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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 …
Movement of assets in Middle East expected to slow in coming years
12 January 03:21 PM Quarter of ME wealth mgt clients plan moving assets – EY Survey
Mubasher: Around 23% of wealth management clients in the Middle East (ME) are planning to move assets in the next three years, while 50% have already moved their assets in the past three years, a recent global survey by EY shows. Similarly, 23% of …
Egypt aims to expand into natural gas as an alternative to LPG
12 January 02:44 PM Egypt’s LPG sales drop 6% in H1-19/20
Cairo – Mubasher: Total sales of liquefied petroleum gas (LPG) fell by 6% year-on-year during the first half of fiscal year 2019/2020, the Egyptian minister of petroleum and mineral resources, Tarek El-Molla, said. The decline in local consumption …
The Ministry of Economy delegation visiting DMCC
12 January 12:06 PM DMCC plays vital role in diamonds, precious metals trade in Dubai
UAE – Mubasher: DMCC has recently hosted the UAE’s minister of economy, Sultan Bin Saeed Al Mansouri, to sum up the entity's role in streamlining, boosting, and driving global trade through Dubai. The minister toured Almas Tower and visited both …
Gov't added 1,500MW clean energy to national electricity grid
11 January 08:46 PM Jordan attracts over $5bn clean energy investments
Mubasher: Jordan has expanded renewable energy share in its energy mix, attracting more than $5 billion in investments, the kingdoms’ ambassador to the UAE, Jumaa Al-Abadi, stated on Saturday, according to the Jordan News Agency (Petra). Since …
UK’s tourists topped the list of Dubai’s European visitors
11 January 07:58 PM Dubai welcomes 4.74m European tourists in 11M/19
By: Mahmoud Gamal Mubasher: The number of European tourists visited Dubai during the first 11 months of 2019 inched down 0.06% year-on-year, according to data compiled by Mubasher. European tourists visited Dubai from January to November 2019 …
The real estate market in Dubai is set to flourish this year
10 January 08:07 PM Ten reasons for confidence in Dubai’s real estate sector
By: Muhammad Abdul-Wakeel UAE – Mubasher: The real estate market in Dubai is set to flourish this year, backed by a series of positive indicators that are promising great outlook for the sector. Chairman of W Capital Real Estate Brokerage Company …
The plant’s capacity will reach 500MW
9 January 05:43 PM Egypt seals $500m deal with Emirati firm for wind power plant
Cairo – Mubasher: The New and Renewable Energy Authority on Thursday signed a concession agreement with the UAE’s Al Nowais Investments for the construction of wind power plant with total investments of $500 million (EGP 8 billion). Under the …
GCC's geopolitical risk is higher in nature than in the past
9 January 05:28 PM Moody’s: 3 factors behind GCC sovereigns’ 2020 negative outlook
Mubasher: Moody's Investors Service explained the factors which led to the negative outlook for sovereign creditworthiness in the Gulf area for the year 2020. A recent report by Moody’s showed that the slowdown in the development of fiscal reforms …
Chief Global Business Officer, Adel Al Daylami
9 January 04:46 PM Batelco boosts global connectivity solutions via ‘Google Cloud Interconnect’
Mubasher: Bahrain’s leading digital solutions provider, Batelco, has unveiled 'Google Cloud Interconnect', a new development that strengthens the company’s cloud services and bolsters its global connectivity solutions through a secure, reliable, …
The UAE registered the highest amount of total funding in MENA
8 January 09:39 PM Startups in MENA receive $704m funding in 2019 – MAGNiTT
Mubasher: Startup investments in the Middle East and North Africa (MENA) region broke records during 2019, with the number of investment deal reached 564, with a total value of $704 million, according to a report released on Wednesday by MAGNiTT. …
The new station includes various eco-friendly features
8 January 04:34 PM Oman Oil Marketing Company launches sultanate’s 1st green service station
Mubasher: Oman Oil Marketing Company (OOMCO) has launched the sultanate’s first green service station, according to a statement released on Wednesday. Located in Rusayl in northeastern Oman, the new station includes various eco-friendly features, …
The survey includes the period from 2015 to 2020
8 January 10:07 AM Sharjah is 8th fastest-growing city worldwide until 2020 - EIU
UAE – Mubasher: The Sharjah emirate in the UAE was ranked the eighth among the top ten fastest-growing cities during the period from 2015 to 2020, according to a ranking released by the International research group, the Economist Intelligence Unit …