
15 January 03:28 PM Iron prices to further decline as EGP levels up
By: Abdullah Bedeir Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher. With the …
The shipment reflects the success of KNPC’s international marketing sector
15 January 02:07 PM KNPC exports first low-sulfur diesel shipment
Mubasher: Kuwait National Petroleum Company (KNPC) announced that the first shipment of low-sulfur diesel (ULSD 10ppm) has been exported through Mina Abdullah refinery to global markets after fulfilling al requirements. The exported 40,000-tonne …
UAE’s imports from Brazil hit $2.21bn last year
14 January 06:37 PM Brazil exports $12.2bn worth of goods to Arabs in 2019
Mubasher: Brazilian exports to the Arab world grew 6.3% year-on-year to $12.197 billion in 2019, according to data released on Tuesday by the Arab-Brazilian Chamber of Commerce (ABCC). The value of the UAE’s imports from Brazil hit $2.21 billion …
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Prince Abdulaziz bin Salman speaking at IPTC 2020
13 January 12:13 PM Saudi Arabia underlines commitment to oil market stability
Riyadh – Mubasher: The Saudi Minister of Energy, Prince Abdulaziz bin Salman, has reiterated Saudi Arabia’s commitment to do all it can to ensure the stability of the global oil market. The minister’s remarks came during his keynote speech at the …