Local Economy

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21 June 08:33 PM Investcorp examines credit market landscape, opportunities
Mubasher: Investcorp released on Thursday a white paper on the six credit-related strategies that may help deliver value in today’s market environment, under the title “Opportunities in Credit”. The research paper examines United States …
US oil output totalled 10.9 million bpd
21 June 10:01 AM Kuwait’s crude oil adds 63 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 63 cents to settle at $71.45 per barrel (pb) on Wednesday compared to $70.82 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
The inclusion of Tadawul in MSCI’s EM index will be implemented in two phases
21 June 09:37 AM MSCI upgrades Saudi Tadawul to emerging market status
Riyadh – Mubasher: The global index compiler MSCI has announced upgrading the Saudi Stock Exchange (Tadawul) to an emerging market (EM) status, from standalone market in its annual review. The inclusion of Tadawul in MSCI’s EM index will be …
Saudi, Argentina bourses to see large investments after MSCI upgrade
20 June 04:41 PM Saudi, Argentina bourses to see large investments after MSCI upgrade
Riyadh - Mubasher: Saudi Arabia’s and Argentina’s stock exchanges are forecast to expand their assets by more than a combined $600 billion on the back of the widely-anticipated decision by the MSCI to promote both to emerging markets (EM) status. …
The US topped the list with more than 5 million millionaires in 2017
20 June 01:08 PM Kuwait has 174,000 millionaires in 2017 – Report
Mubasher: Kuwait was ranked the 17th worldwide in terms of the world’s wealthiest countries in 2017, according to the recent World Wealth Report 2018, as reported by Alrai Newspaper. The report said that Kuwait had about 174,000 millionaires in …
Global oil prices declined with worries over changing the OPEC’s policy
20 June 10:34 AM Kuwait’s crude oil adds 87 cents – KPC
Mubasher: The price of Kuwait’s crude oil increased by 87 cents to settle at $70.82 per barrel (pb) on Tuesday, compared to $69.95 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
China topped the US Treasuries holders in April
19 June 11:44 AM UAE holds $60bn US Treasuries
Dubai – Mubasher: The UAE's holdings of US Treasuries have increased by $500 million to $59.7 billion in April. Since the beginning of the year, the GCC country’s holdings of US Treasuries rose to $59.7 billion in the fourth month of 2018, …
Brent crude oil added 2.4% to $75.22 pb
19 June 11:04 AM Kuwait’s crude oil drops $3.09 on Monday – KPC
Mubasher: The price of Kuwait’s crude oil declined by 4.23% or $3.09 to settle at $69.95 per barrel (pb) on Monday compared to $73.04 pb on Thursday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, the …
Africa is an exciting market because
18 June 04:22 PM Swiss-Belhotel mulls expansion in Africa by 2021
Mubasher: Swiss-Belhotel International is currently considering an expansion plan for Africa by the year 2021, according to an official statement. “Our goal is to have five hotels in Africa by 2021. We recently signed a management agreement with …
Four EGX-listed firms among Forbes’ 100 most Powerful Arab companies in 2018
18 June 04:04 PM Four EGX-listed firms among Arab world's 100 most powerful
By: Heba El Kordy Cairo – Mubasher: Four companies listed on the Egyptian Exchange (EGX) were listed among Forbes Magazine’s 100 most powerful companies in the Arab world. The Commercial International Bank (CIB) came in the 38th spot on the list …
Saudi crude oil exports pass 7.3 bpd in April – JODI
18 June 03:55 PM Saudi crude oil exports pass 7.3m bpd in April – JODI
Riyadh – Mubasher: Saudi crude oil exports increased by 190,000 barrels per day (bpd) in April, compared to March. The kingdom’s exports of crude oil rose to 7.31 million bpd in fourth month of 2018, registering their highest level in 15 months, …
Saudi trade surplus with Japan reaches SAR 9.23bn in May
18 June 01:02 PM Saudi trade surplus with Japan reaches SAR 9.23bn in May
Riyadh – Mubasher: Saudi Arabia's trade surplus with Japan has surged 38.3%, reaching SAR 9.23 billion (JPY 272.68 billion) in May, compared to SAR 6.67 billion (JPY 197.21 billion) in the same period of 2017. The kingdom’s exports to Japan …
Bahrain named Gulf Chemists Union host
16 June 03:48 PM Bahrain named Gulf Chemists Union host
Mubasher: The Kingdom of Bahrain will become the official host for the Gulf Chemists Union's (GCU) headquarters. The decision was approved by Bahrain's prime minister prince Khalifa bin Salman Al Khalifa, who had supported the initiative and …
Saudi stocks not strong enough to make EM ranking – Mark Mobius
14 June 06:38 PM Saudi stocks not strong enough to make EM ranking – Mark Mobius
Riyadh – Mubasher: A prominent emerging market (EM) investor said he believes that Saudi stocks have not been performing well lately and therefore the market is unfit to be ranked as an EM. “We are not necessarily bullish on Saudi stocks, simply …
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman
14 June 12:31 PM Saudi, Russian presidents tackle oil output on sidelines of World Cup
Mubasher: The Russian President and Saudi Crown Prince will discuss how to boost oil production while maintaining their petro-alliance as they meet in Moscow on Friday to watch the World Cup’s opening match between Russia and Saudi Arabia. …
NMC Healthcare will definitely consider investment opportunities in Egypt once they understand the market
13 June 12:13 PM UAE’s NMC Healthcare eyes expansion in Egypt
Cairo – Mubasher: UAE-based NMC Healthcare is considering an expansion in Egypt, a top official has revealed. NMC Healthcare, the second largest private healthcare provider in Saudi Arabia, needs to study the Egyptian market before conducting any …
The GCC country’s oil production recorded 585,000 bpd last month
12 June 04:58 PM Qatar cuts oil output in May despite OPEC plans
Doha – Mubasher: Qatar has reduced its oil production by 9,500 barrels per day in May, despite OPEC’s decision to raise per day production by 35,400 barrels. The GCC country’s oil production recorded 585,000 bpd last month, compared to 594,000 bpd …
Saudi Arabia’s oil production inclined by 85,500 bpd
12 June 03:13 PM Kuwait’s oil output declines in May – OPEC
Mubasher: The oil production registered by Kuwait decreased by 5,700 barrels per day (bpd) in May, according to the monthly report by OPEC on Tuesday. Kuwait’s oil output decreased to total 2.701 million bpd in May compared to 2.707 million bpd in …
The OPEC is expected to disclose on Tuesday its monthly report
12 June 12:58 PM Kuwait’s crude oil drops 36 cents – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 36 cents to settle at $73.13 per barrel (pb) on Monday compared to $73.49 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
The kingdom’s ratings are supported by robust fiscal and external balance sheets
12 June 12:11 PM Fitch Rating affirms Saudi rating at ‘A+’, outlook stable
Riyadh – Mubasher: Saudi Arabia's long-term foreign-currency Issuer Default Rating (IDR) was affirmed at 'A+', Fitch Ratings said in a statement. The outlook on the ratings is stable. The kingdom’s ratings are supported by robust fiscal and …
Noon will deliver all eBay orders made on noon to the customer’s doorstep
12 June 12:09 PM Noon teams up with eBay to deliver US products to region
Dubai – Mubasher: Digital marketplace Noon on Tuesday announced that it has inked a new partnership with e-commerce company eBay Inc to facilitate delivering US products to the region. Noon, which is backed by Saudi Arabia’s Public Investment …
Global firms plan to pump investments in Saudi soon– British Official
11 June 04:34 PM Global firms to pump investments in Saudi soon –British official
Riyadh – Mubasher: The Saudi economy is expected to see major improvement in the coming period through attracting large foreign investments after its government implemented several economic reforms, head of strategy and emerging markets at …
Saudi tops world in food waste – Ministry report
11 June 03:34 PM Saudi tops world in food waste – Ministry report
Riyadh – Mubasher: Saudi Arabia ranked first globally in terms of food waste, a report by the country’s Ministry of Environment, Water, and Agriculture (MEWA) showed. The volume of waste food by the kingdom’s citizens is estimated at about 250 …
Jordan saw major anti-austerity protests
11 June 01:10 PM UAE, Saudi Arabia, Kuwait provide $2.5 bn aid to Jordan
Abu Dhabi – Mubasher: The UAE, Saudi Arabia, and Kuwait have agreed to pay $2.5 billion in economic aid to Jordan, to help the Hashemite Kingdom overcome its economic crisis, which followed anti-austerity protests. The aid package was announced …