Middle east news

Bin Salman is playing a major role in modernising Saudi Arabia

4 hours ago Bin Salman may close $4.3bn deal to buy Man United

Riyadh – Mubasher: Saudi Arabia’s Crown Prince Mohammad bin Salman (MBS) is ready to increase a EUR 3.8 billion ($4.29 billion) offer to buy the UK’s Manchester United Football Club from the Glazers before the coming season. The Glazers, the US …

Net profit rose to KWD 22.2 million in Q4

16 February 07:58 PM Agility’s profit hits over KWD 81 million in 12M

Mubasher: Agility Public Warehousing has reported an 18.4% year-on-year increase in net profit during 2018, recording KWD 81.1 million ($267 million). The Kuwait- and Dubai-listed company’s earnings per share (EPS) reached 56.06 fils, the Kuwait …

Financial Results

The transactions’ value was not revealed.

16 February 07:29 PM Warba Bank acquires majority stake in KMEFIC

Mubasher: Warba Bank has signed an agreement with Ahli United Bank (AUB) to buy 75.72% stake in Kuwait and Middle East Financial Investment Company (KMEFIC). The deal will be closed following the receiving of all regulatory approvals, Kuwait News …

Companies Investments

The Kuwaiti M&As market is expected to grow

16 February 07:01 PM Kuwait comes 2nd in GCC’s M&As in 5 yrs – Report

Mubasher: Kuwait ranked second among the GCC economies in terms of the number of mergers and acquisitions (M&As) concluded from 2014 to 2018, according to a report released by Kuwait Financial Centre (Markaz). The number of M&As concluded in …

Mergers and Acquisitions

The decision will increase investors’ confidence in the Egyptian market

16 February 06:10 PM Interest rates cut to boost all sectors in Egypt – Report

Cairo – Mubasher: The Central Bank of Egypt’s (CBE) decision to cut interest rates by 1% is a boost to investments in all sectors, according to a report released on Saturday by Beltone Financial Holding. The CBE’s decision will increase investors’ …

Central Banks

Hiring rates increased from April to December 2018

16 February 04:40 PM VAT leaves no effect on hiring rates in UAE – Survey

Dubai – Mubasher: The introduction of the value-added tax (VAT) in the UAE did not impact hiring rates, according to a survey conducted by LinkedIn. Around 84% of the respondents of human resource (HR) professionals in the UAE still confident …

Macroeconomics

“This is a truly exciting milestone for the University of Birmingham"

16 February 04:13 PM Major UK university to expand Dubai’s campus

Dubai – Mubasher: The UK’s University of Birmingham has signed an agreement to build the second phase of its campus in Dubai International Academic City (DIAC). The UK institute’s facilities are slated for inauguration in 2021 and will have the …

Companies Investments

ECI is the UAE’s national credit insurance agency

16 February 03:02 PM ECI to support $3bn in non-oil exports, re-exports

Dubai – Mubasher: Etihad Credit Insurance (ECI) has unveiled plans to secure $3 billion (AED 11.02 billion) in non-oil exports and re-exports. The state-owned company is also planning to support UAE-based firms with more than $1.1 billion exposure …

Companies Investments

15 February 11:41 PM Oil settles at 3M high on OPEC output decline

Oil prices finished on Friday at their highest level since last November as crude supplies from the Organization of Petroleum Exporting Countries sustained their decline.

Global Markets brief

15 February 10:51 PM Gold finishes at 2-week high Friday

Gold settled at a two-week peak on Friday, recording a slight gain for the week on progress in trade talks between the US and China.

Global Reports

15 February 10:15 PM Trump vows to remove China tariffs, if trade deal inked

US President Donald Trump said he will remove duties on Chinese imports, should US and Chinese negotiators manage to hammer out a trade agreement.

Global Markets brief

15 February 09:46 PM US oil drillers add rigs for second straight week

US energy firms this week raised the number of active rigs drilling for oil for the second consecutive week.

Oil and Energy

15 February 09:23 PM Trump declares national emergency to build US-Mexico border wall

President Donald Trump on Friday announced that he is using emergency powers in an attempt to fund his pledged wall on the US-Mexico border.

Global Markets brief

15 February 08:28 PM US slaps sanctions on top Venezuelan officials

The US administration on Friday sanctioned senior Venezuelan security officials as well as the head of state-owned oil Petroleos de Venezuela.

Global Reports

15 February 07:52 PM Mexico to inject $3.6bn into state oil firm Pemex

Mexico will pump $3.6 billion into oil firm Pemex, a move that would include tax cuts and debt refinancing and aims to shore up finances.

Global Reports

15 February 07:21 PM Brexit will not impact security cooperation – intelligence heads

The UK's departure from the European Union would not deter security cooperation with its NATO partners France and Germany.

Global Reports

15 February 06:53 PM US gov’t, Facebook in talks over multibillion-dollar fine–Report

Facebook may pay billions of dollars in fine, if the social media company reaches a settlement with the US administration over security lapses.

Global Markets brief

15 February 06:29 PM US industrial output declines for first time in 8M

US industrial production growth sank in January, recording the first decline in 8 months, data by the Federal Reserve Bank showed on Friday.

Global Reports

15 February 06:16 PM US consumer sentiment rebounds in February after gov't shutdown

Preliminary estimates released by the University of Michigan indicated that the US consumer confidence recovered by the first half of February.

Global Reports

15 February 05:50 PM US import prices fall for third straight month

The costs of the US import extended their decline in January for the third month in a row, once again helped by lower oil prices.

Global Markets brief

Drilling works will commence during Q2-20

15 February 05:30 PM Eni to begin offshore drilling in Abu Dhabi in 2020

Abu Dhabi – Mubasher: The Italian energy company Eni is planning to initiate drilling in an offshore area in Abu Dhabi. Drilling works will be conducted during the second quarter of 2020, an executive told Reuters on Friday. In January, Abu Dhabi …

Companies Investments

15 February 05:25 PM NY manufacturing business rebounds from 1-yr trough in February

Manufacturing business activity recovered in February after hitting the lowest level in a year.

Global Markets brief

15 February 05:06 PM US, China upbeat on talks, despite no trade deal signs

Both US and Chinese officials expressed their optimism regarding the trade talks between the world’s two biggest economies in Beijing this week.

Global Reports

Eni invests in various energy projects in Egypt

15 February 04:49 PM Eni wins two onshore exploration blocks in Egypt

Cairo – Mubasher: Egypt has awarded Italy’s Eni two onshore exploration blocks. Eni holds a 100% stake in the first block, South East Siwa, which covers a 3,013 square kilometres area located in the West Desert. The Italian energy giant will …

Companies Investments