Middle east news

Etisalat became MENA's 1st operator to introduce 5G tech

1 hour ago Etisalat conducts 1st end-to-end 5G standalone call in MENA

Mubasher: Etisalat has completed the first end-to-end 5G standalone call in the Middle East and North Africa region in the UAE, Emirates News Agency reported on Saturday. The recent announcement followed the completion of a test conducted in the …

Companies Investments

The plant will be located at Taweelah complex

2 hours ago EWEC, ACWA Power announce financial closing of Taweelah desalination plant

UAE – Mubasher: Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation (ADPower), and Saudi Arabia's ACWA Power have announced the successful financial closing of the AED 3.19 billion Taweelah reverse osmosis …

2 hours ago Services boosts Bahrain Bourse in week

Mubasher: The Bahrain Bourse’s main index grew by 4.09 points, or 0.27%, to reach 1,527.12 points, supported by the services and investment sectors. The services sector added 0.67%, while the investment sector rose by 0.26% and the commercial …

Trading Activities

3 hours ago TASI plunges 60 pts in week

Riyadh – Mubasher: The Saudi Stock Exchange’s Tadawul All-Share Index (TASI) declined by 59.66 points, or 0.78%, to 7,635.82 points in a week. Market capitalisation went down by SAR 16.1 billion ($4.3 billion) to reach SAR 1.8 trillion ($480.6 …

Trading Activities

Jazeera Airways operates a 10-aircraft Airbus fleet

3 hours ago Jazeera Airways receives 2nd Airbus A320neo aircraft

Mubasher: Jazeera Airways received its second Airbus A320neo aircraft, according to a company statement released on Saturday. Fitted with Jazeera’s new three-cabin configuration, the new fuel-saving and quieter engine aircraft will include the …

Companies Investments

3 hours ago Kuwait, Saudi Arabia to resume oil production from neutral zone

Riyadh - Mubasher: Kuwait and Saudi Arabia have reportedly reached an agreement to resume oil production in jointly-operated fields in the Neutral Zone between the oil-rich countries, Reuters reported on Saturday, citing Kuwaiti newspapers …

Macroeconomics

The project includes 300 residential villas

4 hours ago UAE opens AED 687m residential project in Al Ain City

UAE – Mubasher: Vice chairman of Abu Dhabi Executive Council Sheikh Hazza bin Zayed Al Nahyan opened AED 687 million Al Hayer residential project in Al Ain City. The project includes 300 residential villas the design of which was tailored to meet …

Real estate

5 hours ago Egypt inks terms & conditions agreement with Euroclear

Cairo – Mubasher: Egypt has signed a terms & conditions agreement with Euroclear Bank to peg Egyptians debt instruments to the bank’s local currency. Under the agreement, the Belgium-based bank will promote Egyptian debt instruments to a larger …

Macroeconomics

05:37 PM Kuwait’s crude oil price rises 57 cents on Friday

Mubasher: The price of Kuwait’s crude oil increased by 57 cents to settle at $61 per barrel on Friday, compared to $60.43 pb a day earlier, according to the Kuwait News Agency. Brent crude futures declined by 0.5% to hit $59.42 pb, while Nymex WTI …

Macroeconomics

05:29 PM Saudi Arabia’s mortgage levels up by 21% YoY in Q2-19

Riyadh – Mubasher: Saudi Arabian mortgage grew by 21% year-on-year to more than SAR 281 billion during the second quarter of 2019. Banks provided 93.7% of mortgage in Q2-19, while financial companies granted 6.3%, according to the Saudi Arabia …

Macroeconomics

KFH invests in a group of Egyptian companies

05:12 PM Kuwait Finance House to increase investments in Egypt

Cairo – Mubasher: Kuwait Finance House (KFH) is intended to increase investments in Egypt in the coming period, chairman Hamad Al Marzouk stated on Saturday, according to Akhbar el-Yom newspaper. Al Marzouk commended measures taken by the Egyptian …

Macroeconomics

05:01 PM Saudi Aramco defers IPO until release of Q3-19 results

Riyadh – Mubasher: Saudi Aramco has reportedly postponed planned initial public offering until the posting of the company’s result for the third quarter of 2019, informed sources told Reuters. The sources added that no new date was set for the …

Initial Public Offerings

18 October 05:58 PM IMF warns against mounting risks to Asia’s growth outlooks

Mubasher: The International Monetary Fund warned Asian economies are facing elevated risks to their growth outlooks.

Global Markets brief

18 October 05:11 PM Asda secures $4.9bn buy-in with insurer Rothesay Life

Mubasher: Asda announced a GBP 3.8 billion “buy-in” with Rothesay Life to secure the benefits for 12,300 members of one of its pension plans.

Global Markets brief

18 October 04:42 PM European bailout fund’s head rules out another 2009 crisis

Mubasher: The Eurozone has worked hard to ensure that the region is well-prepared to deal with any incoming financial shocks.

Global Markets brief

18 October 04:09 PM Coca-Cola posts solid Q3 revenue on growing healthier drink sales

Mubasher: Coca-Cola on Friday reported third-quarter revenue that beat analysts’ forecasts led by healthier options such as Zero Sugar soda.

Global Reports

18 October 03:14 PM EU rubber-stamps Christine Lagarde to take ECB’s helm

Mubasher: European Union leaders on Friday approved the appointment of Christine Lagarde as the next head of the European Central Bank.

Global Markets brief

18 October 03:01 PM China’s fixed-asset investment retreats slightly in 9M to September

Mubasher: China's fixed-asset investment grew slightly slower over the first three quarters of this year, but it maintained a steadily pace, driven by high-tech investments.

Global Reports

18 October 02:32 PM Gold slips on profit-booking, growth, trade anxieties limit losses

Mubasher: Gold prices declined on Friday as investors locked in profits after the European Union and the UK clinched a new Brexit deal.

Global Reports

18 October 02:10 PM Goldman Sachs raises Brexit odds to 65%

Mubasher: Goldman Sachs said it raised the chance of reaching a Brexit deal to 65% from 60%.

Global Reports

18 October 01:48 PM China’s refinery throughputs hit fresh peak in September

Mubasher: China's crude oil refinery runs hit a record peak, climbing by 9.4% year-on-year in September.

Oil and Energy

Communications satellite TIBA-1 was sent to French Guiana, before its launch from Kourou

18 October 01:16 PM Egypt’s TIBA-1 satellite leaves Airbus’ clean rooms

Mubasher: Airbus said that Egypt’s communications satellite TIBA-1 left its defence and space clean rooms in Toulouse, according to the European aeronautics giant’s website. The spacecraft, developed by Airbus and Thales Alenia Space (TAS), a …

Global Economy

18 October 12:34 PM Oil declines early Friday on weak China GDP figures

Mubasher: Oil prices declined earlier on Friday amid demand worries raised by figures showing the weakest economic growth of China since almost three decades.

Global Markets brief