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Tadawul approved listing new debt instruments of SAR 4.65 billion
17 June 05:33 PM Tadawul approves listing of government debt instruments
Riyadh – Mubasher: Saudi Tadawul Group has approved the listing of new debt instruments worth SAR 4.65 billion as of 21 June 2021, according to a disclosure on Thursday. Tadawul also announced the listing of debt instruments worth a total of SAR …
Friday will mark the entry into force of the new commercial chambers bylaw
17 June 05:20 PM Council of Saudi Chambers becomes federation
Riyadh – Mubasher: The Council of Saudi Chambers has officially changed its name to the Federation of Saudi Chambers, state-run news agency SPA reported on Thursday. Friday, 18 June 2021 will mark the entry into force of the new commercial …
The Middle East could be having a few more unicorns
17 June 12:25 PM Middle East could be seeing more billion-dollar startups – Careem CEO
Mubasher: The Middle East is not far from seeing more billion-dollar startups in the coming months, and it could be having “a few more unicorns in the region,” CEO of ride-hailing company Careem Mudassir Sheikha stated during a CNBC event The …
SAMA has claimed the Global Impact Award 2021 for Aber
16 June 03:21 PM SAMA says Aber project achieves main objectives
Riyadh – Mubasher: The Saudi Central Bank (SAMA) said the digital currency project Aber has succeeded to achieve its main objectives that mainly include understanding, experiencing, and analysing the maturity of the distributed ledger technology …
Saudi Arabia ranked the 14th worldwide investor in the US treasury bonds
16 June 12:43 PM Saudi Arabia’s holdings of US treasuries fall to eight-month low
Riyadh – Mubasher: Saudi Arabia has reduced its holdings of US treasury bonds to $130.3 billion in April, hitting the lowest level in eight months compared to $130 billion in August 2020, according to official data on Wednesday. The holdings …
The Middle East listed banks reduce competition and increase their expertise
16 June 11:02 AM Saudi Arabia, UAE dominate Forbes Middle East’s top 50 listed banks
Mubasher: Saudi and Emirati banks had the most entries in Forbes Middle East’s Top 50 Banks in The Middle East list for 2021 with 10 financial institutions each. Qatar National Bank topped the region’s listed banks with profits of $3.3 billion and …
Consumer prices still reflect an increase of the VAT
15 June 05:57 PM Saudi Arabia’s inflation rate hits 5.7% in May; wholesale prices up
Riyadh – Mubasher: The Consumer Price Index (CPI) of Saudi Arabia went up 5.7% in May this year, compared to the same month in 2020, according to official figures on Tuesday. The inflation rate in May was also higher by 0.2% than April, when it …
There are more than 6,000 Saudi companies operating in Egypt
14 June 05:31 PM Saudi Arabia to raise working capital in Egypt to $50bn
Riyadh – Mubasher: The Saudi working capital in the Egyptian market currently stands at $5 billion, with a target to increase this value to $50 billion, Head of the Saudi Egyptian Business Council (SEBC) Bandar Al Amri revealed. There are more …
Imports recorded the highest annual positive growth rate of 8.8% in Q1-21
14 June 12:55 PM Saudi Arabia’s GDP falls 3% in Q1-21 as oil sector declines
Riyadh – Mubasher: The Gross Domestic Product (GDP) of Saudi Arabia shrank 3% during the first quarter (Q1) of 2021 when compared to the same period last year, dragged by a plunge of 11.7% in the oil sector, according to official figures.          …
Dubai Health Authority (DHA)
13 June 04:29 PM Dubai says 80% of new COVID-19 cases were unvaccinated
UAE – Mubasher: The Dubai Health Authority (DHA) has revealed that vaccines against the coronavirus (COVID-19) reduce the risk of disease and hospitalization. The health authority has called upon everyone to get the vaccine, noting that eight out …
The first forum for the heads of African investment authorities
13 June 02:52 PM Egypt plans electricity interconnection with Saudi Arabia
By: Ahmed Allam Sharm El-Sheikh – Mubasher: Egypt will be launching a 2,000-megawatt electricity interconnection project with Saudi Arabia over the coming period, said the Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker. …
Bahri advanced 36 positions within two years
10 June 05:17 PM Bahri ranks 40th on Forbes Middle East’s top 100 list
Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) has come in the 40th place on Forbes Middle East’s list of the top 100 companies for 2021, according to a press release on Thursday. Bahri advanced 36 positions within two years …
Digital banking installs accelerated 45% in 2021
10 June 03:38 PM UAE, Saudi Arabia see above 50% rise in finance app installs
Mubasher: Finance app installs increased by 55% in the UAE and 73% in Saudi Arabia in 2021 when compared to the previous year, according to a report by AppsFlyer. FinTech apps experienced a 132% surge globally in downloads over the past two years, …
Takaful premiums have increased at a compound annual rate of 6.8%
10 June 02:36 PM Islamic insurance growth to remain healthy in GCC – Moody's
Mubasher: Islamic insurance, Takaful, premiums are expected to grow moderately over the coming two to three years as more GCC, Southeast Asian, and African countries introduce compulsory health cover, according to Moody's Investors Service. Growth …
PIF’s investment comes in advance of the ASIIP’s anticipated first closing
10 June 01:47 PM Saudi PIF invests in Investcorp-Aberdeen regional infrastructure fund
Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has committed up to 20% of the total size of ASIIP infrastructure fund, the joint venture between Bahrain-based Investcorp and Aberdeen Standard Investments. PIF’s investment comes in advance …
Non-oil manufacturing activities increased 12.2% in April
10 June 11:38 AM Saudi Arabia’s industrial production declines 24% in April – GaStat
Riyadh – Mubasher: The overall Industrial Production Index of Saudi Arabia decreased by 24% on an annual basis in April, according to a report by the Saudi General Authority for Statistics (GaStat) on Thursday. The decline in the Kingdom’s …
Zain KSA topped all the indicators including the mobile 5G average download speed
9 June 11:06 AM Zain KSA tops Saudi Arabia’s 5G services in Q1
Riyadh – Mubasher: Mobile Telecommunications Company (Zain KSA) has come in the first place in terms of delivering the best 5G services in Saudi Arabia during the first quarter (Q1) of 2021, according to a Meqyas report issued by the …
Moody’s reviewed the downgrade initiated in November 2020
9 June 10:36 AM Moody’s affirms Buruj’s rating at ‘Baa2’; outlook changed to ‘Stable’
Riyadh – Mubasher: Moody’s Investors Service has confirmed the ‘Baa2’ insurance financial strength rating (IFSR) of Buruj Cooperative Insurance Company, according to a disclosure to Tadawul on Wednesday. The rating agency has also changed the …
The new appointments aim to support the fund’s ongoing growth and expansion
8 June 04:20 PM Saudi PIF appoints new deputy governors
Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has appointed Turki bin Abdulrahman Alnowaiser and Yazeed bin Abdulrahman Alhumied as deputy governors of the fund alongside their current responsibilities, Saudi Press Agency reported …
Saudi Arabia witnessed an increase in self-study to 60% in 2020
8 June 10:48 AM Two-thirds of Saudi workers would pursue different career path – Report
Riyadh - Mubasher: Approximately 66% of the workers in Saudi Arabia are willing to seek different career paths post-pandemic while retaining and developing new skillsets, a recent study by Boston Consulting Group (BCG) and Bayt.com showed. Media …
Saudi Arabia announced 1,216 additional recoveries and 15 more fatalities
7 June 05:37 PM Saudi Arabia’s daily COVID-19 cases surpass 1,000 mark
Riyadh – Mubasher: Saudi Arabia registered 1,161 new COVID-19 infections on Monday, crossing the 1,000 mark compared to the 984 cases reported a day earlier. The Ministry of Health announced 1,216 additional recoveries and 15 more fatalities. The …
Representatives of 50 Egyptian companies will participate in the programme
7 June 04:25 PM ITFC launches first training programme for exporters entering African markets
Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, launched the first training programme for exporters entitled "Entering African Markets" in Cairo in …
MIS will be the main developer of all the data centres under the MoU
7 June 04:02 PM MIS, Saudi Fransi Capital set up fund at SAR 3.5bn target size
Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has signed a binding memorandum of understanding (MoU) with Saudi Fransi Capital to establish a private investment fund at a potential long-term size of up to SAR 3.5 billion. The …
The fund had concluded its first additional offering in 2020
7 June 01:43 PM Alkhabeer REIT acquires educational, industrial assets in Jeddah
Riyadh – Mubasher: Alkhabeer Capital’s real estate investment traded fund Alkhabeer REIT will expand its asset portfolio through two acquisition transactions in the educational and industrial sectors, according to a press release on Monday. The …
Gross written premiums totalled SAR 12.8 billion in Q1-21
7 June 01:01 PM Saudi insurance sector exceeds SAR 100m in net income in Q1
Riyadh – Mubasher: Insurance companies in Saudi Arabia registered a net income of SAR 100.4 million during the first quarter (Q1) of 2021, higher by 23% compared to SAR 81.6 million in the same period a year earlier, according to official figures. …