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29 May 11:48 PM

Gulf news

The laid-off employees represent 25% of the total workforce
28 May 05:48 PM Kuwait Airways to lay off 1,500 foreign employees
Mubasher: Kuwait Airways decided to lay off 1,500 non-Kuwaiti employees or 25% of its workforce due to the repercussions of coronavirus (COVID-19) on the aviation sector.  The state-owned air carrier was forced to take this decision as part of a …
The per-litre price of Super 98 gasoline will be maintained at AED 1.91
28 May 05:31 PM UAE announces fuel prices for June
UAE – Mubasher: Fuel prices will remain unchanged in June in the UAE when compared to prices in May, the UAE Fuel Price Follow-up Committee announced. The per-litre prices of Super 98-octane gasoline, Special 95-octane gasoline, diesel, and E-Plus …
Macroeconomics
The death toll amounted to 441
28 May 04:53 PM Coronavirus cases in KSA exceed 80K
Riyadh – Mubasher: The Saudi Ministry of Health reported 1,644 new coronavirus (COVID-19) cases on Thursday, bringing its total to 80,185. In addition, a total of 3,531 patients recovered in the past 24 hours, increasing the number of recoveries …
Aljeda will succeed Iyad Kamal who will leave the company on 31 May
28 May 04:37 PM Aramex names new acting COO
Dubai – Mubasher: Aramex, listed on the Dubai Financial Market (DFM), on Thursday announced the appointment of Othman Aljeda as the company’s acting chief operating officer (COO). Aljeda will succeed Iyad Kamal who will leave the company on 31 …
The turnover dropped to KWD 38.39 million
28 May 04:19 PM Boursa Kuwait ends Thursday mixed amid thin liquidity
Mubasher: The indices of Boursa Kuwait closed Thursday’s trading on a varied note amid low liquidity. The Main Market, All-Share Market, and BK 50 indices fell by 0.22%, 0.03%, and 0.25%, respectively, while the Premier Market index rose by …
Trading Activities
A total of 139.40 million shares were exchanged
28 May 03:47 PM ADX ends Thursday in red
Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) closed Thursday’s trading session on a negative note with the decline of blue-chips such as First Abu Dhabi Bank (FAB) which slid by 0.89%. The general index fell by …
Trading Activities
Emirates NBD generated AED 879.53 million in turnover
28 May 02:07 PM DFM drops 1.1% at Thursday's close
Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) fell by 1.15% or 23 points to end Thursday’s trading session at 1,961.48 points, dragged by falling blue-chips led by Emaar Properties which dropped by 3.10%. The market cap …
Trading Activities
The total number of recoveries increased to 16,685
28 May 01:57 PM UAE records 563 new COVID-19 cases; tally at 32,532
UAE – Mubasher: The UAE has detected 563 new coronavirus (COVID-19) cases after conducting more than 38,000 new tests. This brings the total number of cases to 32,532 across the country, the Ministry of Health announced on Thursday. The UAE also …
Total active cases amounted to 15,229
28 May 01:49 PM Kuwait announces 845 new coronavirus cases
Mubasher: The Kuwaiti Ministry of Health on Thursday announced that 845 new cases tested positive for coronavirus (COVID-19), taking the tally to 24,112. The number of recoveries increased by 752 in the past 24 hours to 8,698, while the death toll …
DP World seeks to connect all its 82 container terminals with TradeLens
28 May 01:42 PM DP World collaborates with TradeLens on global supply chain digitisation
Dubai – Mubasher: DP World on Thursday announced the completion of early integration with TradeLens, a blockchain-based digital container logistics platform, developed by A.P. Moller - Maersk and IBM, listed on the New York Stock Exchange (NYSE). …
Companies Investments
Investments of banks in debt instruments rose by AED 1.8 billion YoY
28 May 01:03 PM UAE’s banks raise investments in bonds, stocks in April amid COVID-19 uncertainty
UAE – Mubasher: Banks operating in the UAE increased their investments in bonds and stocks at the end of April as investors search for safe-haven investments amid the coronavirus (COVID-19) outbreak. Investments of banks in debt instruments rose …
Central Banks
The number of COVID-19 infections in the UAE totalled 31,969
28 May 12:32 PM UAE gov't announces return to work at 30% capacity on Sunday
UAE – Mubasher: A maximum of 30% of UAE employees will return to work in federal ministries, authorities, and institutions starting from Sunday, 31 May, the Federal Authority For Government Human Resources (FAHR) announced. The decision for the …
Macroeconomics
Saudi oil export revenue declined by more than 50% in March
28 May 11:57 AM Saudi oil export revenue hits SAR 150bn in Q1-20
By: El-Sayed Gamal Riyadh – Mubasher: Saudi Arabia’s oil export revenue shrank year-on-year (YoY) during the first quarter of 2020, pressured by a significant drop in revenue in March as a result of the decreased demand for oil amid the …
Macroeconomics
Union Properties incurred a net loss of AED 218.806 million in 2019
28 May 11:27 AM Union Properties expects verdict in AED 1.5bn claim in 18M
Dubai – Mubasher: Union Properties expects a final verdict to be delivered in its AED 1.5 billion arbitration claims against a contractor within 18 months until the end of 2021, according to a press released on Thursday. The claim is related to …
Real estate
Brent crude oil for July delivery retreated by 4.6% or $1.65
28 May 10:58 AM Kuwait’s crude oil down to $28.05 pb – KPC
Mubasher: The price of Kuwait’s crude oil fell by 56 cents to $28.05 per barrel (pb) on Wednesday from $28.61 pb on Tuesday, according to the official prices released by Kuwait Petroleum Corporation (KPC). Globally, Brent crude oil for July …
Commodities
The global oil market has been supported by OPEC’s output cut deal
27 May 05:57 PM Kuwait’s crude oil rises $2.14 pb on Tuesday - KPC
Mubasher: The price of Kuwait’s crude oil reached $28.61 per barrel (pb) on Tuesday, 26 May, up by $ 2.14, compared to $26.47 pb last Friday, according to the official prices released by Kuwait Petroleum Corporation (KPC). The global oil market …
Commodities
Dubai approved easing restrictions on movement
27 May 05:41 PM Dubai gov’t staff to fully return to office on 14 June
Dubai – Mubasher: Dubai issued a decision allowing 50% of government employees to return to work at offices starting from Sunday, 31 May, while taking all precautionary measures against coronavirus (COVID-19).  All employees will resume their work …
Macroeconomics
The Ministry of Health announced the detection of 1,815 new COVID-19 cases
27 May 05:10 PM KSA lifts ban on private-sector workplace attendance
Riyadh – Mubasher: The Saudi Ministry of Human Resources and Social Development has lifted the ban on workplace attendance in the private sector after the GCC nation’s coronavirus (COVID-19) tally recorded 78,541. In addition, government employees …
Net operating losses increased to KWD 830,040
27 May 04:47 PM Abyaar's losses halve in 2019
Mubasher: Abyaar Real Estate Development reported a 50% year-on-year (YoY) drop in its net losses during 2019. The company suffered net losses of KWD 15.78 million ($51.2 million) last year, down from KWD 31.67 million ($102.7 million) in 2018, …
Financial Results
Selling and distribution expenses dropped to AED 49.1 million
27 May 04:20 PM Julphar’s loss down 30% in Q1-20; accumulated losses at AED 566m
Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) incurred AED 62.5 million in net losses attributable to shareholders during the first quarter of 2020, down from AED 89.1 million in the year-ago period. Net sales fell to AED 114.6 …
Financial Results
The issuance is part of a Sukuk programme at a maximum value of $2 billion
27 May 03:56 PM Warba Bank receives regulatory approval for KWD 150m Sukuk
Mubasher: Warba Bank has received approval from the Central Bank of Kuwait and the Capital Markets Authority (CMA) for the second issuance of Sukuk at a value not exceeding KWD 150 million. The issuance is part of a Sukuk programme at a maximum …
Sukuk and Islamic Finance
The turnover amounted to KWD 46.59 million
27 May 03:24 PM Boursa Kuwait ends Wednesday up after Eid holiday
Mubasher: The indices of Boursa Kuwait closed Wednesday’s trading on a positive note following the three-day Eid Al Fitr holiday. The Premier Market and All-Share Market indices jumped by 2.97% and 2.17%, respectively, while the Main and the BK 50 …
Trading Activities
Around 286.68 million shares were exchanged
27 May 02:15 PM DFM gains AED 3.8bn in market cap at Wednesday’s close
Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) grew by 2.35% or 45.57 points to end Wednesday’s trading session at 1,984.48 points in tandem with the economic reopening. The market cap value increased by AED 3.86 billion …
Trading Activities
The market cap gained AED 2.53 billion
27 May 02:04 PM ADX ends Wednesday in green after Eid holiday
Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) closed Wednesday’s trading session on a positive note in its first session after the three-day Eid Al Fitr holiday. The general index rose by 0.51% or 20.86 points to …
Trading Activities
The lender’s LTFC IDR has been affirmed at 'B+'
27 May 01:49 PM Fitch revises Burgan Bank Turkey's outlook to negative
Mubasher: Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (LTFC IDRs) of nine Turkish foreign-owned banks, including Burgan Bank Turkey, to negative from stable. The lender’s LTFC IDR has been …
Ratings