Local Economy

Second phase of inclusion in FTSE will be implemented on 1 May
1 hour ago Tadawul to extend closing auction session on 30 April
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Sunday announced the extension of the closing auction session to 20 minutes instead of 10 minutes on 30 April only, according to a statement. This step comes prior to the second phase of …
Saudi German Hospital has no shareholding in this hospital
3 hours ago Saudi German Hospital manages new facility in Ajman
UAE – Mubasher: Middle East Healthcare Company (Saudi German Hospital) on Sunday announced that it has opened a new facility at the emirate of Ajman, the UAE, according to a filing to the Saudi Stock Exchange (Tadawul). The new hospital, owned by …
GIB Saudi Arabia is equally owned by PIF and GIB
3 hours ago GIB converts Saudi branches into SAR 7.5bn incorporated bank
Riyadh – Mubasher: Bahrain-based Gulf International Bank (GIB) on Sunday announced the completion of converting its branches in Saudi Arabia into a locally incorporated lender to be headquartered in the Saudi Eastern Province. The new bank, which …
The event seeks to create a more favorable tax environment for enterprises
3 hours ago UAE elected as new vice chairman in China’s BRITACOM forum
UAE – Mubasher: The UAE has been elected as a vice chairman of the Belt And Road Initiative Tax Administration Cooperation Forum (BRITACOM), which took place in China during the period between 18 April and 20 April. Khalid Ali Al Bustani, chairman …
Rents and property prices have decreased the most in Q1-19
11:47 AM Over 20,000 units likely to enter Dubai market in 2019
Dubai – Mubasher: The real estate sector in Dubai has witnessed more than 20,000 units entering the market during 2018, head of consulting at Chestertons MENA Ivana Vucinic said, according to TimeOut Dubai. The new units have resulted in a …
Saudi crude exports went down to 6.98 million bpd in February
19 April 07:43 PM Saudi Arabia cuts oil output in February
Riyadh – Mubasher: Saudi oil exports shrank for the third successive month in February, according to the Joint Organisations Data Initiative’s (JODI) data revealed. The kingdom’s total oil exports declined by around 432,000 barrels per day (bpd) …
Bupa is the top health insurer in Saudi Arabia
18 April 06:20 PM Al Rajhi Capital sets Bupa Arabia TP at SAR 93 per share
Riyadh – Mubasher: Al Rajhi Capital has set the target price of Bupa Arabia for Cooperative Insurance’s share at SAR 93, with a neutral rating, according to a report released on Thursday. Bupa is the top health insurer in Saudi Arabia with strong …
STC's strong liquidity profile is endorsed by a healthy cash balance
18 April 04:09 PM Moody's upgrades STC's credit rating to ‘A1’; outlook ‘Stable’
Riyadh – Mubasher: Moody's Investors Service has upgraded the Saudi Telecom Company's (STC) long-term Issuer Rating to ‘A1’ from ‘A2’, with a ‘Stable’ outlook. This upgrade of STC's issuer rating follows a reassessment of the Saudi telecom company …
UAE's government created 20,225 jobs for citizens in 2018
18 April 03:12 PM UAE tops regional online hiring growth in Q1-19
UAE – Mubasher: The UAE witnessed a 42% year-on-year hike in online recruitment in the first quarter of 2019, leading regional growth, according to the latest Monster Employment Index (MEI). The increase in online job postings across the GCC …
Other world leaders on the list include US president Donald Trump
18 April 01:18 PM Abu Dhabi crown prince among Time’s 100 most influential people of 2019
UAE – Mubasher: Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, has been named among the 100 most influential people of 2019 by Time magazine. Other world leaders on the list …
The kingdom’s exports to its Asian partner amounted to SAR 9.57 billion last month
17 April 03:53 PM Saudi trade balance surplus with Japan rises 1.8% in March
Riyadh – Mubasher: Trade balance surplus between Saudi Arabia and Japan increased by 1.8% year-on-year in March, according to data released by Japan’s Ministry of Finance. The value of trade surplus between the two Asian nations amounted to SAR …
The acquisition is forecast to be complete in Q2-19
16 April 05:55 PM PIF’s Saudi Investment Recycling to acquire GEMS
Riyadh – Mubasher: The Saudi Investment Recycling Co. (SIRC), owned by the Public Investment Fund (PIF), on Tuesday announced signing a final agreement to fully acquire Global Environmental Management Services (GEMS) from Jadwa Investment, …
The kingdom’s cabinet approved setting up the Saudi Centre for Economic Affairs
16 April 05:14 PM Saudi cabinet approves setting up 3 national centres
Riyadh – Mubasher: Saudi Arabia’s cabinet has approved establishing three national centres during its session on Tuesday, Saudi Press Agency (SPA) reported. The kingdom’s cabinet approved setting up the Saudi Centre for Economic Affairs and the …
The SCTH approved requests for establishing hotel projects worth SAR 71 billion
16 April 03:06 PM Saudi tourism body secures SAR 1.1bn financing for 33 hotel projects
Riyadh – Mubasher: The Saudi Commission for Tourism and National Heritage (SCTH) announced meeting the financing requirements for 33 hotel and tourism projects in 13 areas with a combined financing value of SAR 1.1 billion, according to a …
Global oil price decreased on Monday
16 April 01:21 PM Kuwait crude oil adds 2 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 2 cents to settle at $70.72 per barrel (pb) on Monday compared to $70.70 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil price …
Saudisation in the private sector increased to 21.8% in 2018
16 April 01:15 PM Jadwa Investment expects Saudi employment to further increase
Riyadh – Mubasher: Saudi employment rate is expected to increase gradually in several sectors including trade which experienced a three-stage Saudisation drive from September 2018 to last January, according to a report released by Jadwa …
ICIEC is a subsidiary of the Islamic Development Bank Group
16 April 12:28 PM Saudi ICIEC shows enhanced regional knowledge – Moody’s
Mubasher: The ratings of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) of the parent organisation the Islamic Development Bank Group (IDB), support the company in times of financial distress, Moody's Investors …
GCC states’ holdings of US Treasury securities reached $274.77 billion in February
16 April 11:29 AM GCC holdings of US Treasuries rise 1.8% in February
By: Mahmoud Gamal Mubasher: The GCC states’ holdings of US Treasury securities amounted to around $274.77 billion in February, rising 1.8% month-on-month from $269.94 billion, the US Department of the Treasury said in a recent report. Saudi …
Saudi Arabia ranked eleventh globally among holders of US Treasuries
16 April 10:48 AM Saudi Arabia’s US Treasury holdings hike 10.6% in February
Riyadh – Mubasher: Saudi Arabia increased its holdings of US debt instruments by 10.6% year-on-year, or $16.1 billion (SAR 60.40 billion), in February and came in at the 11th place globally among other investors. The oil-rich kingdom’s US Treasury …
The UAE came in the 22th spot among the investors in the US Treasury bonds
16 April 10:46 AM UAE holdings of US gov’t bonds slip in February
By: Mahmoud Gamal UAE – Mubasher: The UAE has contracted its holdings of US Treasury securities by 2.67% month-on-month, or $1.5 billion, in February to $54.5 billion from $56 billion, data by the US Department of the Treasury showed. …
The residential projects provide more than 150,000 units
15 April 06:12 PM Makkah sees construction of 15 residential projects
Riyadh – Mubasher: A total of 15 residential projects are currently being executed in Makkah region in partnership with the private sector, assistant of deputy minister of housing, Abdullah Alhammad, said on Monday. The residential projects …
Arabian Centres Company will offer 95 million shares
15 April 04:45 PM CMA greenlights Saudi Arabian Centres’ IPO
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Arabian Centres Company’s request to float a 20% stake in an initial public offering (IPO). The Saudi shopping malls operator, owned by Fawaz Alhokair Group, will offer 95 …
MECC is running during the period between 16 April and 17 April
15 April 04:44 PM Altitude Software joins MECC 2019 in Dubai
UAE – Mubasher: Altitude Software on Monday announced that it is joining the Middle East Contact Centre (MECC) and Customer Experience Conference that will take place in Dubai, the company said in a statement. Running between 16 April and 17 …
The new project provides 7,200 housing units
15 April 03:46 PM Saudi housing minister launches Al Jawhara project in Jeddah
Riyadh – Mubasher: Saudi Arabia’s minister of housing Majid Al-Hogail has launched Al Jawhara residential project in the northern area of Jeddah near King Abdullah Sports City, according to Saudi Press Agency (SPA). Spanning over 2 million square …
The emirate’s European arrivals have seen strong growth in 2018
15 April 03:14 PM RAK Tourism, ECTAA partner to boost European arrivals
UAE – Mubasher: Ras Al Khaimah Tourism Development Authority (RAK TDA) signed a memorandum of understanding (MoU) with the European Travel Agents’ and Tour Operators’ Associations (ECTAA). In an effort to bolster European outbound tourism to Ras …