Middle east news

Contracts worth a total of $788.7 million were signed in Q3-17
13 minutes ago Orascom Construction seals $1.54bn deals in 9M
Cairo – Mubasher: Orascom Construction has signed a total of $1.54 billion contracts across the Middle East and North Africa (MENA) region and the U.S. during the first nine months of 2017, board member Osama Bishai said. Following the addition of …
S&P affirms KSA rating at ‘A-/A-2’, with stable outlook
14 minutes ago S&P affirms KSA rating at ‘A-/A-2’, with stable outlook
Riyadh – Mubasher: Credit ratings agency Standard & Poor's confirmed Saudi Arabia’s rating at ‘A- / A-2’, with a stable outlook, on the back of the Saudi economic reforms and anti-corruption crackdown, including dozens of princes, ministers, and …
Minister of trade and industry Tarek Kabil
22 minutes ago Egypt, Cyprus trade hits EUR 42m in 7M - Minister
Cairo – Mubasher: Trade volume between Egypt and Cyprus reached EUR 42.3 million during the first seven months of 2017 from EUR 29 million in the prior-year period, Egypt’s trade minister Tarek Kabil said. Egypt’s exports of commodities to Cyprus …
Union Properties fell 0.4%
32 minutes ago DFM records 5 session-low Tuesday
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped 0.23% or 7.7 points on Tuesday to close at 3,409 points, registering its fifth successive loss on the back of the real estate sector. The DFM continued …
Qatar IPI jumps 7.4% in September
37 minutes ago Qatar IPI jumps 7.4% in September
Mubasher:  Doha’s industrial production index (IPI) rose 7.4% year-on-year in September  to 111,900 points, compared to 104,200 points in the same period in 2016, the Ministry of Development Planning and Statistics (MDPS) said in a statement on …
Boursa Kuwait’s liquidity increased by 30.2% to KWD 14.98 million
38 minutes ago Boursa Kuwait closes Tuesday in decline
By: Mohamad Farouk Mubasher: The price index of Boursa Kuwait edged down 0.41% or 25.8 points to 6,231.97 points. Similarly, both the weighted and Kuwait-15 indices retreated 1.17% and 1.46%, respectively. The Kuwaiti stock market is still …
Oil prices increase amid optimism of controlling the market
1 hour ago Oil prices rise amid optimism stronger OPEC control
Mubasher: Oil prices jumped during Tuesday’s trades ahead of initial data regarding US oil stockpiles, as investors welcomed the resolutions by the Organization of Petroleum Exporting Countries (OPEC) to impose further market control. By 10:43 am …
South Korea's GKC to ink $225m power plant deal Wednesday
2 hours ago South Korea's GKC to install $225m power plant in Beheira
Cairo – Mubasher: South Korea's Global Knowledge Company (GKC) will sign an agreement on Wednesday to develop a $225 million waste-to-energy power plant in Beheira, CEO of GKC MENA Ihab Tahoon told Al-Mal News. The first phase of the deal will …
KSA’s inflation falls 0.2% in October – GASTAT
2 hours ago KSA’s inflation falls 0.2% in October – GASTAT
Riyadh – Mubasher: The Saudi cost of living index,urban consumer price inflation shed 0.2% year-on-year in October 2017, remaining negative for the tenth consecutive month, Saudi General Authority for Statistics (GASTAT) said on Tuesday. The …
Hillside Dubai tower’s sales will be launched in the first quarter of 2018
2 hours ago Sweid & Sweid, Banyan Tree launch Hillside Dubai
Dubai – Mubasher: UAE-based developer Sweid & Sweid on Tuesday announced the closing of a deal with Singapore’s Banyan Tree Holdings to develop a Banyan Tree Residences tower in Dubai "Hillside Dubai".  Spanning 110,000 square feet, the …
Orascom Construction Q3 profits down 19%
2 hours ago Orascom Construction profits up 6% in 9M
Cairo – Mubasher: Orascom Construction on Tuesday reported a 19% year-on-year drop in consolidated profits for the third quarter of 2017 due to lower revenues. Net profit amounted to $23.5 million in the three months ended September 2017, compared …
The VAT will be applied in UAE by January 2018
3 hours ago UAE’s VAT may face obstacles - DCCI CEO
Dubai- Mubasher: Unreadiness of a large number of small and medium-sized enterprises (SMEs) poses a challenge to put value-added tax (VAT) into effect early 2018, president and CEO of Dubai Chamber of Commerce and Industry (DCCI) Hamad Buamim told …
The UAE complex was developed by Al Farwaniya Property Developments
3 hours ago Kuwaiti consortium to pump $1.2bn in UAE’s Reem Mall
Mubasher: A consortium of three Boursa Kuwait-listed companies announced financing the Reem Mall Complex in Abu Dhabi, the UAE, according to recent statements. Agility Public Warehousing, United Projects Company for Aviation Services (UPAC), and …
Egypt, Cyprus eye gas pipeline construction December
3 hours ago Egypt, Cyprus eye gas pipeline construction December
Cairo – Mubasher: Egypt and Cyprus agreed to start talks in December over establishing a natural gas pipeline to transfer gas from Cypriot fields to Cairo, according to China’s Xinhua. Negotiations between both parties will include using an …
Prime Minister Sherif Ismail
3 hours ago Egypt’s informal economy hits EGP 1.8tr – Prime Minister
Cairo – Mubasher: Egypt’s informal economy stood at EGP 1.8 trillion, Prime Minister Sherif Ismail said in a statement. Egypt is likely to add handcrafts industries to the formal economy which will boost the country’s gross domestic product (GDP), …
he CIB rose 1.05% to EGP 74.3, with a turnover of EGP 3.7 million
3 hours ago CIB boosts EGX higher early Tuesday
Cairo – Mubasher: The Egyptian Exchange (EGX) opened Tuesday’s trading session in the green zone, bolstered by local and Arab buying. By 10:18 am Cairo time, the benchmark EGX30 index edged up 0.63% or 85.88 points to the level of 13,766.18 points …
The private sector will have the lion’s share of these energy projects
3 hours ago UAE to launch AED 600bn energy projects by 2050
Abu Dhabi – Mubasher: The total cost of energy projects in the UAE is expected to reach AED 600 billion (163.38 billion) by 2050, the UAE’s minister of energy and industry Suhail bin Mohammed Al-Mazroui has said. The private sector will have the …
Dubai economy to grow 4% in 2018- CEO
3 hours ago Dubai economy to grow 4% in 2018- CEO
Dubai- Mubasher: Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, expected that Dubai economy to continue growth trajectory of 3% and 4% by 2018. The chamber’s recent studies demonstrated that the local investment …
QIC stated in September that the renewal was not possible
3 hours ago QIC extends Abu Dhabi’s branch licence
Doha – Mubasher: Qatar Insurance Company (QIC) on Tuesday announced renewing the business licence of its branch in Abu Dhabi. In September, QIC had said that the renewal was not possible owing to the political situation in the GCC, following the …
By 10:30 am KSA time, TASI’s trading volume reached 21.6 million shares, through 13,250 deals, generating SAR 351.6 million
3 hours ago TASI falls 46 pts, Nomu levels up 29 pts at Tuesday’s open
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) started Tuesday in the red zone after its main Tadawul All Share Index (TASI) retreated 0.68% or 46 points, reaching 6,758.1 points. By 10:30 am KSA time, TASI’s trading volume amounted to 21.6 …
Oil prices declined in line with the anticipation for the OPEC meeting
4 hours ago Kuwait crude oil rises 70 cents – KPC
Mubasher: The price of Kuwait’s crude oil increased by 70 cents to settle at $59.14 per barrel (pb) on Monday compared to $58.44 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
Dar Al Arkan launches e-sales centre for selling projects in KSA
4 hours ago Dar Al Arkan launches e-sales centre for selling projects in KSA
Riyadh – Mubasher: Saudi Arabia-based, Dar Al Arkan Real Estate Development launched an e-sales centre to allow its clients to choose and book residential units from the firm's projects, to be the first company which provides this service. The …
Lulu Group expands in UAE
4 hours ago Lulu Group opens 5th hypermarket in Sharjah
Dubai – Mubasher: The UAE-based Lulu Group has inaugurated its fifth hypermarket in Sharjah. The Emirati group now has 139 outlets inside and outside the UAE, the hypermarket retail chain said in a statement. The group had previously stressed that …
Boursa Kuwait’s turnover amounted to KWD 3.3 million
4 hours ago Boursa Kuwait opens Tuesday in red zone
Mubasher: The benchmark price index of Boursa Kuwait started Tuesday’s trading session 0.23% or 14.2 points lower at 6,243.55 points. By 9:48am Kuwait time, both the weighted and Kuwait-15 indices lost 0.59% and 0.72%, respectively. The banks …
SADAFCO authorises board to distribute interim dividends on shareholders
5 hours ago SADAFCO authorises board to distribute interim dividends on shareholders
Riyadh – Mubasher: Saudia Dairy and Foodstuff Company’s (SADAFCO) ordinary general meeting (OGM) approved on Monday, 20 November, authorising the board of directors to distribute interim cash dividends on the shareholders for the fiscal year …