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The segment brings the total length of the 2Africa cable system to over 45,000 km
28 September 03:47 PM 2Africa consortium extends subsea cable system to Arabian Gulf, India, Pakistan
Mubasher: The 2Africa consortium, comprised of China Mobile International, Facebook, MTN GlobalConnect, Orange, Saudi Telecom Company (stc), Telecom Egypt, Vodafone, and WIOCC, announced that a new segment has been added to the 2Africa subsea …
Photo Archive
20 September 11:29 AM Saudi Arabia continues to be China’s top oil supplier in August
Riyadh – Mubasher: Saudi Arabia has retained its position as China's top crude oil supplier for the ninth month in a row during August, Reuters cited official data by China’s General Administration of Customs on Monday. Saudi oil exports to China …
Photo Archive
16 September 04:56 PM Saudi oil exports hit six-month high in July
Riyadh – Mubasher: Saudi Arabia’s oil exports increased to 7.65 million barrels per day (bpd) in July, hitting the highest level in six months since recording 7.75 million bpd in January, according to official data on Thursday. The exports volume …
Nihal El-Chami, Head of Programme and Marketing at Falak Startups
14 September 12:49 PM Startup Lounge: More VC investors now interested in Africa, Middle East – Nihal El-Chami
By: Marina Gamil Cairo – Mubasher: With the growing number of startups across different sectors, especially financial technology (FinTech), the dynamics of the venture capital (VC) landscape in Egypt have been changing with local and international …
ITFC approved for its member countries more than $58 billion since 2008
8 September 05:45 PM ITFC supports members with $605m under COVID-19 Response Program
Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided the member countries with $605 million as financial support under its COVID-19 Response Program, CEO of ITFC, Hani Sonbol, announced. The corporation aimed to help …
There was a decline in the capital investment to $12.4 billion
26 August 02:24 PM FDI projects in region decline 7%, capital investment shrinks 17% in H1-21
Mubasher: The number of foreign direct investment (FDI) projects in the Arab countries has decreased by 6.9% to 285 during the first half (H1) of 2021, according to a report by The Arab Investment & Export Credit Guarantee Corporation (Dhaman) on …
Saudi Arabia set Arab Light OSP to Northwest Europe at a discount of $1.70/barrel
4 August 03:14 PM Aramco raises September crude official selling prices for Asia
Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has increased the September official selling prices (OSPs) for its Arab light crude to $3 per barrel above the Oman/Dubai average for Asia, Reuters reported on Wednesday. The Kingdom has …
The Hajj season this year will witness a digitised journey from start to finish
13 July 01:37 PM How pilgrims benefit from digitisation when performing Hajj
By: Ingy ElSafy Mubasher: The COVID-19 pandemic has brought technology-enhanced methods that help authorities implement social distancing to preserve the health of people. Saudi Arabia will provide a digital Hajj (Muslim pilgrimage) this year and …
Majority of GCC consumers likely to opt for digital banking services
6 July 05:22 PM Majority of GCC consumers likely to opt for digital banking services
Mubasher: The majority of GCC consumers, about 85% of respondents to a survey, would currently opt for digital banking services rather than visiting a bank branch, according to a paper by Backbase with YouGov. With the appetite accelerating more …
GACA issued a circular to all airlines operating in Saudi Arabia
4 July 03:48 PM Saudi Arabia suspends flights to three destinations on COVID variant
Riyadh – Mubasher: Saudi Arabia’s General Authority of Civil Aviation (GACA) has suspended direct and indirect travel of citizens to the UAE, Ethiopia, and Vietnam without obtaining prior permission from the concerned authorities due to the …
MENA’s ESG market currently represents 1.3% of 2021's global issuance
4 July 02:35 PM Green finance in MENA reaches $6.4bn in H1, exceeds global growth rate
Mubasher: Green and sustainability-linked debt issuances in the MENA region amounted to $6.4 billion in value during the first half (H1) of 2021, exceeding the global growth rate, according to a report by Bloomberg on Sunday. The region’s green …
Middle East accounts for 23% of the global gaming industry
27 June 04:31 PM Mobile gaming market in Middle East likely to exceed $4bn next year
Mubasher: Approximately 100 million people in the Middle East use mobile gaming, with the industry across the region expected to reach $4.4 billion by 2022 compared to $1.06 billion in 2016. The region’s mobile gaming market grew 25% in 2020, …
The Swiss government is adhering to the opening strategy of the EU
27 June 02:02 PM Vaccinated GCC guests to enter Switzerland without quarantine, testing
Mubasher: All visitors from the Arabian Gulf countries who are vaccinated against COVID-19 will be allowed to enter Switzerland without the need to undergo quarantine nor testing. This decision has come to effect on 26 June, according to a press …
The UAE topped the Arab region with $19.88 billion worth of FDIs
24 June 02:34 PM UAE, Egypt, Saudi Arabia top Arab countries in FDIs
Mubasher: The UAE, Egypt, and Saudi Arabia were the top three Arab countries attracting foreign direct investment (FDI) inflows in 2020, according to the Arab Investment & Export Credit Guarantee Corporation (Dhaman) report on Thursday. The …
Ahmed El-Alfi, Chairman of Sawari Ventures
22 June 04:46 PM Startup Lounge: Tech offers great opportunities for success – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: In the second instalment of our interview with the Founder and Chairman of Sawari Ventures, Ahmed El-Alfi, we discuss the future of technology and the opportunities of startups to succeed as technological …
Ahmed El-Alfi, Chairman of Sawari Ventures
21 June 01:01 PM Startup Lounge: High growth requires taking risks – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: Today’s guest in the Startup Lounge has played an integral role in developing the entrepreneurial scene in Egypt and the MENA region. He is one of the startup ecosystem leaders and investors who brought real …
Morocco has emerged as a trending destination for Saudis
20 June 01:27 PM UAE, Egypt among top regional destinations for Saudis – Almosafer
Mubasher: The UAE, Egypt, Bahrain, and Qatar have topped the MENA region’s list of destinations of interest for Saudi international travellers since Saudi Arabia reopened its borders a month ago, given their proximity and familiarity, a recent …
The Middle East could be having a few more unicorns
17 June 12:25 PM Middle East could be seeing more billion-dollar startups – Careem CEO
Mubasher: The Middle East is not far from seeing more billion-dollar startups in the coming months, and it could be having “a few more unicorns in the region,” CEO of ride-hailing company Careem Mudassir Sheikha stated during a CNBC event The …
SAMA has claimed the Global Impact Award 2021 for Aber
16 June 03:21 PM SAMA says Aber project achieves main objectives
Riyadh – Mubasher: The Saudi Central Bank (SAMA) said the digital currency project Aber has succeeded to achieve its main objectives that mainly include understanding, experiencing, and analysing the maturity of the distributed ledger technology …
The Middle East listed banks reduce competition and increase their expertise
16 June 11:02 AM Saudi Arabia, UAE dominate Forbes Middle East’s top 50 listed banks
Mubasher: Saudi and Emirati banks had the most entries in Forbes Middle East’s Top 50 Banks in The Middle East list for 2021 with 10 financial institutions each. Qatar National Bank topped the region’s listed banks with profits of $3.3 billion and …
Dubai Health Authority (DHA)
13 June 04:29 PM Dubai says 80% of new COVID-19 cases were unvaccinated
UAE – Mubasher: The Dubai Health Authority (DHA) has revealed that vaccines against the coronavirus (COVID-19) reduce the risk of disease and hospitalization. The health authority has called upon everyone to get the vaccine, noting that eight out …
Takaful premiums have increased at a compound annual rate of 6.8%
10 June 02:36 PM Islamic insurance growth to remain healthy in GCC – Moody's
Mubasher: Islamic insurance, Takaful, premiums are expected to grow moderately over the coming two to three years as more GCC, Southeast Asian, and African countries introduce compulsory health cover, according to Moody's Investors Service. Growth …
Bahraini banks made the largest reduction in cash dividends at 72.4%
6 June 03:18 PM Bahrain leads GCC banks in 2020 dividend cuts – Report
Mubasher: Banks across the Gulf area slashed cash dividends for 2020 by 45.4% or $6.6 billion to $8 billion compared to $14.6 billion in 2019, as a result of the effect of the COVID-19 pandemic, according to a recent report by Kamco Invest. The …
The UAE has followed the Kingdom with 20 companies
6 June 10:05 AM Saudi Arabia, UAE lead Forbes Middle East's top 100 listed companies for 2021
Mubasher: Saudi Arabia and the UAE have dominated Forbes Middle East's annual ranking of the top 100 listed companies for 2021, with 37 and 20 companies, respectively. Saudi Arabia has had the most companies on the list, topped by Saudi Arabian …
Aggregate GCC central government deficit seen at about $80 billion in 2021
27 May 01:42 PM Saudi Arabia likely to account for 60% of GCC cumulative deficit – S&P
Mubasher: Saudi Arabia is expected to account for 60% of the $355 billion cumulative deficit across the GCC states between 2021 and 2024, according to S&P Global Ratings. Kuwait will likely follow with 25%, while the UAE and Oman are projected to …