Middle east news

The All-Share Market index declined by 0.44%

18 minutes ago Boursa Kuwait starts Sunday in red

Mubasher: Boursa Kuwait opened Sunday’s trading session in the red territory, pressured by the fall of the telecommunication and banking sectors. By 09:15 am Kuwait time, the All-Share Market index declined by 0.44%, while the Main and Premier …

Stock Evaluations

Both parties will organise visits to exchange experiences in the environmental protection field

45 minutes ago Sharjah Chamber, Bee'ah ink MoU to promote best environmental practices

UAE - Mubasher: The Sharjah Chamber of Commerce & Industry (SCCI) and Bee’ah, a leading environmental management company in the UAE, have signed a memorandum of understanding (MoU) to foster the best environmental practices in Sharjah. Under the …

Corporate Actions

Around 52% of the new licences were commercial

17 August 10:28 PM Dubai’s DED issues 14,737 new licences in H1-19

UAE – Mubasher: The Dubai Department of Economic Development’s Business Registration and Licensing (BRL) sector issued a total of 14,737 new licences during the first six months of 2019. Around 52% of the new licences were commercial, while 45% …

Macroeconomics

17 August 08:51 PM DEWA awards $391.2m power plant in Hatta

UAE – Mubasher: The Dubai Electricity and Water Authority (DEWA) has awarded AED 1.437 billion ($391.2 million) contract for the construction of 250 megawatts pumped-storage hydroelectric power station at Hatta to a consortium of companies. The …

17 August 07:06 PM Egypt to lay 950km new gas supply pipelines by 2023

Cairo – Mubasher: The Egyptian government is planning to add 950 kilometres of pipelines to the national gas network by 2023, Minister of Petroleum Tarek Al-Mulla stated on Saturday. A group of projects are under consideration to increase the …

Macroeconomics

EGP 6bn were allocated to export stimulation programme

17 August 06:36 PM Egypt to invest $663.7m to launch industrial complexes, support exporters

Cairo – Mubasher: The Egyptian government has allocated EGP 11 billion ($663.71 million) to build industrial complexes and bolster exporters, finance minister, Mohamed Maait, said on Saturday, according to a statement. Under the government plan to …

Macroeconomics

17 August 06:11 PM El-Sisi appoints new head for Suez Canal Authority

Cairo – Mubasher: Egypt's President Abdel Fattah El-Sisi has appointed Lieutenant General Osama Rabie as chairman of the Suez Canal Authority (SCA), according to Ahram Online. The previous head of the SCA, Mohab Mamish was named an advisor to the …

Hotel room inventory rose to 118,345 by the end of June

17 August 05:17 PM Dubai’s hotel occupancy hits 76% in H1-19

UAE – Mubasher: Average occupancy in Dubai’s hotel sector registered 76% during the first six months of 2019. The number of occupied hotel rooms in the emirate went up by 5% to 15.71 million in H1-19, compared the year-ago period, the Emirate News …

Macroeconomics

Indians topped the emirate’s visitors in terms of volume

17 August 04:45 PM Dubai’s visitors reach 8.36m in H1-19

UAE – Mubasher: Total visitors to the Emirate of Dubai increased by 3% year-on-year to 8.36 million during the first six months of 2019, the Emirates News Agency (WAM) reported on Saturday. Indians topped the emirate’s visitors in terms of volume, …

Macroeconomics

16 August 11:12 PM Oil ends higher on Friday

Mubasher: Oil future grew at Friday’s settlement, rising 0.7% for the week.

Oil and Energy

16 August 10:47 PM Dubai to host auction for $4m dinosaur skeleton

UAE – Mubasher: Visitors and residents of Dubai are about to witness the first auction in the Middle East for the skeleton of a dinosaur. The auction’s initial value amounts to AED 14.6 million ($3.97 million), according to the Emirates News …

Event

16 August 10:21 PM Gold loses $7.6 at Friday’s finish

Mubasher: Gold ends lower on Friday, gaining 1% for the week.

Goods and Metals

Crude oil was supplied to the distillation unit

16 August 09:28 PM Aramco, Petronas resume operation in Malaysian crude distillation unit

Riyadh - Mubasher: Pengerang Refining and Petrochemical (PrefChem), a joint venture between Petronas and Saudi Aramco, has reportedly started the operation of a crude distillation unit at its oil refinery in Malaysia, informed sources told Reuters …

Companies Investments

Saudi ownership of US Treasuries reached $179.6bn in June

16 August 08:47 PM Saudi tops Arab holders of US Treasuries in June

Riyadh- Mubasher: Saudi Arabia investments in the US treasury bonds rose by 9.3% year-on-year during June 2019, increasing its stake of the US treasuries for the fifth month in a row. Saudi Arabia’s holdings of the US treasury bonds grew to $179.6 …

Banking and Finance

16 August 08:04 PM Bank deposits in Kuwait hit $144.6bn in June

Mubasher: Deposits at banks operating in Kuwait rose by 1.2% year-on-year to KWD 44 billion ($144.59 billion) in June, according to a report released on Friday by the Kuwait Finance House (KFH). Kuwait’s bank credit increased by 4.8% to as much as …

Macroeconomics

Saudi Arabia topped Arabs with $179.6bn holdings

16 August 07:03 PM Kuwaiti ownership of US Treasuries grows in June

Mubasher: Recent data showed that Kuwait’s holdings of the US Treasury bonds increased by 7.2% month-on-month in June 2019. Kuwait’s holdings of the US debt instruments went up to $44.4 billion in June 2019 from $41.4 in May. On a yearly basis, …

Macroeconomics

The UAE ranked 2nd among Arab holders of US Treasuries

16 August 06:43 PM UAE cuts holdings of US Treasuries in June

Abu Dhabi – Mubasher: The UAE has reduced its holdings of the US Treasuries by 3.2% month-on-month to $51.5 billion in June 2019, from $53.2 billion in May, according to the US Department of the Treasury’s recent data. On a yearly basis, the Gulf …

Macroeconomics

Books and art types exports went up to $7.16m in 6M

16 August 06:21 PM Egypt’s non-oil exports record over $13bn in H1-19

Cairo – Mubasher: Egypt’s non-oil exports reached $13.037 billion during the first six months of 2019, according to a report released by the General Organization for Export and Import Control (GOEIC). The GOEIC have reported growth in five export …

Macroeconomics

16 August 05:46 PM Egypt to cut debt-to-GDP ratio to pre-2011 levels

Cairo – Mubasher: The Egyptian government is planning to reduce the government debt to GDP ratio to reach 77.5% by the end of June 2022, which will decrease the country’s debt service, according to a statement released on Friday by the Ministry of …

Macroeconomics