Local Economy

Bahrain's government is currently working on a raft of policies to prop up startups
13 December 09:20 PM Bahrain eyes becoming innovative hub for startups in GCC- EDB
By: Mohammad Shokhba Cairo – Mubasher: Bahrain is seeking to be the innovative hub for startups in the GCC region, Mohamed Hejres, senior manager of investors relations and government affairs at the Bahrain Economic Development Board (EDB), said. …
Brent crude, February futures, added 0.5%
13 December 12:33 PM Kuwait crude oil adds 79 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 1.35% or 79 cents to settle at $58.90 per barrel on Wednesday compared to $58.11 pb in the previous session, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the …
The retail industry in Kuwait is forecast to grow by 9% in 5 years
11 December 01:21 PM Retail in GCC likely to grow with over $24bn in 5 yrs
Mubasher: The retail industry in the Gulf region is expected to grow with more than $24 billion during the coming five years, according to a recent report by Euromonitor International for market research, Al Jarida Newspaper reported. Euromonitor …
January OSP for Kuwait Export Blend Crude (KEC) to Asia fell by 65 cents
11 December 12:37 PM Kuwait cuts January crude selling prices for Asia
Mubasher: Kuwait has cut January official selling prices (OSPs) for its two crude grades for export to Asia, Reuters reported on Tuesday according to two sources with knowledge of the matter. January OSP for Kuwait Export Blend Crude (KEC) to Asia …
The US crude oil was impacted negatively in line with commercial and political tension
11 December 11:57 AM Kuwait crude oil adds $1.24 on Monday – KPC
Mubasher: The price of Kuwait’s crude oil increased by $1.24 to settle at $59.58 per barrel (pb) on Monday compared to $58.34 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
In pictures … Saudi Arabia unveils building Al Qunfudhah Airport
5 December 03:14 PM In pictures … Saudi Arabia unveils building Al Qunfudhah Airport
Riyadh – Mubasher: Makkah Region’s ruler Khalid Al Faisal on Wednesday has announced laying the cornerstone for Al Qunfudhah Airport. The airport’s area will be 24 million square metres, while its annual capacity will reach 500,000 passengers. The …
Qatar’s OPEC decision withdrawal not to impact sovereign credit – Moody’s
4 December 11:48 AM Qatar’s OPEC decision withdrawal not to impact sovereign credit – Moody’s
Mubasher: After Qatar’s decision to leave the Organization of Petroleum Exporting Countries (OPEC) in January 2019, ratings agency Moody’s said that the decision would not have a strong effect on the country’s sovereign. In a comment on the …
Saving deposits tumbled 6.3% year-on-year to SAR 413.93 billion in October
3 December 03:35 PM Bank deposits grow 1.2% in October – SAMA
Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia increased by 1.2% year-on-year to SAR 1.62 trillion ($432 billion) in October, from SAR 1.6 trillion ($427 billion), the Saudi Arabian Monetary Authority (SAMA) said. Demand deposits, …
The $130 billion GCC F&B and flight catering market has witnessed robust growth
3 December 12:38 PM SIAL Middle East to kick off on 10 December
Mubasher: The ninth edition of SIAL Middle East 2018 will be held during the period from 10 to 12 December 2018 in Abu Dhabi, according to a press release on Monday. SIAL Middle East 2018 will feature country pavilions of Kuwait, Bahrain, and …
The Ministry of Finance
1 December 01:01 AM Egypt frees USD customs rate for luxury goods
Cairo - Mubasher: Egypt will maintain the US dollar customs exchange rate steady at EGP 16 for December, according to finance minister Mohamed Maait. The ministry of finance said in a statement on Friday that it will free the exchange rate for …
Photo Archive
30 November 12:30 AM Aramco’s refinery in India put on hold
Mubasher: Maharashtra has put on hold the process of purchasing a land for the biggest oil refinery in India, according to minister Devendra Fadnavis. Oil companies were planning to build a refinery in the Indian western state with Saudi Aramco, …
Saudi general reserves drop to SAR 573bn in October – SAMA
29 November 07:16 PM Saudi general reserves drop to SAR 573bn in October – SAMA
Riyadh – Mubasher: Saudi Arabia’s general reserves fell 7% in October, compared to the same month last year, reaching SAR 572.55 billion, from SAR 612.68 billion, the Saudi Arabian Monetary Authority’s (SAMA) monthly report showed. On the other …
Saudi Arabia seized the lion’s share of foreign reserves in September 2017
27 November 07:31 PM GCC foreign reserves rise to $693bn; Saudi leads – Analysis
By: Mahmoud Salah El Din and Eman Ghaly Mubasher: Foreign reserves held with members of the GCC rose by the end of September 2018 from a year ago, with Saudi Arabia registering the highest share of the reserves amongst its peers, statistics …
Oman's expatriate visa ban to extend to more sectors
26 November 05:39 PM Oman's expatriate visa ban to extend to more sectors
Mubasher: Oman’s Ministry of Manpower has decided to expand the ban on granting employment visas to expatriate workers across some professions. The decision also comes along with the Omani government’s plan to operationalise its policy of …
Saudi Arabia’s construction cost rises 1.9% in 12M — Report
26 November 05:14 PM Saudi Arabia’s construction cost rises 1.9% in 12M — Report
Riyadh – Mubasher: The average of construction cost in Saudi Arabia advanced by 1.9% in the 12-month period between the third quarter of 2017 and the same period of this year, Colliers international said in a report. Future Outlook The global …
22 November 02:36 PM Saudi PIF’s local bank shares hit SAR 89.13bn at end-October
Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund is owning SAR 89.13 billion, or 2.59 billion shares, at a number of local banks which are listed on the Saudi Stock Exchange (Tadawul), according to recent data by Kuwait's Al Joman Center …
22 November 12:29 PM Saudi King launches SAR 85bn Waad Al Shamal project
Riyadh – Mubasher: Saudi King Salman bin Abdulaziz Al Saud on Thursday has laid the foundation stone of Waad Al Shamal project at a value of SAR 85 billion. Waad Al Shamal project will include mining, energy, and logistics services industries. The …
22 November 11:08 AM Saudi king opens SAR 10.5bn projects in Northern Borders Region
Riyadh – Mubasher: Saudi Arabia’s King Salman bin Abdulaziz Al Saud has launched 65 projects in the Northern Borders Region at a total cost of SAR 10.53 billion ($2.81 billion). Projects by the ministries of education, housing, and transport, in …
22 November 10:42 AM Saudi oil output hits record high of 11m bpd in November
Mubasher: Saudi Arabia’s oil production leaped to a record of around 11 million barrels per day (pbd) this month after the world's top oil exporter received a stronger-than-usual demand from importers who are concerned about a disruption in …
22 November 09:56 AM Saudi Arabia launches SAR 839m wastewater projects in Al-Jawf
Riyadh – Mubasher: Saudi Arabia’s King Salman bin Abdulaziz has launched and inaugurated a number of projects in Al-Jawf region at combined investments of as much as SAR 839 million. The projects include providing the Qurayyat province and the …
Saudi internal trade firms log SAR 48bn surplus in Q2 – GASTAT
21 November 04:12 PM Saudi internal trade firms see SAR 48bn surplus in Q2 – GASTAT
Riyadh – Mubasher: Saudi enterprises operating in local trade sector achieved a surplus of as much as SAR 48 billion by the end of second quarter of 2018, the General Authority for Statistics (GASTAT) reported. The number of workers at these …
Cloud computing will play a key role in promoting Artificial Intelligence
20 November 05:34 PM MEA smart cities’ tech spending may double in 4 yrs
Mubasher: The annual technology spending by smart cities in the Middle East and Africa (MEA) region is expected to increase by a double to $2.7 billion from $1.3 billion over the coming four years, according to KPMG's "The Rise of Smart Cities – …
King Salman to establish SAR 11.8bn projects in Tabuk
20 November 04:29 PM King Salman to establish SAR 11.8bn projects in Tabuk
Riyadh – Mubasher: The projects which Saudi King Salman bin Abdulaziz has announced launching them on Tuesday during his visit to Tabuk reached 151 with cost that exceeds SAR 11.8 billion, Tabuk Province’s governor Fahd bin Sultan bin Abdulaziz …
King Salman launches SAR 876m projects in Duba Port
20 November 03:30 PM King Salman launches SAR 876m projects in Duba Port
Riyadh – Mubasher: The Saudi King Salman bin Abdulaziz Al Saud has announced the start in establishing projects at Duba port in Tabuk region at a value of SAR 876.09 million. On a related note, the Saudi Ports Authority (MAWANI) stated that the …
US Nymex crude futures jumped 1.5% to close at $56.76 pb
20 November 10:18 AM Kuwait’s crude oil registers $65.39 bp Monday
Mubasher: The price of Kuwait’s crude oil dropped $0.39 to settle at $65.39 per barrel (pb) on Monday, compared to $65.78 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices rose on …