Local Economy

Delta for Construction and Rebuilding on Sunday signed an EGP 641 million joint loan agreement
50 minutes ago Delta for Construction and Rebuilding wins EGP 641m joint loan
Cairo – Mubasher: Delta for Construction and Rebuilding on Sunday signed an EGP 641 million joint loan agreement with Banque Misr and the Arab African International Bank (AAIB). Delta for Construction and Rebuilding is a subsidiary of Egyptian …
The UAE’s economy will not be negatively impacted by other GCC members not implementing the value added tax (VAT)
2 hours ago GCC members not applying VAT not to impact UAE – Al Bustani
Abu Dhabi – Mubasher: The UAE’s economy will not be negatively impacted by other GCC members not implementing the value added tax (VAT), Emarat Al Youm newspaper reported, citing Federal Tax Authority (FTA) director general Khalid Al Bustani as …
Saudi Arabia-based Flyadeal launched on Saturday, 23 September its first commercial flight to Riyadh from Jeddah
11:20 AM KSA's Flyadeal started its commercial flight Saturday
Riyadh – Mubasher: Saudi Arabia-based Flyadeal launched on Saturday, 23 September its first commercial flight to Riyadh from Jeddah in accordance with celebrating the occasion of the Saudi National Day. The chairman of Flyadeal, and the director …
The UAE is willing to fully execute the Gulf Railway
10:33 AM GCC Ministers of Transport defer Gulf Railway execution
Abu Dhabi – Mubasher: The Committee of Ministers of Transport and Communication in the GCC has decided to postpone the implementation of the Gulf Railway to 2020 – 2021 instead of 2018. The UAE is willing to fully execute this project, minister of …
Tadawul will suspend its trading activities on Sunday, 24 September
10:30 AM Tadawul suspends trading Sunday for National Day
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) will suspend its trading activities on Sunday, 24 September on the occasion of celebrating the Saudi National Day. Trading activities will resume on Monday, 25 September. On Thursday, the …
KSA's CITC to stop telecom firms services subject to violations – Minister
23 September 02:10 PM KSA's CITC to stop telecom firms services subject to violations – Minister
Riyadh – Mubasher: Communications and Information Technology Commission (CITC) of Saudi Arabia was authorised to stop the telecoms firms services’, in case of violations, Okaz newspaper on Saturday reported, citing Abdullah Al-Sawahah, Minister of …
An agreement had been signed in 2015 between KACARE and South Korea
22 September 05:35 PM KSA launches first nuclear power station in 2020
Ryiadh – Mubasher: The South Korean ambassador to the Kingdom of Saudi Arabia, Kwan Pyung-oh, said that his country is looking forward to constructing the first nuclear power station in the Kingdom, according to Al Eqtisadiah newspaper. The …
The number of the Saudi visitors during the first seven months of 2017 amounted to 904,000 visitors
22 September 04:56 PM Dubai sees 9.46m Saudi tourists in 10 years
Dubai – Mubasher: The number of Saudi tourists to the emirate of Dubai during the last 10 years reached 9.47 million tourists, according to Al Bayan newspaper. The number of the Saudi visitors during the first seven months of 2017 amounted to …
Saudis top other GCC and Arab investors
22 September 04:37 PM Saudis invest AED 53bn in Dubai real estate
Abu Dhabi – Mubasher: Sultan Butti bin Mejren, director general of Dubai Land Department, announced that the investments of Saudi nationals reached AED 53 billion, during the period from 2002 until September 2017, according to Al Bayan newspaper. …
Ticket prices will not be impacted by the gradual reduction of fuel subsidies
21 September 03:09 PM Fuel hike not to impact ticket prices – Saudi GACA
Riyadh – Mubasher: Ticket prices will not be impacted by the gradual reduction of fuel subsidies during 2017 and 2018, spokesperson of the Saudi General Authority of Civil Aviation (GACA) Abdullah Alkhareef said. Ticket prices have a certain …
KSA approved SAR 9bn to access optic wires, broadband – Minister
21 September 10:06 AM KSA nods to SAR 9bn optic wires, broadband access – Minister
Riyadh – Mubasher: Saudi Arabia approved SAR 9 billion for fiber optics and broadband access to all the Kingdom’s regions, Bloomberg on Wednesday reported, citing Abdullah bin Amer Al-Sawahah, the minister of communication and information …
The general wholesale price index in Saudi Arabia fell 1.2% in August
20 September 07:51 PM Saudi wholesale price index falls 1.2% in August
Riyadh – Mubasher: The general wholesale price index in Saudi Arabia fell 1.2% in August on a year-on-year basis, data released by the General Authority for Statistics (GASTAT) on Wednesday showed. The drop was mainly due to declines in four …
“However, this investor class has seldom been researched in detail despite its widespread influence in the economy,” the report commented
20 September 03:59 PM Pension funds important for GCC stability, growth – Marmore
Mubasher: Pension funds across the GCC are the second largest set of institutional investors in the region after the Sovereign Wealth Funds (SWFs), according to a report by Marmore MENA Intelligence, a subsidiary of Kuwait Financial Centre …
KSA's PIF to establish recreation’s unit with capital of SAR 10bn
20 September 02:13 PM KSA's PIF to establish SAR 10bn recreation unit
Riyadh – Mubasher: The Public Investment Fund (PIF) of Saudi Arabia on Wednesday announced its plans to establish a subsidiary specialised in the recreation sector with a capital of SAR 10 billion, according to the Saudi Press Agency (SPA). The …
He added that through BSO’s “low-latency and highly resilient connectivity service” traders can enjoy transparent and secure trading
20 September 01:52 PM DGCX enables trading from London via BSO
Dubai – Mubasher:  The Dubai Gold and Commodities Exchange (DGCX) announced that BSO Network Solutions enhanced its Market Data Connect service to enable direct trading and market data access between it and Interxion London. The service will give …
Saudi cost of living index falls 0.1% in August – GASTAT
20 September 01:47 PM Saudi cost of living index falls 0.1% in August – GASTAT
Riyadh – Mubasher: The Saudi cost of living index “inflation” shed 0.1% in August 2017, compared to the year-ago period, remaining negative for the eighth consecutive month, the Saudi General Authority for Statistics (GASTAT) on Wednesday said. …
Du, Etisalat change their networks name to celebrate KSA National Day
20 September 11:33 AM Du, Etisalat change their networks name to celebrate KSA National Day
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) and Emirates Telecommunications Corporation (Etisalat) changed their networks name to "KSA and the UAE together" due to celebrating the Saudi National Day which comes on 23 …
Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel
20 September 11:27 AM Kuwait’s crude oil down 7 cents Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel (pb) on Tuesday compared to $52.66 pb on Monday, according to a the latest data issued by the Kuwait Petroleum Corporation (KPC). The U.S. Energy Information …
Aramco may disclose financial accounts early 2018 – Reuters
20 September 09:13 AM Aramco may disclose financial accounts early 2018 – Reuters
Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco will announce its financial accounts in the beginnings of 2018 in case the government decides the initial public offering (IPO) time, Reuters on Tuesday reported, citing …
South Korea has been chosen as an important partner in three Saudi projects, which include the construction of 1.5 million houses, a railway project, and metro project
19 September 06:10 PM South Korea, Saudi in talks over nuclear plant
Riyadh – Mubasher: South Korea’s Ministry of Trade, Industry and Energy on Tuesday said it participated in a seminar where it discussed Saudi nuclear power projects with Saudi counterparts, news agency Yonhap reported. Talks were held on the …
The retail business sector is one of the richest sectors in terms of investment opportunities, he added
19 September 03:59 PM Saudisation in Jeddah malls hits 40% - Official
Riyadh – Mubasher: The rate of Saudisation in Jeddah malls has reached 40%, Al-Watan daily newspaper reported on Tuesday, citing Mohammed Alawi, chairman of the committee for commercial centers at the Jeddah Chamber of Commerce and Industry. The …
The United States expected shale oil production to rise by 79,000 barrels per day
19 September 01:07 PM Kuwait crude oil up 36 cents Monday – KPC
By: Mohammad Farouk Mubasher: The price of Kuwait’s crude oil increased by 36 cents to reach $52.66 per barrel (pb) on Monday compared to $52.30 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the …
The contracts included a 3-year operation and maintenance contract for the IT environment of the ministry
18 September 07:25 PM Saudi environment minister inks 8 deals worth SAR 158m
Riyadh – Mubasher: Abdulrahman bin Abdulmohsen Al Fadhli, Saudi Arabia's minister of environment, water and agriculture, on Monday signed eight contracts worth a combined value of SAR 158 million for water and sanitation services, in addition to …
Saudi crude oil exports decreased to 6.69 million barrels per day (bpd) in July 2017, compared to 6.89 million bpd in June, official data released on Monday revealed
18 September 05:45 PM KSA crude oil exports fall to 6.7m bpd in July – JODI
Riyadh – Mubasher: Saudi crude oil exports decreased to 6.69 million barrels per day (bpd) in July 2017, compared to 6.89 million bpd in June, official data released on Monday revealed. On a monthly basis, Saudi Arabia’s oil output dropped by …
RCJY’s CEO inks five deals at SAR 163m
18 September 05:44 PM RCJY’s CEO inks five deals at SAR 163m
Riyadh – Mubasher: The CEO of Royal Commission for Jubail and Yanbu (RCJY), Alaa Nassif on Monday signed five contracts at a value of SAR 163.05 million for establishments and developments in Yanbu Industrial City. Nassif singned two contracts at …