Middle east news

22 February 10:56 PM Oil ends Friday in green, records 3M high
Mubasher: Oil futures settled higher on Friday, reaching its highest level since November.
22 February 10:40 PM Gold rises at Friday’s settlement, gains 0.8% in week   
Mubasher: Gold settled higher on Friday, as the USD went down.
22 February 10:28 PM US oil rigs count go down in week
Mubasher: The number of the US active oil drilling rigs declined this week, while gas rigs kept unchanged, data released by Baker Hughes showed.
"This decline is being caused by a number of factors"
22 February 09:31 PM GCC mobile shipment marks 6-yr low – Report
Dubai – Mubasher: Mobile shops shipments to the GCC declined 9.4% year-on-year to 23.6 million units in 2018, recording its lowest level since in six years, with no major recovery expected in 2019. The amount of mobile shipped to the region last …
22 February 08:19 PM China may see worse debt issue – Economist
Mubasher: China’s debt is expected to increase in 2019, but the people republic may have better risk management this time.
22 February 07:32 PM Global debt may hit $50tn in 2018 – S&P
Mubasher: Global sovereign debt is expected to reach $50 trillion in 2019, S&P Global forecast said.
22 February 06:32 PM US banks suffer lower profits in Q4
Mubasher: The US banks’ profits declined during the fourth quarter of 2018, recording $59.1 billion, compared to $62 billion in the year-ago period.
The major project is expected to be operational in 2024
22 February 05:13 PM Saudi Aramco closes $10bn to develop refining, petrochemical complex in China
Riyadh - Mubasher: Saudi Aramco has signed a $10 billion (SAR 37.50 billion) agreement with China’s Norinco to develop a refining and petrochemical complex in the northeastern Chinese city of Panjin. Under the agreement, Aramco and Norinco will …
A number of 35 agreements were signed
22 February 04:32 PM Saudi Arabia, China ink $28bn deals on Bin Salman visit
Riyadh - Mubasher: Saudi Arabia and China have signed $28 billion (SAR 104.98 billion) economic cooperation agreements during Saudi Crown Prince Mohammed bin Salman’s visit to Beijing. A number of 35 agreements were signed at a joint investment …
22 February 03:57 PM EU may not seal Brexit deal in Egypt – Official
Mubasher: The EU leaders reach a deal on Brexit during the summit with the League of Arab States in Egypt’s Sharm el-Sheikh.
22 February 02:55 PM Japan inflation picks up in January
Inflation in Japan accelerated in January on the back of higher utility bills
22 February 02:50 PM Gold inches up on Friday, USD declines
Mubasher: Gold edged up on Friday, as the USD declined on the expected progress of the US-China trade talks.
22 February 02:02 PM Oil prices rise ahead of rig data
Oil prices rose early Friday erasing their losses from Thursday
22 February 01:45 PM China's home prices pick up in January
22 February 01:42 PM EA inflation falls to 1.4%; EU down 1.5% in January
Euro area annual inflation falls to 1.4%; EU down 1.5% in January
22 February 01:23 PM Societe General mulls thousands of job cuts
22 February 11:22 AM German economy barely avoids recession in Q4
German economy barely avoids recession in Q4
21 February 11:17 PM Oil ends Thursday in red, shrugs 7 gains in row
Mubasher: Oil futures settled down on Thursday after recording gains for seven successive sessions.
The new mission will take 11 years
21 February 11:07 PM Egypt launches $100m remote sensing satellite from Kazakhstan
Cairo – Mubasher: Egypt’s $100 million (EGP 1.75 billion) third Earth observation satellite, EgyptSat-A, was launched successfully from Kazakhstan's Baikonur Cosmodrome spaceport on Thursday at 6:45 pm, Cairo time. The launch of the rocket …
21 February 10:06 PM Gold settles down on Thursday  
​​​​​​​Mubasher: Gold declined at Thursday’s settlement, which is its lowest level since August.  
“We believe that a smart city is a safe city"
21 February 09:51 PM US firm to integrate security infrastructure in Egypt’s Administrative Capital
Cairo – Mubasher: The Administrative Capital for Urban Development (ACUD) has signed an agreement with the US’ Honeywell to develop public safety and security infrastructure in Egypt’s new capital. The North Carolina-based company will install …
The agreement will see the management of concerts in Saudi Arabia
21 February 09:15 PM Saudi Arabia’s gov’t inks MoUs with Indian entertainment firms
Riyadh – Mubasher: Saudi Arabia’s General Entertainment Authority (GEA) on Thursday signed two memorandums of understanding (MoUs) with Indian entertainment companies. The MoUs were signed during Crown Prince Mohammed bin Salman’s visit to India, …
The agreement was signed at IDEX 2019.
21 February 07:40 PM Emirates Defence Industries’ unit inks MoU with Emirates Steel
Abu Dhabi – Mubasher: Emirates Defence Industries Company’s (EDIC) subsidiary, Barij Munitions, has signed a memorandum of understanding (MoU) with Emirates Steel Company (ESC) for the cooperation in the development and manufacturing of defence …
The new plant will produce clinker
21 February 06:43 PM Fujairah Natural Resources to launch AED 550bn plant
Abu Dhabi – Mubasher: The Fujairah Natural Resources Corporation (FNRC) has launched an AED 550 million ($149.74 million) three-stage GSW factory project in Habbab, Fujairah, the UAE. The new plant will produce clinker, which is a raw material …
21 February 06:18 PM US Fed official defends monetary policy
Clarida confirmed that the US economy and monetary policy are both “in a good place.”