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02 June 11:23 AM

Middle east news

Emirates airline resumed flights to nine cities
2 hours ago Emirates resumes flights to 8 countries
UAE - Mubasher: Emirates airline has announced the resumption of scheduled passenger flights to nine cities in eight countries during May, the Dubai-based carrier announced on its official Facebook account. Emirates hopes that flights to more …
Global Economy
The bonds carry a six-month maturity period
2 hours ago Kuwait’s C. bank issues KWD 360m bonds, tawarruq
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds and related tawarruq worth KWD 360 million, with a 1.37% return rate. The issue registered total demand of KWD 3.03 billion and was oversubscribed by 8.41 times, according to …
Bonds
Brent futures closed Monday up by 48 cents
2 hours ago Kuwait’s crude oil jumps $5.63 on Monday - KPC
Mubasher: The price of a barrel of Kuwait’s crude oil surged by $5.63 on Monday to finish at $33.01 when compared to $27.38 last Friday, according to the official prices of the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
Macroeconomics
TASI closed at 7,288.81 points
1 June 06:13 PM Tadawul closes Monday on positive note
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) maintained its positive performance on Monday, closing the first session of June up by 1.05% or 75.78 points. The Tadawul All Share Index (TASI) closed at the level of 7,288.81 points. Traded …
Trading Activities
The reserve decreased by 0.25% on a monthly basis
1 June 06:03 PM Saudi gov’t reserve nears SAR 470bn in April
Riyadh – Mubasher: Saudi Arabia’s government reserve declined by 2.48% by the end of April to SAR 469.617 billion, compared with SAR 480.42 billion by the end of the same month a year ago. On a monthly basis, the reserve decreased by 0.25%, down …
Macroeconomics
(Photo Credit: rawpixel)
1 June 05:40 PM GAFI discusses growth plans with entrepreneurs, startups
Cairo – Mubasher: The CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), Mohamed Abdel Wahab, discussed with a number of entrepreneurs and startup founders their plans for business growth, as well as service and product …
Macroeconomics
The lender aims to strengthen its capital base
1 June 04:46 PM Suez Canal Bank completes Midor stake sale for $30.6m
Cairo – Mubasher: Suez Canal Bank announced the sale of its 1.27% stake in Middle East Oil Refinery Co (Midor), representing 560,000 fully-paid shares.   The stake was sold to the major shareholder Egyptian General Petroleum Corporation (EGPC) for …
Insider Trading & Treasury Stocks
The GCC is forecast to witness an economic recovery
1 June 04:38 PM Gulf states's GDP expected to contract by 5.9% in 2020
Mubasher: The gross domestic product (GDP) of the Arabian Gulf countries is expected to retract by 5.9% in 2020 when compared to 2019, as the world economy is suffering from the consequence of the coronavirus (COVID-19) pandemic. Fiscal deficit in …
Global Economy
Deposits denominated in foreign currencies rose to EGP 640.676 billion
1 June 04:23 PM Egypt’s foreign-currency deposits grow for 2nd month in row
Cairo – Mubasher: Foreign-currency deposits held by the Egyptian banking sector increased for the second successive month amid the coronavirus (COVID-19) crisis after a 10-month declining streak. Egypt’s deposits denominated in foreign currencies …
Banking and Finance
Money supply increased to EGP 1.05 trillion
1 June 03:37 PM Egypt’s local liquidity rises to record high in April
By: Heba El-Kordy Cairo – Mubasher: Local liquidity in Egypt continued its upward trend, rising by 1.5% or EGP 73 billion month-on-month (MoM) during April. Egypt’s domestic liquidity amounted to EGP 4.34 trillion in April, hitting a record high, …
Central Banks
Investcorp Credit Management aims to manage a diversified portfolio
1 June 03:13 PM Investcorp closes Mount Row credit fund at EUR 318m
Mubasher: The Credit Management business of Investcorp has held the final close of the Mount Row Credit Fund with capital commitments of EUR 318 million ($353.4 million). The fund has exceeded its original target of raising EUR 300 million, …
Companies Investments
Emirates Airline is set to lay off some employees amid the COVID-19 crisis
1 June 03:01 PM Emirates foresees recovery of airline industry by June 2021
Dubai - Mubasher: Emirates airline President, Tim Clark, expects the airline industry to see a recovery as of June of next year, after being affected by the coronavirus (COVID-19) pandemic, according to Zawya. Clark made the announcement …
Global Economy
Turnover totaled AED 198.07 million
1 June 02:35 PM ADX maintains positive performance on Monday
Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) inched up by 0.7% or 29.10 points to stand at 4,170.71 points by the end of Monday's trading session, maintaining its positive performance. The market cap value …
Trading Activities
Turnover amounted to KWD 24.13 million on Monday
1 June 02:30 PM Two sectors push Boursa Kuwait higher on Monday
Mubasher: Boursa Kuwait closed Monday’s trading in the green zone, with the All-Share and Premier markets levelling up by 0.22% and 0.26%, respectively, and the BK 50 and Main indices inching up 0.02% and 0.11%, respectively. Meanwhile, traded …
Trading Activities
Around 131.70 million shares were traded
1 June 02:17 PM DFM up on Monday; market cap gains AED 3.24bn
Dubai – Mubasher: Dubai Financial Market (DFM) has resumed its upward performance after the benchmark index had increased by 1.47% or 28.63 points to close Monday's trading session at 1,973.72 points. The market cap value grew by AED 3.24 billion …
Trading Activities
The index of non-metallic minerals rose by 6.6%
1 June 01:42 PM Egypt’s manufacturing index falls 8.7% in February – CAPMAS
Cairo – Mubasher: Egypt’s index of manufacturing and extractive industries, excluding crude oil and petroleum products, dropped by 8.7% month-on-month (MoM) to 113.10 in February from 123.87. The index of pharmaceutical and chemical products …
Macroeconomics
COVID-19 recoveries in Kuwait reached 12,899 on Monday
1 June 01:21 PM Coronavirus infections in Kuwait up 719 cases on Monday
Mubasher: Kuwait has registered 719 new cases of the coronavirus (COVID-19) on Monday, bringing the total number to 27,762 so far, according to an official disclosure by the Ministry of Health. The number of recoveries surged by 1,513 over the …
The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
Banking and Finance
The platform is part of the company's N-Genius Online
1 June 01:12 PM Network International enables SMEs in UAE to use e-commerce
UAE - Mubasher: Network International, the UAE's largest merchant acquirer, has launched Pay by Link acceptance platform to enable the businesses across the UAE to provide their services online. The platform is part of the precautionary measures …
Companies Investments
Companies face trading suspension on 15 June
1 June 12:41 PM EGX warns 8 listed firms of trading suspension
Cairo – Mubasher: The Egyptian Exchange (EGX) warned that trading on eight listed companies will be suspended if they fail to submit their financial statements for 2019 after the end of the new 45-day reporting period deadline. Companies that face …
Trading Activities
Six flights from Kuwait will land in Cairo today
1 June 12:41 PM Egypt to bring home 1,643 Egyptians from Kuwait today
Mubasher: The Egyptian authorities will repatriate 1,643 nationals stranded in Kuwait on Monday, 1 June, via seven flights, Middle East News Agency (MENA) reported.   The Directorate General of Civil Aviation (DGCA) said that six flights will head …
The proposal includes a 0.28-for-one bonus issue
1 June 12:11 PM Fawry's shareholders approve bonus issue for 2019
Cairo – Mubasher: The ordinary general meeting (OGM) of Fawry for Banking Technology and Electronic Payments approved the board’s proposal for dividend distribution for 2019. The proposal includes a 0.28-for-one bonus issue to be financed from …
General Assembly
The first mobile-to-fixed termination agreement was signed between the two companies
1 June 12:01 PM Telecom Egypt, Etisalat Misr ink 2 deals
Cairo – Mubasher: Telecom Egypt and Etisalat Misr signed two agreements regarding transmission and mobile-to-fixed interconnection. The first deal includes developing Telecom Egypt’s transmission and infrastructure services’ commercial model with …
Companies Investments
The company will issue 500 million new shares
1 June 11:36 AM Julphar launches AED 500m rights issue to improve capital profile
Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has launched a rights issue to raise AED 500 million and improve its capital position and debt profile. By raising AED 500 million, the company will finance its turnaround plan and put …
Management Decisions
Remittances shrank by 19.88% on a monthly basis
1 June 11:26 AM Expat remittances in Saudi Arabia down 9% in April
Riyadh – Mubasher: Remittances by expatriates in Saudi Arabia declined by 8.7% or SAR 933 million year-on-year (YoY) in April, reaching SAR 9.79 billion when compared to SAR 10.723 billion a year earlier. On a monthly basis, remittances shrank by …
Macroeconomics