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19 October 11:22 PM

Local Economy

The plant will be located at Taweelah complex
3 hours ago EWEC, ACWA Power announce financial closing of Taweelah desalination plant
UAE – Mubasher: Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation (ADPower), and Saudi Arabia's ACWA Power have announced the successful financial closing of the AED 3.19 billion Taweelah reverse osmosis …
Macroeconomics
Oil production will restart in Khafji
4 hours ago Kuwait, Saudi Arabia to resume oil production from neutral zone
Riyadh - Mubasher: Kuwait and Saudi Arabia have reportedly reached an agreement to resume oil production in jointly-operated fields in the Neutral Zone between the oil-rich countries, Reuters reported on Saturday, citing Kuwaiti newspapers …
Macroeconomics
Brent crude futures declined by 0.5%
05:37 PM Kuwait’s crude oil price rises 57 cents on Friday
Mubasher: The price of Kuwait’s crude oil increased by 57 cents to settle at $61 per barrel on Friday, compared to $60.43 pb a day earlier, according to the Kuwait News Agency. Brent crude futures declined by 0.5% to hit $59.42 pb, while Nymex WTI …
Macroeconomics
Banks provided 93.7% of mortgage in Q2
05:29 PM Saudi Arabia’s mortgage levels up by 21% YoY in Q2-19
Riyadh – Mubasher: Saudi Arabian mortgage grew by 21% year-on-year to more than SAR 281 billion during the second quarter of 2019. Banks provided 93.7% of mortgage in Q2-19, while financial companies granted 6.3%, according to the Saudi Arabia …
Macroeconomics
Prime London residential property values are forecast to show recovery
17 October 04:28 PM Savills: Outbound investment in real estate from Middle East rises 62%
Mubasher: Investment in the global real estate market is showing faster growth than any other region, while outbound investment in properties from the Middle East region has soared by 62% during the first half of 2019, Savills said. In a …
Real estate
The UAE has raised its holdings of US Treasury bonds by 0.2% month-on-month
17 October 04:15 PM UAE raises holdings of US Treasury bonds in August
By: Enas Bahgat UAE – Mubasher: The UAE has raised its holdings of US Treasury bonds by 0.2% month-on-month, or $100 million, in August to $49.4 billion from $49.3 billion, data by the US Department of the Treasury showed. Year-on-year, the GCC …
Macroeconomics
Ayman bin Mohammed Alsayari is the deputy governor for SAMA
17 October 04:06 PM King Salman names new central bank deputy governor
Riyadh – Mubasher: Saudi Arabia's King Salman has issued a royal order appointing Ayman bin Mohammed Alsayari as the deputy governor for the Saudi Arabian Monetary Authority (SAMA), the Saudi Press Agency (SPA) reported on Thursday.    
Central Banks
Crude oil exports remained stable at 6.88 mbpd during August
17 October 03:54 PM Saudi oil exports hit 8.216 mbpd in August – JODI
By:  El-Sayed Gamal Riyadh – Mubasher: Saudi Arabia’s oil exports jumped during August, hitting the highest level since April. Oil export of the GCC nations increased to 8.216 million barrel per day (mbpd) in August, compared to 8.101 mbpd a month …
Macroeconomics
Shaker plans to retrofit more than 250,000 existing government buildings
17 October 02:10 PM Shaker to retrofit over 250,000 existing government buildings – Interview
By: Mahmoud Salah El-Deen Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker plans to retrofit more than 250,000 existing government buildings, in addition participating in some of KSA’s strategic projects such as Neom and Red Sea, Azzam Saud …
Saudi Arabia to import 5,000 tonnes of feed barley
17 October 12:20 PM SAGO to buy 595,000 tonnes of feed barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has offered a bid to import 595,000 tonnes of feed barley during the two-month period between February and March 2020, according to SAGO’s statement on Thursday. This is considered the fifth …
Macroeconomics
The GCC nation continued raising its holding for the seventh month in a row
17 October 12:11 PM Saudi Arabia raises US Treasury holdings to $183.8bn in August
Riyadh – Mubasher: Saudi Arabia increased its holdings of US Treasury bonds by 8.44% year-on-year, or SAR 14.3 billion, in August. The kingdom’s holdings of US government bonds amounted to $183.8 billion in August, compared to $169.5 billion in …
Treasury Bills
MBZUAI Board of Trustees launching the world’s first graduate level AI university
17 October 11:17 AM UAE launches ‘MBZUAI’ as 1st research-based AI university in world
Mubasher: Abu Dhabi has announced the establishment of the first graduate level, research-based artificial intelligence (AI) university in the world. UAE’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), located in Masdar City, …
Global oil prices edged higher by 1%
17 October 10:33 AM Kuwaiti oil drops 60 cents on Wednesday – KPC
Mubasher: The price of Kuwait's crude oil decreased by 60 cents to $60.01 per barrel (pb) on Wednesday, compared to $60.61 pb a day earlier, according to the official prices by Kuwait Petroleum Corporation (KPC). Globally, oil prices edged higher …
Macroeconomics
The dividend represents 1.7% of the unit’s initial price
16 October 05:36 PM Mulkia Gulf Real Estate REIT to pay SAR 10.2m dividend for Q3
 Riyadh – Mubasher: Mulkia Investment Company announced a cash dividend distribution of SAR 0.17 per unit with a total amount of SAR 10.2 million to the unit holders of Mulkia Gulf Real Estate REIT Fund for the third quarter of 2019.  The dividend …
Cash Dividends
The USD retreated to USD 16.18 for buying at AAIB
16 October 04:46 PM USD edges down against EGP at banks on Wednesday
Cairo – Mubasher: The US exchange rate slightly fall against the Egyptian pound on Wednesday at several local banks. The USD went down by EGP 0.01 to EGP 16.18 for buying and EGP 16.28 for selling at the National Bank of Egypt (NBE) and Banque …
Banking and Finance
Both firms have submitted the request through the automated system set by the Capital Market
16 October 04:35 PM Thob Al Aseel, Abo Moati to move to TASI
Riyadh – Mubasher:  Abdullah Saad Mohammed Abo Moati for Bookstores Company (Abo Moati) and Thob Al Aseel Company have submitted a request to move its shares to the main market Tadawul All-Share Index (TASI). Both firms have submitted the request …
Markets Regulations
STV has the potential to expand tenfold to $500 million in 2025
16 October 03:39 PM Saudi STV to expand tenfold to $500m in 2025
Riyadh – Mubasher: Saudi Arabia’s venture capital firm, Saudi Technology Ventures (STV), is growing rapidly, and yearly invested capital has the potential to expand tenfold to $500 million in 2025 from $50 million in 2018. The realization of such …
Mutual Funds
The decision will come into force starting from 2 December
16 October 02:49 PM US-Saudi Arabian Business Council names new CEO
Riyadh – Mubasher: The US-Saudi Arabian Business Council, a bilateral not-for-profit organization with offices in the US and Saudi Arabia, has appointed Hall Delano Roosevelt as the council’s new president and chairman. The decision will come into …
Macroeconomics
The two-day event will also focus on four of the capital’s most ambitious projects
16 October 02:24 PM Saudi Arabia to host Sustainable City Symposium in November
Riyadh – Mubasher: Saudi Arabia will host the Sustainable City Symposium during the period between 12 and 13 November in Riyadh. The event will be organised by the Royal Commission for Riyadh City (RCRC), formally known as Riyadh Development …
Macroeconomics
Total grain production dropped to 17.9 million tonnes
16 October 01:41 PM Egypt’s wheat output hits 8.6m tonnes in FY17/18 – CAPMAS
Cairo – Mubasher: Wheat production in Egypt rose by 1.6% year-on-year during fiscal year 2017/2018, the Middle East News Agency (MENA) reported on Wednesday.  The North African nation’s wheat output increased to 8.6 million tonnes in FY17/18, …
Macroeconomics
The hotel will feature 380 rooms and suites
16 October 01:07 PM Kempinski Hotels launches new luxury project in Makkah
Riyadh – Mubasher: Kempinski Hotels has launched its new luxury project in Makkah, Kempinski Hotel Makkah, in Saudi Arabia. The project will be launched with a partnership with Umm Al Qura for Development and Construction Company (UAQ). The new …
Companies Investments
Expo 2020 Dubai is expected to welcome more than 25 million visitors
16 October 12:21 PM UK tops European destinations for GCC nationals by 2023
Mubasher: The UK is expected to be one of the top European destinations for GCC nationals to visit with a total of 890,000 trips by 2023, according to recent data by  Colliers International. World Travel Market London 2019 (WTM London 2019), which …
Macroeconomics
The kingdom will record a nominal growth of 0.2% during 2019
16 October 10:57 AM Saudi Arabia’s growth to hit 2.2% in 2020 – IMF
Riyadh – Mubasher: Saudi Arabia’s growth is expected to reach 2.2% in 2020, according to a recent report by the International Monetary Fund (IMF). The kingdom will record a nominal growth of 0.2% during 2019. “While non-oil growth is expected to …
Macroeconomics
Global oil prices slid by 1.5% on Tuesday
16 October 10:54 AM Kuwaiti oil declines 53 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil fell by 53 cents to settle at $60.61 per barrel (pb) on Tuesday when compared to $61.14 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).    Globally, oil prices …
Commodities
Al Kathiri’s board approved the transition to the main market
15 October 05:22 PM Al Kathiri requests moving to TASI
Riyadh – Mubasher: Al Kathiri Holding Company has submitted a request to move its shares to the main market Tadawul All-Share Index (TASI). The company has submitted the request through the automated system set by the Capital Market, according to …