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06 December 03:55 PM

Middle east news

Kuwaiti oil minister Khaled Al Fadel
47 minutes ago Kuwait’s oil minister rebuffs reported OPEC agreement on supply cuts
Mubasher: Kuwaiti oil minister Khaled Al Fadel on Friday dismissed reports on an agreement among members of the Organization of the Petroleum Exporting Countries (OPEC) on cutting their collective supply by 500,000 barrels per day to 1.7 million …
International Agreements
Investment ministry headquarters
1 hour ago Investment ministry delivers 30 industrial units in Mit Ghamr
Cairo – Mubasher: Egypt's minister of investment and international cooperation said on Friday that it delivered the first tranche of 30 industrial units in Mit Ghamr industrial zone. The first tranche represented around 33% of industrial units, …
Macroeconomics
3 hours ago Phoenix Group acquires Swiss Re’s UK unit for $4.3bn
Mubasher: Reinsurance company Swiss Re agreed to sell its UK subsidiary for pension giant Phoenix Group for GBP 3.25 billion in cash and shares.
Global Reports
Kuwaiti crude oil settled at $64.43 pb
4 hours ago Kuwaiti oil barrels settle 1.61% higher on Thursday
Mubasher: Kuwaiti crude oil surged by $1.61, settling at $64.43 per barrel (pb) on Thursday. This came after Kuwait barrels recorded $62.82 pb in the preceding session, Kuwait News Agency (KUNA) said, citing the Kuwait Petroleum Corporation (KPC). …
Commodities
Novak met his Saudi counterpart Prince Abdulaziz bin Salman
4 hours ago Saudi-Russian trade exchange grows 54% in 9M–Novak
Riyadh – Mubasher: Saudi-Russian trade exchange grew by 53.8% over the first nine months of 2019 on the prior year, Russian energy minister Alexander Novak said. The volume of trade exchange between Saudi Arabia and Russia amounted to $1.2 billion …
Global Economy
The US was the top destination of Egyptian exports
5 hours ago US tops Egypt’s export destinations in 10M–GOEIC
Cairo – Mubasher: Egypt exported 49.6% of its outbound products to six countries over the first ten months of this year, according to the General Organization of Import and Export Control’s (GOEIC) head said. The US was the top destination of …
10:35 AM Global food prices hit 2-year peak in November
Mubasher: Food prices worldwide surged in November, hitting their highest level since more than two years, mainly driven by meat and vegetable oil price increases.
Global Reports
5 December 07:53 PM Ten wild predictions that could change global economy in 2020
Global Markets brief
The KIA received 1.163 million passenger in November
5 December 06:14 PM Kuwait International Airport’s passenger traffic rises 10% in November
Mubasher: The number of passengers travelling through Kuwait International Airport (KIA) rose year-on-year by 10% in November, the Directorate General of Civil Aviation (DGCA) said on Thursday. Passengers travelling through the KIA amounted to …
The company’s capital will be raised by EGP 31.25 million
5 December 05:59 PM EGX approves Rameda’s capital raise
Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved the request of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) to increase its issued capital to EGP 192.15 million from EGP 160.9 million. …
Tax payers will be allowed to resolve disputes with the Tax Administration
5 December 05:46 PM Egypt’s tax dispute resolution bill referred to parliament
Cairo – Mubasher: The Egyptian minister of finance Mohamed Maait highlighted the main aspects of the temporary draft law intended to resolve tax disputes.    The temporary (six-month) draft law has been referred by the Egyptian cabinet to the …
Taxes
5 December 05:42 PM Dubai, London, NY recognised 2019’s ‘Construction Mega Cities’ – GlobalData
The combined value of the project pipelines in those mega cities reaches $5.3 trillion
Global Reports
Saudi Capital Market Authority
5 December 05:23 PM CMA approves Anaam Holding capital reduction request
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Anaam International Holding Group’s request to reduce capital from SAR 196 million to SAR 15 million. The capital cut will reduce the number of shares from 19.6 million …
Photo Archive
5 December 05:14 PM Al Rajhi Capital discloses details on REIT IPO
Riyadh – Mubasher: Al Rajhi Capital announced that the subscription period for its real estate investment trust (Al Rajhi REIT) total asset value increase offering will begin on 12 December, until 18 December 2019. The initial public offering …
Initial Public Offerings
Saudi Stock Exchange
5 December 05:01 PM Tadawul resumes gains on Thursday
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday’s trading session in the green zone, amidst the rise of major market sectors. The Tadawul All Share Index (TASI) added 0.44% or 34.31 points and closed at the level of 7,905.51 …
Trading Activities
CIB’s capital stands at EGP 14.58 billion
5 December 04:57 PM Kenya mulls CIB’s request to acquire controlling stake in Mayfair Bank
Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) plans to acquire a controlling stake in one of Kenya’s smallest banks, Reuters reported on Thursday, citing the Competition Authority of Kenya.   The Kenyan regulator said that it …
Mergers and Acquisitions
Al Deera's debts totalled KWD 12.82 million
5 December 04:55 PM Al Deera proposes KWD 12.8m debt settlement plan
Mubasher: Al Deera Holding’s board of directors on Thursday discussed a proposal to settle its due debts, which totalled KWD 12.82 million. The debt settlement was suggested to be carried out through the issuing of Al Deera shares, the company …
General Assembly
Egypt’s exports went up to $21.32bn in 10M
5 December 04:26 PM Egypt’s exports rise 2.3% YoY in 10M/19
Cairo – Mubasher: Total Egyptian exports grew 2.3% year-on-year during the first ten months of the fiscal year 2019, according to a report released on Thursday by the trade ministry. Egypt’s exports went up to $21.32 billion from January to …
Macroeconomics
The tender is worth KWD 19.89 million
5 December 04:21 PM Combined Group wins $65.6m contract in UAE
Mubasher: Combined Group Contracting (CGC) was awarded tender worth AED 240.46 million (KWD 19.89 million) ($65.6 million), the company said on Thursday in a bourse filing. The tender is related to the construction of internal roads and …
Companies Investments
City Centre Almaza has created about 40,000 direct and indirect jobs
5 December 04:14 PM Sahar Nasr inaugurates City Centre Almaza with $580m investments
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian minister of investment and international cooperation Sahar Nasr and the UAE’s minister of climate change and environment Thani Al Zeyoudi on Thursday inaugurated City Centre Almaza with …
Companies Investments
The UAE leads Saudi Arabia's trade partners in the region
5 December 04:08 PM KSA trade with Arab countries nears $29bn in 9M
Riyadh – Mubasher: Trade exchange between Saudi Arabia and other Arab countries registered marginal growth during the first nine months of 2019, increasing to 9.51% of Saudi total foreign trade from 9.48% in the same period last year. The …
New biogas and organic fertilisers will be built
5 December 03:45 PM NBK Egypt agrees with ILO to build biogas, fertilisers units
Cairo – Mubasher: National Bank of Kuwait – Egypt (NBKE) inked a cooperation deal with the International Labor Organization (ILO) and Bioenergy for Sustainable Rural Development to establish 60 new biogas and organic fertilisers units in the …
International Agreements
Majid Al Futtaim created about 7,500 direct jobs in Egypt
5 December 03:38 PM Majid Al Futtaim eyes raising investments in Egypt to EGP 44bn
By: Abdullah Bedeir Cairo – Mubasher: Majid Al Futtaim aims to increase its investments in Egypt to EGP 44 billion, the company’s CEO Alain G. Bejjani said. Egypt has received EGP 26 billion in investments from the UAE-based leading integrated …
Real estate
The increase in foreign reserves was backed by the issuance of Eurobonds
5 December 03:03 PM Egypt’s foreign reserves jump $2.8bn in 11M
By: Heba El-Kordy Cairo – Mubasher: Egypt’s foreign reserves continued to rise to record high levels, exceeding $45 billion in November. From January to November, the most populous Arab nation’s international reserves climbed by about $2.8 billion …
Banking and Finance
he IPO was subscribed 1.27 times
5 December 03:00 PM Shamal Az Zour’s IPO subscribed 1.27 times; allotment concluded
Mubasher: Kuwait Authority for Partnership Projects (KAPP) announced the final results for Shamal Az Zour Al Oula Power and Water Company’s initial public offering (IPO), which was wrapped up on 29 November. The IPO was subscribed 1.27 times by …
Companies Investments