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Non-oil exports to GCC countries hit KWD 65.1m
2 hours ago Kuwaiti non-oil exports level up by 9.2% YoY in 2019
Mubasher: The value of certificates of origin (COs) for Kuwaiti non-oil exports grew by 9.2% year-on-year in 2019, the Kuwait News Agency reported on Saturday. The number of COs for non-oil exports to Arab and foreign countries reached 14,830 at a …
Brent crude futures went down by 2.2%
3 hours ago Kuwait crude oil price falls $0.6 pb on Friday
Mubasher: The price of Kuwait’s crude oil declined by $0.6 per barrel (pb) on Friday, compared to the day earlier.   Kuwait’s crude oil settled at $63.57 pb on Friday, against $64.17 pb on Thursday, according to the Kuwait News Agency. Brent crude …
2020 bond due in April fell 2.7 cents
24 January 08:56 PM Lebanese dollar gov’t bonds tumble on Friday
Mubasher: A group of Lebanese dollar government bonds plunged on Friday, seeing record-low levels, according to Reuters.  The country’s 2020 bond due in April fell 2.7 cents to reach $0.775, while 2020 bond due in April levelled down 1.6 cents …
UAE topped the region
24 January 08:21 PM UAE’s e-commerce market totals $18.5bn in 2019
UAE – Mubasher: E-commerce sales in the Middle East and North Africa (MENA) grew by 20% year-on-year 2019, according to a report released on Friday by e-commerce platform Jollychic. The report expects e-commerce sales in MENA to grow at a range …
A group of 12 sectors rose
24 January 06:03 PM TASI levels down by 0.87% in week; Market cap hits SAR 8.85trln
Riyadh – Mubasher: The Saudi Stock Exchange’s Tadawul All-Share Index (TASI) shed 0.87% to 8,386 points in a week. Market capitalisation decreased to SAR 8.85 trillion ($2.36 trillion) over the week, compared to SAR 8.91 trillion ($2.37 trillion) …
The two brands scored 84.5 and 80.5 points
24 January 05:15 PM Emirates Airlines, Emaar named best brands in UAE for 2019
UAE – Mubasher: Emirates Airlines and Emaar have topped the YouGov Brand Index as the best and most reliable brands in the UAE during 2019. The two brands scored 84.5 and 80.5 points, respectively, in the overall ranking, according to a statement …
The event will take place over three days
24 January 04:50 PM Riyadh hosts world’s first AI Art hackathon
Riyadh – Mubasher: The world’s first AI Art hackathon ‘the AI Artathon’ opened on Friday in Riyadh, with 300 experts in data science and AI, graphic designers and artists competing to create visual arts using artificial intelligence. The event …
Brent crude futures declined by $1.17
24 January 03:39 PM Kuwait crude oil price sheds $1.5 pb on Thursday
Mubasher: The price of Kuwait’s crude oil went down by $1.49 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $64.17 pb on Thursday, against $65.66 pb on Wednesday, according to the Kuwait News Agency. …
DMCC Crypto Valley will offer a variety of services
24 January 03:03 PM DMCC enters partnership to launch Crypto Valley in Dubai
UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Crypto Valley Venture Capital (CV VC) and CV Labs to launch an ecosystem for cryptographic, blockchain, and distributed ledger technologies in Dubai. The new …
The Saudi e-commerce law was approved in 2019
23 January 06:11 PM KSA approves 1st e-commerce association
Riyadh – Mubasher: The Saudi minister of labour and social development Ahmed bin Sulaiman Al Rajhi approved a request for the establishment of the first non-governmental e-commerce association, the Saudi Press Agency (SPA) reported on Thursday. …
Government enterprise IT spending is forecast to record a CAGR of 5.7%
23 January 05:51 PM Digital transformation, innovation spending to see robust growth in META
Dubai – Mubasher: Investments in digital transformation and innovation are expected to make up 30% of total information technology (IT) spending in the Middle East, Turkey, and Africa (META) by 2024, compared to only 18% in 2018, according to a …
23 January 05:33 PM E-commerce market in India may top $91bn in 2023 -GlobalData
Mubasher: India’s overall e-commerce market value is forecast to top INR 6.3 trillion ($91 billion) in 2023, according to GlobalData.
SAFCO’s revenues also retreated by 22.43% in Q4-19
23 January 05:24 PM SAFCO logs 40.5% decline in net profit in Q4-19
Riyadh – Mubasher: The net profits of Saudi Arabian Fertilizer Company (SAFCO) plunged by 40.5% to SAR 338.26 million during the fourth quarter of 2019 from SAR 568.53 million in the same period of 2018. The drop in the company’s net profit in the …
Alinma Bank led TASI in terms of turnover with SAR 254.802 million
23 January 05:15 PM TASI ends Thursday in red amid higher liquidity
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closed Thursday’s trading session in the red zone. The benchmark Tadawul All Share Index (TASI) fell for the third consecutive session in a row, losing 41.86 points, or 0.5%, to end the session …
Egyptian trade minister, Neven Gamee
23 January 05:04 PM Bahraini investments in Egypt amount to $3.2bn
Cairo – Mubasher: The value of Bahraini investments in 216 projects in Egypt has reached $3.2 billion, Egyptian trade and industry minister Neven Gamee stated on Thursday. These investments are focused on finance, constructions, manufacturing, …
23 January 05:01 PM ‘Jatri’ app seeks to attract MENA investors to Bangladesh
Mubasher: Jatri has raised an undisclosed amount of seed funding backed by Dubai-based Falcon Network and Tahseen Consulting as well as other global angel investors.
The acquisition is likely to reflect positively on the fund’s financials
23 January 04:56 PM AL Maather REIT Fund seals SAR 31m deal to purchase property
Riyadh – Mubasher: AL Maather REIT Fund signed an agreement to buy the real estate property of Al Nokhba Educational Schools on Wednesday, 22 January, at a value of SAR 31 million. The acquisition will be subject to the competent regulatory …
Alhokair signed the acquisition agreement in August 2019
23 January 04:54 PM Saudi GAC approves Alhokair’s SAR 340m acquisition of Innovative Union Company
Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company (Alhokair) received the General Authority for Competition’s (GAC) approval for its acquisition of the Innovative Union Company, owned by Food and Entertainment Company.  The deal will have no …
23 January 04:49 PM African agriculture market shifts to mechanisation, ready for expansion
Mubasher: The $2.9 billion agriculture tractor market in Africa is expected to achieve a compound annual growth rate of 5.1% from 2019 to 2024.
The company issued seven-year 2,500 bonds
23 January 04:30 PM Samba issues $500m notes
Riyadh – Mubasher: Samba Financial Group has completed offering $500 million notes under its $5 billion Euro Medium Term Note Programme. The company issued seven-year 2,500 bonds at a nominal value of $200,000 apiece, according to a statement to …
The Saudi firm incurred net losses of SAR 636.7 million
23 January 03:58 PM Saudi Kayan swings to losses in 2019
Riyadh – Mubasher: Saudi Kayan Petrochemical Company announced turning to losses for the fiscal year ended 31 December 2019. The Saudi firm incurred net losses of SAR 636.7 million last year, against net profits of SAR 1.702 billion in 2018, …
23 January 03:32 PM Moody’s takes over risk intelligence technology leader RDC for $700m
Mubasher: Moody’s Corporation signed an agreement to acquire Regulatory DataCorp (RDC) for $700 million.
Hilton will operate the 250-room and 200-apartment hotel
23 January 02:50 PM Taiba pens deal with Hilton to operate new hotel
Riyadh – Mubasher: Taiba Investments Company has signed a contract with Hilton Worldwide Holdings Inc to run and operate a new hotel in Jeddah under the DoubleTree Hilton brand. Under the contract, Hilton will operate the 250-room and …
The Egyptian minister of international cooperation Rania Al-Mashat
23 January 01:14 PM IsDB’s portfolio in Egypt stands at $12.8bn
Cairo – Mubasher: The Islamic Development Bank’s (IsDB) portfolio in Egypt reached $12.8 billion in various sectors, including electricity, petroleum, agriculture, irrigation, health, education, and small- and medium-sized enterprises (SMEs).  The …
Good regulation prevents chaotic disruption
23 January 01:04 PM Middle East’s renewable energy targets face obstacles - GlobalData
Mubasher: The increasing dependence on solar and wind energy in the Middle East, led by Abu Dhabi, Dubai, and Saudi Arabia, has become remarkable, driven by governments’ ambitious renewable energy targets. However, the adoption of renewable energy …