Local Economy

S&P affirms KSA rating at ‘A-/A-2’, with stable outlook
32 minutes ago S&P affirms KSA rating at ‘A-/A-2’, with stable outlook
Riyadh – Mubasher: Credit ratings agency Standard & Poor's confirmed Saudi Arabia’s rating at ‘A- / A-2’, with a stable outlook, on the back of the Saudi economic reforms and anti-corruption crackdown, including dozens of princes, ministers, and …
Oil prices increase amid optimism of controlling the market
1 hour ago Oil prices rise amid optimism stronger OPEC control
Mubasher: Oil prices jumped during Tuesday’s trades ahead of initial data regarding US oil stockpiles, as investors welcomed the resolutions by the Organization of Petroleum Exporting Countries (OPEC) to impose further market control. By 10:43 am …
KSA’s inflation falls 0.2% in October – GASTAT
2 hours ago KSA’s inflation falls 0.2% in October – GASTAT
Riyadh – Mubasher: The Saudi cost of living index,urban consumer price inflation shed 0.2% year-on-year in October 2017, remaining negative for the tenth consecutive month, Saudi General Authority for Statistics (GASTAT) said on Tuesday. The …
Oil prices declined in line with the anticipation for the OPEC meeting
4 hours ago Kuwait crude oil rises 70 cents – KPC
Mubasher: The price of Kuwait’s crude oil increased by 70 cents to settle at $59.14 per barrel (pb) on Monday compared to $58.44 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
US Federal Reserve Chair Janet Yellen
20 November 11:20 PM Yellen to resign from Federal Reserve in February
Mubasher: US Federal Reserve Chair Janet Yellen announced on Monday that she will resign from the Board of Governors once Jerome Powell is confirmed and sworn in to replace her after her term expires next February. Although Yellen’s term would end …
Saudi Deputy Minister of Finance for Revenues Tariq Alshuhayeb
20 November 08:49 PM Saudi Q4 budget to include PIF revenues - MoF
Riyadh - Mubasher: The Saudi Ministry of Finance (MoF) said that data of the third quarter of the year did not include the revenues achieved by the Public Investment Fund (PIF), which will be revealed in Q4, according to the deputy minister for …
Japanese exports to Saudi Arabia jumped 13.2%
20 November 07:49 PM Saudi Arabia’s trade surplus with Japan reaches SAR 7.7bn in October
Riyadh - Mubasher: Saudi Arabia’s trade surplus with Japan increased 62% to JPY 230.155 billion (SAR 7.7 billion) in October 2017 compared to the same period last year, according to the Japanese finance ministry's monthly bulletin released Monday. …
Toshiba to sell $5.4bn shares to avoid delisting
20 November 05:51 PM Toshiba to sell $5.4bn shares to avoid delisting
Mubasher: Toshiba on Monday announced that the company is planning to sell new shares valued at $5.4 billion to foreign investors so as to meet the company’s needs and avoid delisting. The Japanese company seeks to sell 2.28 billion shares valued …
KSA finances budget deficit with SAR 58.5bn in Q3 – MoF
20 November 05:31 PM KSA finances budget deficit with SAR 58.5bn in Q3 – MoF
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) financed the country’s budget deficit with SAR 58.5 billion during the third quarter of 2017. Budget deficit’s financing was distributed on SAR 37 billion from domestic loans, SAR 6.5 billion …
Saudi gov’t pays SAR 11.5bn debt in 9M – MoF
20 November 04:05 PM Saudi gov’t pays SAR 11.5bn debt in 9M – MoF
Riyadh – Mubasher: Saudi Arabian government paid debts at a value of SAR 11.55 billion during the first nine months of 2017, the Saudi Ministry of Finance’s (MoF) data showed. MoF paid SAR 3.05 billion as debts, in addition to amortising …
Al Haramain train’s 1st experimental trip to start Monday
20 November 11:40 AM Al Haramain train’s 1st experimental trip to start Monday
Riyadh – Mubasher: Al Haramain High Speed Rail’s first experimental trip will start on Monday between Makkah and Jeddah. The trip will reach to Sulaymaniyah station in Jeddah from Al Rasaifah in Makkah, according to the Saudi News Agency (SPA). Al …
Saudi Arabia eyes $100bn in settlements from anti-corruption purge
19 November 02:08 PM Saudi Arabia eyes $100bn in settlements from anti-corruption purge
Riyadh - Mubasher: Saudi Arabia’s recent anti-corruption campaign comes with a new development where detained princes and businessmen are offered the chance to pay a settlement in order to avoid trial. Saudi authorities expect that the state may …
Saudi Arabia plans to apply a 5% VAT on fuel starting 1 January 2018
19 November 01:03 PM KSA to impose 5% VAT on fuel 1st January
Riyadh – Mubasher: Saudi Arabia plans to apply a 5% value-added tax (VAT) on gasoline, the General Authority of Zakat and Tax (GAZT) said via one of its Twitter accounts. This VAT will be imposed starting 1 January 2018, the GAZT said in a reply …
The consolidated net income of Saudi banks inched up 0.4% Q-o-Q
19 November 11:05 AM Saudi banking sector Q3 net income rises 14.3% YoY – Report
Riyadh – Mubasher: The consolidated net income of Saudi banks inched up 0.4% quarter-on-quarter and 14.3% year-on-year for the third quarter of 2017, as earnings were pressured by stagnant credit and the increase in provisioning, according to a …
About 63% of the expats in Manama feel good about their job security
19 November 10:51 AM Manama leads world's best cities for expats - Survey
Mubasher: The Bahraini capital Manama topped the list of world’s best cities for expats, followed by Prague, Madrid, Kuala Lumpur, and Amsterdam in the Expat Insider 2017 survey.   As for the rest of the Gulf cities in the list, Muscat, Abu Dhabi, …
The political situation in the US is affecting the Dollar
17 November 05:42 PM US’ Dollar to see 6yr-low - Morgan Stanley
By: Sally Ismail Mubasher: The American Dollar kept its weak performance against major currencies during Friday on the back of concerns regarding the tax reforms and negative expectations in relation to the US' currency. “The Dollar is threatened …
World Bank, Saudi agree to slow fiscal reforms
16 November 07:14 PM World Bank, Saudi agree to slow fiscal reforms
World Bank, Saudi agree to slow fiscal reforms Riyadh - Mubasher: The World Bank's country director for the GCC, Nadir Mohammed, said on Thursday that the bank agrees with the Saudi Ministry of Finance about slowing down the pace of fiscal …
Lockheed Martin to produce 150 Black Hawk Helicopters for KSA – O’Bryan
16 November 06:00 PM Lockheed Martin to produce 150 Black Hawk Helicopters for KSA – O’Bryan
Riyadh – Mubasher: Lockheed Martin will implement a project to produce more than 150 Black Hawk Helicopters for Saudi Arabia, said Steve O’Bryan, Lockheed Maritn’s vice president of International Strategy and Business Development. The manufacture …
The decision comes as part of efforts to develop the Kingdom’s financial market
16 November 05:54 PM Saudi CMA to exempt firms from initial Q4 disclosures
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Thursday stated that the decision taken by its board which involves exempting listed companies from disclosing financial statements for the fourth quarter of the current fiscal year …
Eurozone inflation falls to 1.4% in October
16 November 05:33 PM Eurozone inflation falls to 1.4% in October
Mubasher: The eurozone’s consumer price index (CPI), known as inflation dropped to 1.4% in October, compared to 1.5% in September, Eurostat’s data revealed. Analysts’ expectations had forecast that the eurozone's inflation will reach 1.4% in …
Qatar-GCC diplomatic dispute ‘may grow over time’ - NBK
16 November 04:14 PM Qatar-GCC diplomatic dispute ‘may grow over time’ - NBK
Qatar-GCC diplomatic dispute ‘may grow over time’ - NBK Mubasher: Qatar’s economy has been negatively affected by its neighbouring GCC countries’ sanctions that started in early June 2017, which included withdrawing ambassadors and imposing trade …
Global oil prices decreased on Wednesday
16 November 02:24 PM Kuwait crude oil drops 94 cents Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil declined by 94 cents to settle at $58.54 per barrel (pb) on Wednesday from $59.48 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). Global oil prices decreased …
KSA’s ownership of US bonds, T-bills hits $136.7bn in September
16 November 10:39 AM KSA’s ownership of US bonds, T-bills hits $136.7bn in September
Riyadh – Mubasher: Saudi Arabia raised its ownership of US bonds and treasury bills (T-bills) by 52.9%, reaching $136.7 billion during September 2017, compared to $89.4 billion in September 2016, the US Department of the Treasury’s data said. On a …
Saudi Arabian Monetary Authority approved on Tuesday Chubb Arabia's request
15 November 10:39 PM Chubb Arabia obtains approval to sell cyber-insurance in KSA
Riyadh - Mubasher: Chubb Arabia Cooperative Insurance Company has obtained the authorization to sell Cyber Enterprise Risk Management Insurance in Saudi Arabia, according to a bourse filing. On Tuesday, the company received the letter of approval …
Recently a number of natural gas reserves were discovered in the eastern Mediterranean
15 November 09:21 PM Lebanon aims at joining world’s petroleum club
By: Moslem Ali Cairo - Mubasher: Lebanon is facing a lot of economic and political challenges, according to the director general of the Lebanese Ministry of Finance (MoF). Faced by internal and regional crises, the country was still able to …