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14 January 03:38 PM PepsiCo plans to achieve net-zero emissions by 2040
PepsiCo seeks to achieve net-zero emissions across its production cycle system by 2040.
13 January 05:19 PM Chipmaker Qualcomm to acquire NUVIA for $1.4bn
Mubasher: Mobile-phone chipmaker Qualcomm Inc said an agreement to acquire NUVIA, a chip startup founded by three of Apple’s top executives, for about $1.4 billion.
The oil price is predicted to stabilise at around $50 per barrel
12 January 04:02 PM Global Sukuk issuance expected to rise to $140-$155bn in 2021
Mubasher: Global Sukuk issuance is expected to rise to around $140-$155 billion in 2021, driven by a recovery in issuance in Malaysia, Indonesia, and the GCC countries, according to a report by S&P Global Ratings. In 2020, the global Sukuk …
Egypt signed Al Ula agreement to a long-running dispute with Qatar
12 January 12:51 PM Egypt reopens airspace to Qatari flights
Cairo – Mubasher: Egypt has opened its airspace with Qatar after a three-year embargo against flights from the GCC nation. Following the decision, EgyptAir and Qatar Airways as well as other private air carriers can resume flights between the two …
The UAE’s Minister of State for Foreign Affairs, Anwar Gargash
7 January 01:44 PM UAE says trade, transport may resume with Qatar within week
Abu Dhabi – Mubasher: Trade and transportation could resume between Qatar and boycotting countries within a week, Reuters reported on Thursday citing the UAE’s Minister of State for Foreign Affairs, Anwar Gargash. “Some issues are easier to fix …
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
6 January 02:39 PM GM's 2020 China sales see third annual drop on pandemic
General Motors Co’s vehicle sales in China dropped by 6.2% in 2020, attributed to a prolonged sales slowdown in the world’s biggest auto market.
The St. Regis Cairo Hote has a construction area of more than 197,000 square metres
6 January 10:20 AM Qatari Diar inaugurates St. Regis Cairo Hotel
Cairo – Mubasher: The Qatari Diar Company on Tuesday inaugurated the St. Regis Cairo Hotel in the presence of the Qatari Minister of Finance, Ali Sherif Al-Emadi, the US Secretary of Treasury, Steven Mnuchin, and the Egyptian Minister of Finance, …
Saudi Arabia's Crown Prince Mohammed bin Salman signing the agreements.
5 January 04:44 PM Gulf leaders sign 41st GCC summit closing statement, Al ULA agreement
Riyadh – Mubasher: Gulf leaders on Tuesday have inked the closing statement of the 41st GCC summit and Al ULA agreement. The annual GCC summit kicked off today at Maraya Concert Hall in Saudi Arabia’s Al ULA city, with the presence of all member …
Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the annual summit.
5 January 03:17 PM 41st GCC summit kicks off in Saudi Al ULA city
Riyadh – Mubasher: The 41st GCC summit has kicked off on Tuesday in Saudi Arabia’s Al ULA city. Earlier today, Gulf Arab leaders headed to Saudi Arabia to attend the summit. Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the …
KSA achieved a trade surplus with Gulf nations of SAR 19 billion ($5.07 billion) in the January-October period.
5 January 02:05 PM Saudi, GCC trade exchange reaches SAR 97.9bn in 10M
Riyadh – Mubasher: Saudi Arabia’s trade exchange with GCC states plunged by 18.7% on an annual basis during the first ten months of 2020, pressured by the coronavirus pandemic.  The exchange value stood at SAR 97.89 billion ($26.1 billion) over …
Kuwait's Emir heading to KSA for the GCC summit earlier today.
5 January 11:42 AM Gulf leaders head to 41st GCC summit in KSA
Mubasher: Kuwait’s Emir, Sheikh Nawaf al-Ahmad al-Jaber al-Sabah, headed to Saudi Arabia on Tuesday to attend the 41st GCC summit, which will be hosted in Al ULA city.  On Monday, Qatar said that its Emir, Sheikh Tamim bin Hamad al-Thani, will …
Kuwait’s Foreign Minister, Ahmad Nasser al-Sabah
5 January 10:42 AM KSA reopens airspace, land border to Qatar
Riyadh – Mubasher: Saudi Arabia has reopened its airspace and land and sea border to Qatar as of Monday, 4 January, Reuters said citing Kuwait’s Foreign Minister, Ahmad Nasser al-Sabah. “An agreement has been reached to open airspace and land and …
4 January 03:09 PM US airlines’ 2020 losses could top $35bn on pandemic
The Covid-19 pandemic has been brutal for US airlines, with carriers’ 2020 net losses likely topped $35 billion.
4 January 02:20 PM Peugeot owner's top shareholders nod to merger with Fiat
The top shareholders in Peugeot owner PSA have approved the group’s merger with Fiat Chrysler (FCA).
4 January 01:55 PM Eurozone manufacturing growth at fastest pace since May 2018
Mubasher: The eurozone manufacturing sector ended 2020 on a high note, with output growing at its fastest pace in the last three years.
4 January 01:05 PM Pandemic sends Singapore’s economy to worst ever recession in 2020
Singapore’s economy contracted by less than expected in 2020 as activity levelled up further in the fourth quarter (Q4) following the easing of COVID-related restrictions.
The GCC governments have issued $47.5 billion bonds
30 December 2020 03:19 PM GCC records $142bn bond, Sukuk issuances in 11M
Mubasher: The total value of issuances in the GCC region reached about $142 billion year-to-date (YTD)-November-2020, almost in line with last year's levels. The full-year 2020 issuances are forecast to marginally exceed last year's …
Sukuk maturities are predicted to be at $115.7 billion over the next five years.
30 December 2020 02:58 PM GCC governments could see $157.1bn in fixed income maturities in 5 yrs
Riyadh – Mubasher: GCC governments are expected to see $157.1 billion in fixed income maturities over the next five years (2021-2025) whereas corporate maturities stand at $164.3 billion, Kamco Invest said in a report on Wednesday. A majority of …
(Photo Credit: https://mecei.org/)
29 December 2020 01:46 PM MENA holds strong potential for low, zero-carbon energy sources - Report
Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) highlighted in its MENA Power Investment Outlook 2020-2024 key regional developments and prevalent trends in the power sector over the short and medium terms. Among the …
The kingdom’s trade exchange with Arab countries fell by 18.97% in the January-October period.
28 December 2020 04:32 PM Saudi trade exchange with Arab states hits SAR 150.4bn in 10M
Riyadh – Mubasher: Saudi Arabia’s trade exchange with Arab states declined in the first ten months of 2020 given the impact of the COVID-19 pandemic on trade movement. The kingdom’s merchandise trade exchange with Arab countries fell by 18.97% in …
The exclusivity period for the MoU is valid until 30 April
28 December 2020 03:37 PM Ooredoo inks exclusive, non-legally binding MoU with CK Hutchison
Mubasher: National Mobile Telecommunications Company (Ooredoo) has signed an exclusive and non-legally binding Memorandum of Understanding (MoU) with CK Hutchison Holdings Limited. Under the agreement, a potential transaction will be conducted to …
The vaccine was transported from Brussels on Emirates flight EK 182
23 December 2020 11:35 AM Emirates SkyCargo transports first batch of Pfizer-BioNTech COVID-19 vaccine to UAE
UAE - Mubasher: Emirates SkyCargo has transported the first batch of the coronavirus (COVID-19) vaccine, manufactured by Pfizer and BioNTech, to the UAE for the Dubai Health Authority (DHA). On 22 December, the vaccine was transported …
23 December 2020 11:20 AM LG, Magna announce $1bn JV in electric car gear
LG Electronics and automotive supplier Magna International are launching a joint venture (JV) valued at $1 billion that will make key components for electric cars.