Local Economy

Global oil prices decreased before announcing the U.S. inventories
5 hours ago Kuwait’s crude oil down 62 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dropped 62 cents to settle at $60.8 per barrel (pb) on Wednesday compared to $61.42 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
Mizuho will lead an international consortium
21 February 06:15 PM Saudi Arabia to privatise water distribution
Riyadh – Mubasher: Saudi Arabia’s Minister of Environment, Water, and Agriculture Abdulrahman Abdulmohsen Alfadley signed on Wednesday a consulting agreement with the Japanese Mizuho Bank for advisory services related to the private sector …
A new bid will be announced later for the project
21 February 05:22 PM Saudi GACA terminates 2 firms’ contract for King Abdulaziz Airport
Riyadh – Mubasher: The Saudi General Authority of Civil Aviation (GACA) on Wednesday decided to terminate its contracts with Changi Airports International (CAI) and Saudi Naval Support Home for the operation and management of the new King …
Qatar will not exit the GCC.
20 February 01:59 PM Qatar to participate in 2018 Arab Summit - Minister
Mubasher: Qatar will take part in the upcoming Arab Summit regardless of its venue, Doha's foreign minister Mohammed bin Abdulrahman Al-Thani said. Qatar will not exit the GCC, Al Thani added during his speech at the Consultative Assembly.  Any …
The price of Brent crude oil decreased on Tuesday
20 February 10:13 AM Kuwait’s crude oil adds 32 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 32 cents to settle at $61.24 per barrel (pb) on Monday compared to $60.92 pb on Thursday, according to recent data issued by the Kuwait Petroleum Corporation (KPC). At the global level, the …
Annual revenues for Dubai hotels will reach $495 million by 2019
19 February 05:56 PM Dubai luxury spas to grow by 10.7% to 2021; Oman, Bahrain outperform
Dubai - Mubasher: Dubai’s 5-star hotel spas are expected to grow by a 10.7% compound annual growth rate (CAGR) by 2021, according to data released by Colliers International. The number of 5-star hotel spas in Dubai is set to rise to 157 by 2021 …
Around 32 Saudi companies are nominated to be listed on the Emerging Market (EM) Index
19 February 02:07 PM Saudi market's potential weight to hit 2.3% after listing on MSCI
Riyadh – Mubasher: Saudi market's potential weight may reach 2.3% when it will be listed on Morgan Stanley Capital International’s (MSCI) index, according to consultation document posted on MSCI’s website. Around 32 Saudi companies are nominated …
China is the largest foreign holder of US government debt
18 February 01:29 PM KSA's US Treasury holdings hit $147.4bn in December
Riyadh – Mubasher: Saudi Arabia raised its holdings of the US Treasuries by 43.4% year-on-year or $44.6 billion in December 2017. The kingdom’s holdings of the US’ bonds and treasury bills (T-bills) amounted to $147.4 billion during the last month …
The UAE came the second among the GCC peers, holding $57 billion of the US’ Treasuries during December
18 February 11:36 AM GCC's US Treasury holdings fall 1.3% in December
By: Mahmoud Gamal Mubasher: The GCC countries’ holdings of the US Treasuries declined 1.3% to $254.4 billion in December 2017, compared to $257.65 billion a month earlier, according to US Department of the Treasury (USDT). Treasury holdings of …
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17 February 12:16 AM KSA, IFAD agreement to benefit 30,000 farmers
Mubasher: The Saudi Ministry of Environment, Water and Agriculture said that the agreement with the International Fund for Agricultural Development (IFAD) will have 30,000 beneficiaries. The aim of the agreement is to help small farmers in Jizan, …
Speaker of the Lebanese Parliament Nabih Berri with US Secretary of State Rex Tillerson
16 February 11:54 PM Lebanon rejects US solution for border conflict
Mubasher: Lebanon rejects current proposals over the disputed marine borders with Israel, Speaker of the Lebanese Parliament Nabih Berri has told the United States Secretary of State Rex Tillerson in Beirut, as reported by Reuters. American …
Al Haramain train's trips will continue to know the possibility of its commercial operation
15 February 03:16 PM Saudi Railway Co tests Al Haramain high-speed Train
Riyadh – Mubasher: Saudi Railway Company (SAR), the owner of Al Haramain high-speed train project, on Thursday has launched a pilot round-trip of Al Haramain Train from the Saudi city of Makkah to Al-Madinah Al-Munawwarah. Al Haramain train's …
The Middle East region has promising opportunities with regard to AI-based businesses.
15 February 01:54 PM AI to add $320bn to Middle East's economy by 2030
Dubai – Mubasher: Artificial Intelligence (AI) is expected to contribute $320 billion to the Middle East (MD) economy by 2030, which will make up 11% of the region’s gross domestic product (GDP), according to a report released by PwC Middle East. …
Global oil prices increased noticeably on Tuesday
15 February 10:26 AM Kuwait’s crude oil down 20 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 20 cents to settle at $58.91 per barrel (pb) on Wednesday compared to $59.11 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, …
A number of committees were formed to privatise all sectors of the Saudi Post
15 February 09:50 AM KSA to privatise post's services in 2018 – Minister
Riyadh – Mubasher: Saudi Arabia will start privatising Saudi Post's services during 2018, said Communications and Information Technology (MCIT) Minister Abdullah Alswaha said. The first phase of privatising the state-run postal system will …
Several investors search for investments in the Saudi properties sector
14 February 06:24 PM Saudi non-hydrocarbon sector pushes up growth in 2018
Riyadh – Mubasher: Saudi Arabia’s gross domestic product (GDP) is expected to grow 2% in 2018 and 2.8% in 2018, JLL’s country head of Saudi Arabia Ibrahim Al Buloushi stated. Investment opportunities in Saudi Arabia are laying the foundations for …
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14 February 06:14 PM SFD to provide $1.5bn for Iraq’s reconstruction
Riyadh - Mubasher: Saudi foreign minister said that his country has dedicated $1 billion to the reconstruction of Iraq. Another $500 million in export credit will also be provided through the Saudi Fund for Development (SFD), Minister Adel …
Kuwait’s crude oil decreased to $59.11 pb
14 February 10:08 AM Kuwait’s crude oil drops 53 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 53 cents to settle at $59.11 per barrel (pb) on Tuesday compared to $59.64 pb on Monday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
The project’s construction work included designing and executing four railway stations
13 February 03:05 PM Al-Haramain Rail project costs over SAR 60bn
Riyadh – Mubasher: Total cost of Al-Haramain High-Speed Rail project has exceeded SAR 60 billion, former director general of the project Bassam Ghulman said during a lecture at Umm Al-Qura University (UQU). More than 60 million cubic metres of …
There were no amendments on MSCI Saudi Arabia Small Cap Index.
13 February 02:19 PM MSCI removes SAIB from Saudi index for leading companies
Riyadh – Mubasher: Morgan Stanley Capital Index (MSCI) announced removing the Saudi Investment Bank (SAIB) from MSCI Saudi Arabia Index for leading companies. There were no amendments on MSCI Saudi Arabia Small Cap Index. MSCI Index for leading …
Qatar cuts oil production to 596,000 bpd in January 2018
12 February 06:04 PM Qatar cuts oil output to 596,000 bpd in January - OPEC
Mubasher: Qatar reduced oil production by 6,700 barrels per day (bpd) in January 2018 under the decision taken by the Organization of Petroleum Exporting Countries (OPEC) which requires members to trim oil production. Oil output from the world’s …
Last month, Saudi Arabia proposed to banks for refinancing of a $10-billion syndicated loan
12 February 05:51 PM Italy’s SACE to back $1.6bn-debt to Saudi Arabia
Dubai – Mubasher: Italy’s export credit agency, SACE, announced that it is planning to back $1.6 billion in loans to Saudi Arabia over the next 12 to 18 months. Last month, the oil-rich nation proposed to lenders for refinancing a $10-billion …
The picture for family businesses across the GCC seems relatively optimistic
12 February 05:24 PM GCC family business optimistic about economic growth – Survey
Mubasher: Family-run businesses in the Gulf region remain highly resilient at the beginning of 2018, according to a recent report titled “GCC Family Business Survey 2017” by KPMG. This positive outlook proves once again that this major segment of …
Two weeks ago, the detainees were removed and dismissed from the hotel
12 February 04:03 PM Saudi Ritz reopens after becoming prison for KSA elite
Mubasher: Riyadh’s Ritz-Carlton Hotel has reopened on Sunday after more than three months from being converted into a gilded prison for members of Saudi Arabia’s business and political elite who were detained in an anti-corruption purge, as …
Regulators have enhanced their monitoring and supervision methodologies
12 February 12:46 PM GCC gov'ts far from resolution regimes for conventional, Islamic banks - S&P
Mubasher: GCC banks adopt many of the best practices and international regulations when they are put into effect, but the region's governments take a long time to implement resolution regimes, S&P Global Ratings said in a report on Monday.   On …