Gulf news

12 minutes ago Oil leaps on US demand rebound, OPEC meeting date

Mubasher: Oil jumped on Thursday as fuel demand seemed to improve in the US, the world’s biggest consumer, while major producers agreed to a date.

Oil and Energy

Egypt agreed to purchase 180,000 tonnes of Romanian wheat

16 minutes ago Egypt buys 290,000 tonnes of imported wheat

Cairo – Mubasher: Egypt’s ministry of supply and internal trade, represented by the state-run General Authority for Supply Commodities (GASC), has signed a contract to purchase 290,000 tonnes of wheat. The most populous Arab nation has agreed to …

26 minutes ago National aviation to add $88.1bn to UAE GDP by 2030

UAE – Mubasher: The national aviation sector’s contribution to the UAE’s GDP is expected to reach AED 323.6 billion ($88.1 billion) by 2030, the Airport Council International (ACI) said, according to the Emirates News Agency (WAM). Dubai World …

Macroeconomics

SAMI aims at raising local production in the defence sector

1 hour ago SAMI, ST Engineering pen MoU to explore business opportunities

Riyadh – Mubasher: The Saudi Military Industries Company (SAMI) and Singapore-based global technology, defence, and engineering group ST Engineering signed a memorandum of understanding (MoU) on the sidelines of the Paris Air Show in a bid to …

Military Affairs

FOMC decided to maintain interest rates in the range of 2.25% to 2.5%

2 hours ago UAE C.bank maintains interest rate

UAE – Mubasher: The Central Bank of the UAE (CBUAE) decided to keep the current interest rate, following the US Federal Reserve’s decision of maintaining interest rate. On Wednesday, the US Federal Reserve Open Market Committee (FOMC) has decided …

Banking and Finance

19 June 11:25 PM Lower US stockpiles pressure oil at Wednesday’s finish

Mubasher: Oil futures ended in the red territory on Wednesday, as US data showed lower crude oil inventories.

Oil and Energy

Trade surplus declined to SAR 119.5 billion in Q1

19 June 11:00 PM Saudi Arabia’s trade surplus goes up 3% YoY in 4M

By: El Sayed Gamal Riyadh – Mubasher: Saudi Arabia has achieved a 3% year-on-year growth in trade surplus during the first four months of 2019, reaching SAR 167.2 billion ($44.58 billion). In April, the kingdom’s trade surplus grows to SAR 47.66 …

Macroeconomics

19 June 09:49 PM Gold levels down at Wednesday’s settlement

Mubasher: Gold ended lower on Wednesday after Fed decided to maintain interest rates.

Goods and Metals

19 June 09:35 PM Fed holds interest rates, pledges to closely monitor economy

Mubasher: The United States Federal Reserve Open Market Committee (FOMC) has decided to maintain interest rates in the range of 2.25% to 2.5%.

Global Reports

OPEC's members and allies will meet on 1 and 2 July

19 June 07:51 PM UAE backs extension of oil output cut agreement – Minister

UAE – Mubasher: The UAE is supporting the extension of OPEC+ output cut agreement, energy minister Suhail Al Mazroui said. The extension is required due to the increase in the inventories of some counties, especially the US, he added, according to …

Macroeconomics

19 June 07:00 PM US considers sanctions against Turkey over S-400 missile deal– Report

Mubasher: The US administration was weighing three various rounds of sanctions against Turkey over Ankara’s purchase of Russian missile defence systems, Bloomberg reported.

Global Markets brief

Economy ministry will preside over UAE-South Africa Business Forum

19 June 06:54 PM UAE eyes more cooperation, stronger presence in Africa

UAE – Mubasher: A high ranking delegation from the UAE’s Ministry of Economy (MoE) is participating in the upcoming Africa Trade Week held in Johannesburg from 23 to 25 June. The delegation includes undersecretary of the MoE foreign trade affairs …

Event

19 June 05:54 PM Harley-Davidson to make smaller bikes in China

Mubasher: Harley-Davidson agreed with Geely majority-owned Qianjiang to manufacture a new smaller model bicycle, according to Reuters. The US giant chose Qianjiang, citing its experience

Global Reports

The financial impact of the deal will be positive

19 June 05:45 PM Bawan’s units close $4.5m merger

Riyadh – Mubasher: The shareholders of Bawan Company has announced that two of its subsidiaries signed a SAR 17 million ($4.53 million) merger agreement. United Transformers Electric Company (UTEC) and United Technology Of Electric Substations & …

Companies Investments

19 June 05:37 PM US oil stockpiles drop 3.1m barrels in June’s second week

Mubasher: US crude oil stockpiles dropped by 3.1 million barrels to 482.4 million barrels in the week ended 14 June, the Energy Information Administration said.

Oil and Energy

The deal’s financial impact cannot be determined now

19 June 05:18 PM Metal and Recycling inks $9.5m contract with health ministry

Mubasher: Metal and Recycling has signed a KWD 2.88 million ($9.49 million) bid licence contract with the Kuwaiti Ministry of Health. Under the 10-year contract, the Boursa Kuwait-listed company will undertake the establishment, maintenance, …

Companies Investments

19 June 05:05 PM Saudi indices end Wednesday with negative performance

Riyadh – Mubasher: The Saudi Stock Exchange’s (Tadawul) benchmark Tadawul All-Share Index (TASI) closed Wednesday’s trading session with negative performance. TASI decreased by 64.17 points, or 71%, to finish the session at 8,936.26 points. TASI’s …

Trading Activities

19 June 05:01 PM OPEC to hold policy meeting in early July

Mubasher: The Organization of the Petroleum Exporting Countries announced that its members and allies would hold their meeting on 1 and 2 July.

Global Reports

Naphtha cracker has a capacity of 1.2 million tonnes per year

19 June 04:43 PM Saudi Aramco, Malaysian Petronas start naphtha cracker operations at JV refinery

Riyadh – Mubasher: State-run Saudi Aramco, known formally as Saudi Arabian Oil Co., and Malaysian oil company Petroliam Nasional Bhd, Petronas, have started the operations of naphtha cracker at new Pengerang refinery, Reuters reported. The naphtha …

Companies Investments

Total exports to the GCC state recorded AED 7.725 billion in Q1-19

19 June 04:20 PM Abu Dhabi trade exchange with GCC up 7.7% in Q1

By: Enas Bahgat Abu Dhabi – Mubasher: Abu Dhabi’s total trade exchange with the GCC countries rose by 7.7% year-on-year to AED 18.222 billion in the first quarter of 2019 from AED 16.918 billion, according to Mubasher statistics. Total exports to …

Macroeconomics

19 June 04:02 PM DAE Capital closes leasing agreement for three Boeing 777 freighters

UAE – Mubasher: Dubai Aerospace Enterprise’s leasing unit, DAE Capital, and Russia’s AirBridgeCargo on Wednesday signed a purchase and leaseback agreement with PDP financing for three factories new Boeing 777 freighter aircraft. The new jets will …

Companies Investments

The industry sector topped the decliners with 0.28%

19 June 03:55 PM Boursa Kuwait ends Wednesday in red

Mubasher: The indices of Boursa Kuwait closed Wednesday’s trading session in red territory, for the second session in a row, pressured by the fall of six sectors. The Main Market index retreated by 0.23%, while the All Share and Premier market …

Stock Evaluations

19 June 03:52 PM Infor launches new app to optimise hoteliers’ pricing decisions

Mubasher: Enterprise software giant Infor on Wednesday announced that it would offer this summer an application that will help better pricing decision for hoteliers.

Global Reports

Trading volume amounted to around 46.377 million shares

19 June 03:33 PM ADX ends Wednesday in green; market cap adds AED 6.5bn

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) rose at the end of Wednesday’s trading session on the back of the rising blue-chip stocks. The ADX’s general index closed the session up by 1.27% at 4,974.84 points. Trading volume …

Stock Evaluations