Local Economy

Riyadh - Mubasher: Saudi Tourism Development Fund (TDF) has inked a financing agreement with Nama Alamal to develop a five-star hotel managed by IHG Group. To be established under the Intercontinental brand, the scheme includes 163 hotel units …

Riyadh – Mubasher: Saudi Arabia’s headline seasonally adjusted Purchasing Managers’ Index (PMI) increased for the second month in a row during November 2022 to 58.5 from 57.2 last October, according to Riyad Bank’s data. The PMI, which was above …

Riyadh – Mubasher: Saudi Arabia cut the January 2023 official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over a drop in demand and a potential increase in Russian competition. The Saudi …

Riyadh – Mubasher: Issam Abu Sulaiman, Regional Director for the GCC countries at the World Bank, stated that transactions worth more than $2.70 billion are being traded on a daily basis through mobile applications. Abu Sulaiman highlighted that …

Riyadh – Mubasher: Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al Khorayef, announced launching an initiative to encourage the local industry with the aim of stimulating investment in the industrial sector and increasing …

Riyadh – Mubasher: Riyadh Chamber of Commerce has been part of setting up more than 40 startups in the financial technology (fintech) sector since 2016 until the present time, said Mansour Al Obaid, who serves as the Chairman of Information and …

Riyadh – Mubasher: The World Fintech Show has launched today, 5 December, in Saudi Arabia’s capital Riyadh at InterContinental Riyadh.   The event aims to connect the world’s fintech innovators with enterprises, investors, policymakers, startups, …

Riyadh – Mubasher: The Future Minerals Forum (FMF) unveiled new partnerships with think tank entities and research institutions as part of its preparations to host the second edition of the forum next year in Riyadh. The collaboration will be with …

Riyadh – Mubasher: Saudi Arabia's National Water Company (NWC) has commenced the implementation of desalinated water distribution system projects in the cities of Dammam, Khobar, Ahsa, and Qatif. The SAR 4.30 billion projects will supply these …

Mubasher: Dividend Gate Capital (DGC) seeks to strengthen its healthcare portfolio in the GCC region through acquisitions and partnerships of fast-growing healthcare institutions, including Specialized Eye Centers, Medical Residency Screening …

Riyadh – Mubasher: International delegates and global mining investors were addressed how Saudi Arabia can become a global leader in the sustainable and innovative production of minerals and metals given that the energy transition from …

Cairo - Mubasher: Egypt’s Ministry of Supply and Internal Trade said that the General Authority for Supply Commodities (GASC) offered on 30 November 2022 a total of 10,000 tonnes of imported Russian wheat, Ahram Gate reported on Thursday. The …

Mubasher: The member states of the Organisation of Islamic Cooperation (OIC) have registered a trade deficit of $63 billion for halal economy products in 2021, according to the 2022 Annual OIC Halal Economy Report. Last year, total halal product …

Riyadh – Mubasher: Saudi Arabia has extended the term of a deposit valued at $5 billion for the Central Bank of Egypt (CBE), Saudi Press Agency (SPA) reported.  The decision comes in line with the Kingdom's objective to boost cooperation between …

Dubai - Mubasher: Robust investment flows to the UAE are expected in the coming years thanks to the country’s consistent strong economic performance, steady growth, and ambitious development plans in the next 50 years, says Al Tamimi Investments. …

Mubasher: Dubai-based Bioventure, Minapharm Pharmaceuticals, and MiGenTra GmbH have signed an exclusive licence agreement for the commercialisation of multiple biosimilar candidates developed and manufactured by Alvotech, in Egypt and eighteen …

Mubasher: The Arab Brazilian Chamber of Commerce (ABCC) has announced an annual increase of 25.71% in Brazilian exports to the Arab countries during the first ten months (10M) of 2022 at $14.47 billion from $11.51 billion. Brazilian exports to the …

Mubasher: Saudi Arabia has become the first GCC country to chair the United Nations World Tourism Organization (UNWTO) Executive Council. The election took place at the UNWTO’s 117th Executive Council meeting in Marrakesh, Morocco. The move …

Riyadh - Mubasher: Saudi Arabia's non-oil exports, including re-exports, surged by 13.10% year-on-year (YoY) to SAR 78.40 billion in the third quarter (Q3) of 2022, compared to SAR 69.40 billion.  Overall merchandise exports amounted to SAR 399.70 …

Riyadh – Mubasher: ACWA Power Management and Investments One Limited (APMIOne), a wholly-owned subsidiary of ACWA Power Company, increased the partial purchase value of its ACWA39 bond to $428 million from $400 million. The tender and acceptance …

Cairo - Mubasher: Leading restaurant management solution in MENA Foodics and Paymob signed a partnership agreement in cooperation with Banque Misr, as the acquiring bank, to empower the food and beverage (F&B) sector in Egypt to thrive in the …

Dubai - Mubasher: DMCC announced a partnership with Comtech Gold to digitise the trading of gold by tokenising the precious metal backed by physical gold bars registered on DMCC Tradeflow. DMCC Tradeflow is an online platform for registering the …

Cairo – Mubasher: Elsewedy Electric Co’s board of directors approved the establishment of a new company in Saudi Arabia with a SAR 500,000 capital in accordance with the systems of the Saudi companies and the Ministry of Investment. The company …