Levant news

Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
22 May 07:33 AM Portfolio investors to invest in attractive GCC stocks
By: Mahmoud Gamal Mubasher: The GCC stock markets are expected to maintain their slight rise on Monday as portfolio investors are tending to increase their positions, amid anticipation of the performance of oil prices and global stocks, analysts …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
21 May 10:45 PM CBE raises interest rates 2%
Cairo - Mubasher: The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) has decided, in its meeting on Sunday, to raise interest rates by 200 basis points, according to an official statement. This increases the overnight deposit rate, …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
21 May 07:40 AM GCC bourses likely to rise on Trump’s visit – Analysts
By: Mahmoud Gamal Mubasher: The GCC stock markets are expected to see increased speculations on Sunday, in line with the rise of oil prices and news of a possible decline in oil prices, analysts told Mubasher. Higher oil prices will push the GCC …
Photo Credit: Ministry Website
20 May 07:58 PM KSA-USA bilateral trade reached SAR2tr in 10 years
Riyadh - Mubasher: The Saudi Ministry of Commerce and Investment (MCI) said that trade exchange between Saudi Arabia and the United States has exceeded SAR 10 trillion ($533 billion) during the last decade. The ministry said in a statement on …
Photo Credit: Press Release
20 May 02:57 PM Egyptian new refinery to begin production in 2018
Cairo - Mubasher: The Egyptian minister of petroleum and mineral resources said that the Egyptian Refining Company’s (ERC) project is expected to be begin operating by the end of 2017. The minister added on the sidelines of his visit to the Cairo …
Photo Credit: Arabianeye-Reuters
20 May 11:55 AM Kuwait oil up $1.03
Kuwait - Mubasher: The price of Kuwaiti oil increased by $1.03 on Friday, according to the Kuwait Petroleum Corporation (KPC). Kuwaiti oil registered $49.93 per barrel (pb) on Friday, compared to $48.90 pb on Thursday, Kuwait News Agency (KUNA) …
Saudi Aramco CEO, Amin Nasser - (Photo Archive)
20 May 10:08 AM Aramco to sign $50bn deals with US firms - CEO
Riyadh - Mubasher: The CEO of Saudi Aramco Amin Nasser said on Saturday that his company is expecting to sign $50 billion worth of deals with American companies to diversify the kingdom’s energy resources, according to Reuters. Amin Nasser added …
SoftBank Group CEO Masayoshi Son (Photo credit: Arabianeye-Reuters)
19 May 06:16 PM Japan's richest man to close largest private equity fund in KSA
Riyadh – Mubasher: Masayoshi Son, head of Japan's SoftBank Group Corp and the richest man in the country, is planning to visit Saudi Arabia this weekend alongside US president Donald Trump. Trump will be making his first overseas trip since taking …
(Photo credit: Arabianeye-Reuters)
19 May 12:11 PM Oil extends rise Friday; Brent at $53 pb
Mubasher: Oil prices continue to rise on Friday, with Brent crude surpassing the $53 per barrel (pb) level. By 10:05 am GMT, Brent crude and Nymex future contracts rose 1.09% each to $53.08 pb and $49.89 pb, respectively. Reports indicate that …
(Photo credit: Arabianeye-Reuters)
19 May 10:19 AM Oil nears 1M-high; Brent to gain 4% in week
Mubasher: Oil prices rose to one-month highs on Friday, and are likely to record weekly gains of around 4%. By 8:10 am GMT, Brent crude futures rose 0.7% to $52.85 per barrel (pb), while Nymex crude added 0.8% to $49.73 pb, with both oil products …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
18 May 08:12 AM GCC bourses start to regain poise on foreign purchases
By: Mahmoud Gamal Mubasher: Most GCC stock markets started to lure in investments and managed to see a positive performance on Wednesday, in line with the recent rise of oil prices, analysts told Mubasher. Most Gulf bourses are expected to …
Reforms aim at diversifying economy, giving larger role to the private sector - (Photo Credit: Arabianeye-Reuters)
18 May 12:46 AM IMF praises Saudi reforms; calls for gradual consolidation, empowering women
Riyadh - Mubasher: Saudi Arabia has embarked on a bold reform program under Vision 2030, according to a report by a team from the International Monetary Fund (IMF), which held discussions between 30 April and 11 May 2017. According to the IMF, …
Photo Credit: Arabianeye-Reuters
17 May 08:23 PM American crude, gasoline stocks decline in week
Mubasher: US oil stocks decreased last week by lower than the expected rate. The data of the US Energy Information Administration (EIA) showed on Wednesday that crude oil inventories went down by 1.8 million barrels to 520 million barrels in the …
(Photo Credit: Arabianeye-Reuters)
17 May 06:21 PM Oman oil production drops to 29m barrels in April
Mubasher: Oman’s production of oil and condensates declined 3.22% reaching 29.02 million barrels in April, according to data released by Oman's Ministry of Oil and Gas. The total volume of exported crude oil retreated 11.04% to reach 22.75 million …
Photo Credit: Arabianeye-Reuters
17 May 06:12 PM Oil prices up on lower US inventories
Mubasher: Oil prices saw another rise after data showed a decline in US crude stocks. By 4:05 GMT, the price for West Texas Intermediate (WTI) or (Nymex) futures went up by 1.3% to $49.3 per barrel (pb), while Brent Crude futures increased by 1.5% …
(Photo Credit: Arabianeye-Reuters)
17 May 07:30 AM GCC bourses to hold amid oil price recovery
By: Mahmoud Gamal Mubasher: The GCC stock markets are expected to hold at their current levels on Wednesday, amid oil price recovery, analysts told Mubasher Most Gulf bourses saw a positive performance on Tuesday and approached important …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
16 May 06:10 PM USD inflows to Egypt reach $45bn in 6M
Cairo - Mubasher: The governor of the Central Bank of Egypt (CBE) said that the Egyptian economy has attracted $45 billion from the central bank and the banking sector during the last six months. Tarek Amer added during a press conference on …
Photo Credit: Arabianeye-Reuters
16 May 04:10 PM Crédit Agricole collected $1bn in 6M
By: Mostafa Adel Cairo - Mubasher: The managing director of Credit Agricole - Egypt said that the bank US dollar inflows from its customers reached $1 billion since the pound flotation until now. Francois Edouard Drion told Mubasher on Tuesday …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
16 May 07:40 AM GCC markets need new liquidity to revive trades - Analysts
By: Mahmoud Gamal Mubasher: The GCC stock markets need new liquidity pumped into its stocks on Tuesday to be able to break important resistance levels, capital market analyst Mohamed Al Azmi told Mubasher. The markets saw selling pressures by some …
The French Prime Minister, Édouard Philippe - (Photo Credit: Reuters)
15 May 06:04 PM Macron selects Édouard Philippe as French PM
Mubasher: The French president, Emmanuel Macron, has appointed Édouard Philippe as the country’s new prime minister. The newly-chosen PM is the mayor of Le Havre, and a member of the centre-right the Republicans party or “Les Républicains”. This …
(Photo Credit: Company website)
15 May 12:53 PM Jumeirah Golf launches new residential units in Dubai
Dubai – Mubasher: Jumeirah Golf Estates has launched an additional tower of affordable luxury apartments in its Alandalus development. The new tower will bring an additional 120 Mediterannean-inspired apartments to aspiring investors and …
(Photo Credit: Arabianeye-Reuters)
15 May 07:58 AM GCC investors eye oil movements – Analysts
By: Mahmoud Gamal Mubasher: GCC stock markets are set to see additional varying performances on Monday, while looking to oil price movements and global markets, as newly-elected French president Emmanuel Macron takes the reigns of the country, …
Traders at Boursa Kuwait (Photo credit: Arabianeye-Reuters)
14 May 07:56 AM GCC stocks likely to maintain sideways-to-bullish trend
By: Mahmoud Gamal Mubasher: The Gulf stock markets are expected to continue their sideways-to-bullish performance on Sunday, amid increased purchases of blue chips by foreign investors, in line with the rise of oil prices. GCC bourses, topped by …
Photo Credit: Arabianeye-Reuters
13 May 02:25 PM Kuwait oil prices down $0.11
Mubasher: The price of Kuwaiti oil went down by 11 cents to $47.31 per barrel (pb) on Friday compared to $47.42 pb the day before, the Kuwait Petroleum Corporation (KPC) said on Saturday. According to Kuwait News Agency (KUNA), oil prices slightly …
Photo Credit: Arabianeye-Reuters
13 May 12:16 PM Oil prices rise amid hopes of extending the OPEC deal
Mubasher: Oil prices have increased during the week ended Friday by 3.5%, as hopes for extending the output agreement are getting higher. The price for West Texas Intermediate (WTI) or (Nymex) futures went up by 3.5% to $47.84 per barrel (pb) …