Local Economy

This stake may represent 5% to 10% of the American Multi-Cinema’s revenues
19 April 12:53 PM AMC eyes 50% share of Saudi cinema market – CEO
Riyadh – Mubasher: US-based movie exhibition company AMC Entertainment Holdings Inc. plans to acquire a 50% share of Saudi Arabia’s cinema market in the coming period, CEO Adam Aron said.  This stake may represent 5% to 10% of the American …
Global oil prices reached the highest level since 2014
19 April 09:51 AM Kuwait’s crude oil adds 83 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 83 cents to settle at $67.64 per barrel (pb) on Wednesday compared to $66.81 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
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18 April 09:54 PM Tadawul approves SAR 17.9bn public debt instruments
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) has approved the listing request of the debt instruments issued by the Saudi government submitted by the Ministry of Finance (MoF). The debt instruments have a total value of SAR 17.920 …
The deal has reaped many fruits
18 April 08:18 PM Saudi Arabia may push for $100 pb price surge
Riyadh – Mubasher: Saudi Arabia, the world’s top oil exporter, desires to up oil prices to $100 per barrel (pb), which will make it more or less reluctant to back any cut to OPEC and non-OPEC members output reduction deal. In January 2017, OPEC …
Saudia is completely ready to move operations and provide its services through KAIA
18 April 03:24 PM Saudia ready to move operations to King Abdulaziz In'l Airport
Riyadh – Mubasher: Saudi Arabian Airlines (Saudia) is ready to move its operations gradually to King Abdulaziz International Airport (KAIA), the kingdom's second-biggest airport. Director general of Saudia Saleh Bin Nasser Al-Jasser and CEO Jaan …
Global oil prices rose by closing Tuesday’s session
18 April 03:19 PM Kuwait’s crude oil up 5 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 5 cents to settle at $66.81 per barrel (pb) on Tuesday compared to $66.76 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
MENA is expected to achieve economic growth of 3.1% in 2018
17 April 05:39 PM MENA economy to grow 3.1% in 2018 – World Bank
Mubasher: Economic growth in the Middle East and North Africa (MENA) is expected to rebound in 2018 on the back of positive global outlook and oil prices stabilising at relatively higher levels, according to the World Bank’s recent report entitled …
Kuwait and Oman decreased their investments in the US Treasuries in February
17 April 01:26 PM GCC holdings of US Treasuries rise 3.5% in February
Mubasher: The GCC’s holdings of the US Treasuries rose 3.5% month-on-month in February 2018, compared to a month earlier. The GCC states’ investment in the US government bonds increased to $257.45 billion in the second month of 20118 versus …
The GCC currently makes up 47%, or 151GW, of current MENA power generating capacity
17 April 11:46 AM MENA needs $260bn investment to meet electricity demand in next 5 yrs – APICORP
Mubasher: The Middle East and North Africa (MENA) region will need $260 billion in investments to meet the rising electricity demand over the next five years, the Arab Petroleum Investments Corporation (APICORP) has forecast. The GCC governments …
Global oil prices decreased following the announcement of ending the raids on Syria
17 April 10:19 AM Kuwait’s crude oil drops 98 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil declined by 98 cents to settle at $66.76 per barrel (pb) on Monday compared to $67.74 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
China is the top holder of US Treasuries with $1176.7 trillion
17 April 10:03 AM Saudi raises US Treasury holdings to $151bn in February
Riyadh – Mubasher: Saudi Arabia raised its holdings of US Treasury bonds by 29.3% year-on-year or $34.2 billion in February 2018. The kingdom’s holdings of US government bonds reached $150.9 billion in the second month of 2018, up from $116.7 …
The creditworthiness of GCC economies is not expected to rise on the back of the recent oil price recovery
16 April 06:13 PM Higher oil prices not to boost GCC sovereigns' rating - Moody's
Mubasher: The creditworthiness of GCC economies is not expected to rise on the back of the recent oil price recovery, as it is mainly based on the governments’ response to different economic, fiscal, and external challenges, according to a new …
MENA region accounts for 4% of the global pharma market
16 April 01:49 PM MENA pharma market to hit $44bn by 2020
Mubasher: UBM EMEA, the organiser of the leading global pharmaceutical exhibition CPhI, on Monday announced the launch of the Middle East and Africa edition for the first time on 3 - 5 September 2018 in the UAE capital at the Abu Dhabi National …
The agreement will reinforce mutual cooperation between Egyptian and Saudi petrochemical companies
15 April 02:12 PM Egypt, KSA ink MoU for oil experience exchange
Cairo – Mubasher: Egypt and Saudi Arabia have signed a memorandum of understanding (MoU) for the exchange of petroleum and mining information, Egypt Oil & Gas reported on Sunday. The MoU was signed by the Egyptian petroleum minister Tarek El-Molla …
MBR Solar Park is considered the largest CSP investment across the world
15 April 11:37 AM Acwa Power, Chinese firm ink Dubai's $3.9bn solar project
Mubasher: Saudi Arabia's Acwa Power and China's Shaghai Electric have signed an Engineering, Procurement, and Construction (EPC) contract for a solar project in the UAE. The EPC contract will cover the 700 mega-watt (MW) Phase 4 of Dubai's …
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14 April 08:36 PM Arab League, UN voice concern over Syrian situation
Mubasher: The Arab League Secretary General Ahmed Abo Elgheit has expressed concerns over the joint air strikes by the US, France, and the UK in Syria, saying it could further complicate the situation. Abo Elgheit told reporters on the sidelines …
The Saudi Ministry of Foreign Affairs
14 April 07:21 PM Saudi Arabia supports strikes on Syria
Riyadh - Mubasher: Saudi Arabia has expressed its full support for the air strikes that targeted chemical weapons facilities in Syria. The strikes were led by the United States Air Force, alongside French and British armies, and came after the …
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14 April 12:21 AM Moody's affirms Saudi Arabia's A1 ratings
Riyadh - Mubasher: Moody's Investors Service has affirmed the Government of Saudi Arabia's long-term issuer and senior unsecured ratings at A1, with the outlook remaining stable. The affirmation of Saudi Arabia's A1 ratings is supported by the …
Global oil prices registered the highest level in more than three years
12 April 04:05 PM Kuwait’s crude oil up $1.11 on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by $1.11 to settle at $66.39 per barrel (pb) on Wednesday compared to $65.28 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
The AMF will grant the loan to the African nation in a bid to bolster micro, small and medium enterprises
12 April 03:54 PM AMF to grant $100m loan to Sudan for SMEs development
Mubasher: The Arab Monetary Fund (AMF) will provide a $100 million loan to the Republic of Sudan within the framework of the small- and medium-sized enterprises (SMEs) Enabling Environment Support Facility. The loan agreement was signed by …
Deposits slashed slightly by 0.7% to SAR 1,663 billion in 2017
12 April 02:55 PM Saudi bank NPLs rise 1.45% in 2017 – Report
Riyadh – Mubasher: Saudi Arabian banks' non-performing loans (NPL) increased by 1.45% during the full-year 2017. Non-performing loans edged up to 15.5% last year, compared to a year earlier, according to Albilad Capital's recent report issued on …
Tourism infrastructure is to dominate the agenda of ATM 2018
11 April 02:39 PM GCC to invest $56bn in tourism infrastructure by 2022 – Report
Mubasher: GCC countries are expected to invest $56 billion in tourism infrastructure by 2022, while the UAE ranked the most competitive in the region, a recent report has revealed. Lightening-speed, state-of-the-art Hyperloop train systems, in …
The credit in the GCC is expected to grow 5% on average
11 April 01:42 PM Higher oil prices boost GCC banks' liquidity, deposits - Moody's
Dubai – Mubasher: The rise in oil prices has bolstered the liquidity and deposits in the GCC banks following years of funding pressure. The Brent crude oil's average price reached $43.5 per barrel (pb) in 2016 and $54.3 pb in 2017, levelling up …
The MoU will endorse renewable energy systems in the Kingdom
11 April 12:34 PM Saudi SEC inks MoU with Schneider Electric
Riyadh – Mubasher: The Saudi Electricity Co (SEC) has signed a memorandum of understanding (MoU) with French engineering group Schneider Electric to boost technical cooperation in the fields of energy and smart network solutions. The MoU will …
Allocations to overseas clients will be kept below 7 million bpd
11 April 10:00 AM Saudi to keep oil exports down 7m bpd in May – Ministry
Riyadh – Mubasher: Saudi Arabia plans to remain its crude oil exports in May below 7 million barrels per day (bpd), the Ministry of Energy, Industry and Mineral Resources stated. Allocations to overseas clients will be kept below 7 million bpd, …