Local Economy

The EGP went up 7 piasters against the USD in Audi Bank
14 February 08:11 PM EGP levels up against USD – Thursday
Cairo – Mubasher: The EGP exchange rate grew from 4 to 7 piasters against the US dollar on Thursday. The EGP rate increased by 6 piasters against the USD in both the National Bank of Egypt (NBE) and the Commercial International Bank (CIB), …
EGP may see further volatility if traders inclined to the open market
14 February 07:30 PM Investors in EGP eye interest-rate cuts ahead of MPC meeting Thursday
Cairo – Mubasher: Forex traders of the Egyptian pound are maintaining their investments in the currency, anticipating the Central bank of Egypt's (CBE) decision to slash interest rates, according to Bloomberg. “Traders in the pound are betting …
Moody's Investors Service has assigned a ‘Baa3’ rating to Almarai with a stable outlook
14 February 07:12 PM Moody's gives ‘Baa3’ rating to Almarai; outlook stable
Riyadh – Mubasher: Moody's Investors Service has assigned a ‘Baa3’ rating to Saudi company Almarai with a stable outlook. This rating reflects Almarai’s leading positing in the Saudi market and its increased earnings before interest, taxes, …
Aramco hires banks for bond issue to finance SABIC stake acquisition
14 February 02:54 PM Aramco hires banks for bond issue to finance SABIC stake acquisition
Riyadh – Mubasher: State-owned Saudi Aramco has appointed banks to arrange the issuance of its first international bonds, sources told Reuters on Thursday. Proceeds from this bond issuance will be used to finance Aramco’s acquisition of a …
Brent crude April futures added 1%
14 February 01:19 PM Kuwait crude oil up $1.18 on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil added 1.9% or $1.18 to settle at $62.93 per barrel (pb) on Wednesday compared to $61.75 pb in the previous session, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global …
Saudi Arabia’s Finance Minister Mohammed Al-Jadaan
14 February 12:49 PM Saudi Arabia confirms money-laundering combat commitment
Riyadh — Mubasher: The decision of including Saudi Arabia in the European Union’s (EU) blacklist of 23 nations due to money-laundering activities “isn’t final”, the kingdom’s finance minister said in a statement. The move must first be approved by …
Indian and US companies accounted for 13.9% and 12.2% of Dubai’s foreign firms
14 February 12:25 PM UK firms top Dubai’s foreign branches; US, India follow – Report
Dubai – Mubasher: UK firms registered the highest number of foreign branches operating in Dubai with 28% of the total foreign influx, according to a new report. Foreign companies’ branches rose to 1,985 in Dubai, while the number of branches of …
CallisonRTKL said the complex will include the Kuwait Tennis Federation headquarters
13 February 05:16 PM Kuwait’s mega tennis complex to open in 2019
Mubasher: Kuwait is expected to open Sheikh Jaber Al Abdullah Al Jaber Al Sabah International Tennis Complex in 2019. Global architecture group CallisonRTKL said steady progress was being made on the mega-complex spanning 263,430 square …
The total value of distributed cash dividend amounted to SAR 44.69 million
13 February 05:14 PM AlAhli REIT Fund1 reveals 3.2% cash dividend for H2-18
Riyadh – Mubasher: NCB Capital announced the cash distributions to the unitholders of AlAhli real estate investment traded fund 1 (AlAhli REIT Fund1) for the six-month period ended 31 December 2018 at SAR 0.325 per unit, representing 3.2% of the …
EGP stabilises against USD Wednesday
13 February 03:50 PM EGP stabilises against USD Wednesday
Cairo – Mubasher: The Egyptian pound exchange rate remained stable against the US dollar at national banks on Wednesday. The USD rate remained stable at EGP 17.55 for buying and EGP 17.65 for selling at Egypt’s two largest state-run banks, namely …
The listed countries will not be subject to any sanctions
13 February 03:45 PM EU includes Saudi Arabia in money-laundering blacklist
Riyadh – Mubasher: The European Commission, the executive arm of the European Union (EU), has made a blacklist of 23 countries linked to money-laundering activities. The list included Saudi Arabia, Panama, and the US Virgin Islands, according to …
The kingdom's non-oil revenues are expected to reach SAR 313 billion this year
13 February 03:07 PM Saudi Arabia’s budget deficit to hit SAR 168bn in 2019 – Report
Riyadh – Mubasher: Saudi Arabia’s budget deficit is expected to post a slight increase to SAR 168 billion ($44.8 billion) in 2019, representing 5.5% of the kingdom’s gross domestic product (GDP), according to a new report. The widened deficit was …
The kingdom has launched the Narrowband IoT locally
13 February 02:08 PM Saudi IoT market value reaches SAR 3bn/yr – Ministry
Riyadh – Mubasher: Saudi Arabia’s Internet of Things (IoT) market registered a 26% annual growth to around SAR 3 billion ($800 million), Saudi vice minister of Communications and Information Technology Haytham AlOhali said. The kingdom has …
Around 82% of business leaders were confident Saudi Arabia would manage to accomplish the targets of Vision 2030
13 February 01:06 PM Top executives upbeat about Saudi economic prospects - Oxford Business
Riyadh — Mubasher: Most of Saudi Arabia’s top senior executives are optimistic about the kingdom’s long-term economic prospects, Oxford Business Group said in a new survey. Around 82% of business leaders were confident Saudi Arabia, the world’s …
Active listings had increased by 26% to 5,009 units in 2018
13 February 12:16 PM Dubai Airbnb market grows 69% in 2018
Mubasher: Revenues for properties listed on Airbnb in Dubai registered a surge of 69% in 2018 when compared to 2017, according to the latest report by Chestertons MENA.      The online community marketplace recorded a growth of more than $101 …
The kingdom’s sovereign investor is also seeking to gain a foothold in New York and London
13 February 11:45 AM Saudi PIF mulls opening office in San Francisco
Riyadh — Mubasher: Saudi Arabia’s Public Investment Fund (PIF) plans to open an office in the US technology hub of San Francisco, walking in the footsteps of its GCC peers. The kingdom’s sovereign investor is also seeking to gain a foothold in New …
Nymex crude oil March futures increased by 1.3%
13 February 10:30 AM Kuwait crude oil rises to $61.75 bp on Tuesday – KPC
Mubasher: The price of Kuwait crude oil increased by 21 cents to settle at $61.75 per barrel (pb) on Tuesday compared to $61.54 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, Brent crude …
Saudi Crown Prince Mohammed bin Salman
13 February 09:57 AM Saudi Arabia eyes investments in India’s infrastructure
Riyadh – Mubasher: Saudi Arabia is looking to invest in India’s infrastructure fund as the kingdom’s crown prince will be heading to the South Asian nation next week. It is worth noting that Saudi Crown Prince Mohammed bin Salman will visit India, …
Jadwa Investments expects Saudi economy to extend growth in 2019
12 February 06:21 PM Saudi economy to extend growth in 2019 – Jadwa Investment
Riyadh – Mubasher: Saudi Arabia's economic growth is expected to reach 2% in 2019 on the back of the kingdom's mega spending budget SAR 1.1 trillion, a new report has said. The kingdom recently approved an SAR 11.5 billion scheme that would help …
Dubai's ATM event is organised by Reed Travel Exhibitions
12 February 05:58 PM Dubai to host 1st ATM Hotel Industry Summit in April 2019
Mubasher: The first Arabian Travel Market (ATM) Hotel Industry Summit will take place in Dubai during the period from 28 April to 1 May, according to a recent press release. It is noteworthy that the annual Arabian Travel Market event in Dubai is …
Circular mobility can lead to cumulative benefits of $69 billion in the GCC region within the next decade
12 February 05:06 PM GCC region can save $138bn by circular economy by 2030 – Report
Mubasher: The GCC region can save about $138 billion by 2030 by adopting a circular economic approach, corresponding to about 1% of the region’s cumulative gross domestic product (GDP) from 2020 to 2030, according to a new research. The existing …
The price changes tracked those set by Saudi Arabia
12 February 04:23 PM Kuwait raises export blend crude price 40 cents for February
Mubasher: Kuwait has increased the official selling price (OSP) for February Kuwait Export Blend Crude (KEC) by 40 cents to become 15 cents per barrel (pb) above the average of Oman and Dubai prices reported by Platts, Reuters said on Tuesday. The …
The kingdom’s oil exports will decline to 6.9 million bpd next month
12 February 03:48 PM Saudi Arabia to cut oil output to 9.8m bpd in March
Riyadh – Mubasher: Saudi Arabia is planning to reduce oil production to around 9.8 million barrels per day (bpd) in March, from 11 million in November. The kingdom’s oil exports will decline to 6.9 million bpd next month, the Saudi energy minister …
The USD rate remained stable at EGP 17.55 for buying and EGP 17.65 for selling at Egypt’s two largest state-run banks
12 February 03:17 PM EGP stabilises against USD Tuesday
Cairo – Mubasher: The Egyptian pound exchange rate remained stable against the US dollar at state-run banks on Tuesday, while it slashed by 2 piasters at Commercial International Bank (CIB). The USD rate remained stable at EGP 17.55 for buying and …
Several Saudi firms are working on IPOs
12 February 03:14 PM 2 GCC nations to attract Mideast major bank investments in 2019 – Citigroup
Mubasher: Saudi Arabia and the UAE are expected to have the majority of investment banking opportunities in the Middle East, Citigroup’s head of investment banking for the Middle East and Africa said. Several Saudi firms are working on initial …