Local Economy

Photo Credit: Arabianeye-Reuters
22 May 09:20 PM How $10 drop in oil prices would affect Saudi economy?
Riyadh - Mubasher: The Saudi economy is highly vulnerable to prolonged lower global oil prices, the Institute of International Finance (IIF) said in a recent report. “With still glut in the oil market and the potential of recovery in oil …
(Photo Credit: Arabianeye-Reuters)
22 May 04:11 PM Tadawul amends securities tick as of 4 June
Riyadh – Mubasher: The Saudi Stock Exchange’s (Tadawul) board approved the amendment of the securities tick starting from 4 June. As per the new amendment, values of current tick sizes shall be reduced, according to a bourse filing on Monday. …
(Photo Credit: Arabianeye-Reuters)
22 May 12:03 PM SAGO awards 3rd tender in 2017 to import 1.5m tonnes of barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has announced awarding its tender for importing 1.5 million tonnes of barley. The imported tonnes will come from Australia, North and South America, the European Union, and the Black Sea, …
(Photo Credit: Company website)
22 May 10:20 AM Riyad REIT to acquire properties, raise capital
Riyadh – Mubasher: Riyad REIT’s board approved the acquisition of properties and recommended a capital hike to finance acquisitions. The REIT noted that the properties agreed on include Kempinski Riyadh Hotel Complex, which includes a five-star …
(Photo Credit: Arabianeye-Reuters)
22 May 09:28 AM UAE, KSA allocate $100m to WB women entrepreneurs fund
Mubasher: The UAE and Saudi Arabia have pledged a total of $100 million to a World Bank (WB) fund that will assist female entrepreneurs and small business owners in the Middle East, The Wall Street Journal reported. “This facility has clear …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
21 May 10:45 PM CBE raises interest rates 2%
Cairo - Mubasher: The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) has decided, in its meeting on Sunday, to raise interest rates by 200 basis points, according to an official statement. This increases the overnight deposit rate, …
(Photo archive)
21 May 04:28 PM Supply cuts extension to decrease inventories – Minister
Riyadh – Mubasher: Saudi minister of energy Khalid Al-Falih said that extending the supply cut deal until next March, and adding one or two small producers to the pact, would reduce oil inventories, Reuters reported on Sunday. "We believe that …
(Photo Credit: Arabianeye-Reuters)
21 May 01:28 PM Tadawul delists Bishah
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) delisted Bishah Agriculture Development as of the end of Thursday's trades (18 May 2017). The move came after the decision of the Capital Market Authority (CMA) regarding delisting the shares …
Photo Credit: Arabianeye-Reuters
20 May 08:48 PM KSA to resume issuing debt instruments Q2/Q3-17
Riyadh - Mubasher: Saudi Arabia is expected to re-issue debt instruments in this quarter or the next, according to the minister of finance, Mohammed Al Jadaan. The minister added in a press conference on Saturday that addressing the budget deficit …
Saudi Aramco CEO, Amin Nasser - (Photo Credit: Arabianeye-Reuters)
20 May 08:15 PM Aramco, Jacobs to create JV for social infrastructure management
Riyadh - Mubasher: Saudi Aramco has entered into an agreement with Jacobs Engineering Group to form a Saudi Arabia-based joint venture (JV) company to provide professional program and construction management (PMCM) services for social …
Photo Credit: Ministry Website
20 May 07:58 PM KSA-USA bilateral trade reached SAR2tr in 10 years
Riyadh - Mubasher: The Saudi Ministry of Commerce and Investment (MCI) said that trade exchange between Saudi Arabia and the United States has exceeded SAR 10 trillion ($533 billion) during the last decade. The ministry said in a statement on …
Photo Credit: Arabianeye-Reuters
20 May 06:01 PM KSA, USA sign $280bn deals during Trump’s visit to Riyadh
Riyadh - Mubasher: The summit between King Salman of Saudi Arabia and the President of the United States Donald Trump saw the signing of a strategic partnership, as well as $280 billion (SAR 1.05 trillion) worth of business agreements. King Salman …
Photo Credit: Arabianeye-Reuters
20 May 04:08 PM KSA, General Electric ink $15bn deals
Riyadh - Mubasher: General Electtic (GE) announced on Saturday that it has signed major business deals and memorandums of understanding (MoU) with Saudi Arabia worth $15 billion (SAR 56.25 billion), according to a statement. The agreements include …
Photo Credit: Press Release
20 May 02:57 PM Egyptian new refinery to begin production in 2018
Cairo - Mubasher: The Egyptian minister of petroleum and mineral resources said that the Egyptian Refining Company’s (ERC) project is expected to be begin operating by the end of 2017. The minister added on the sidelines of his visit to the Cairo …
Photo Credit: Arabianeye-Reuters
20 May 11:55 AM Kuwait oil up $1.03
Kuwait - Mubasher: The price of Kuwaiti oil increased by $1.03 on Friday, according to the Kuwait Petroleum Corporation (KPC). Kuwaiti oil registered $49.93 per barrel (pb) on Friday, compared to $48.90 pb on Thursday, Kuwait News Agency (KUNA) …
Saudi Aramco CEO, Amin Nasser - (Photo Archive)
20 May 10:08 AM Aramco to sign $50bn deals with US firms - CEO
Riyadh - Mubasher: The CEO of Saudi Aramco Amin Nasser said on Saturday that his company is expecting to sign $50 billion worth of deals with American companies to diversify the kingdom’s energy resources, according to Reuters. Amin Nasser added …
Photo Credit: Press Release
20 May 09:47 AM Egypt, ICD ink MoU to support investments
Riyadh - Mubasher: The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IDB), has signed a memorandum of understanding with the Egyptian Ministry of Investment and International …
Egypt's investment and international cooperation minister Sahar Nasr (Photo credit: Arabianeye-Reuters)
19 May 08:52 PM IDB mulls $3bn loan to Egypt
Cairo – Mubasher: The Islamic Development Bank (IDB) is considering a new cooperation with the Egyptian government at a total value of $3 billion between 2017 and 2019, the bank's governor Bandar Al Hajjar said. Speaking at a meeting with Egypt's …
(Photo credit: Arabianeye-Reuters)
19 May 06:25 PM Kuwait's Amir to attend 3 summits in KSA
Kuwait – Mubasher: Kuwait's Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah is scheduled to head an official delegation heading to Saudi Arabia to attend three summits, Kuwait News Agency (KUNA) reported on Friday. The Kuwaiti prince, alongside the …
SoftBank Group CEO Masayoshi Son (Photo credit: Arabianeye-Reuters)
19 May 06:16 PM Japan's richest man to close largest private equity fund in KSA
Riyadh – Mubasher: Masayoshi Son, head of Japan's SoftBank Group Corp and the richest man in the country, is planning to visit Saudi Arabia this weekend alongside US president Donald Trump. Trump will be making his first overseas trip since taking …
(Photo credit: Statement)
19 May 04:52 PM Saudi investors to raise investments in Egypt to $51bn
Cairo – Mubasher: The Egyptian-Saudi Businessmen Council is planning to raise the ceiling for investments in Egypt from both the public and private sectors in the Kingdom. The ceiling will be raised to $51 billion, the council said in a statement …
(Photo Credit: Arabianeye-Reuters)
18 May 07:29 PM Saudi Aramco eyes deal-signing with US firms during Trump visit
Riyadh – Mubasher: Saudi Aramco expects to sign deals with 12 US companies on Saturday during a visit by US President Donald Trump to Saudi Arabia, sources told Reuters on Thursday. The deals will be with major US firms such as Schlumberger, …
(Photo Credit: Arabianeye-Reuters)
18 May 05:51 PM KSA starts ‘bold' reform programme – IMF
Riyadh – Mubasher: The International Monetary Fund (IMF) stated that Saudi Arabia has started a “bold” reform programme under Vision 2030. The reforms include diversifying the economy, giving a larger role to the private sector, increasing the …
(Photo Credit: Company website)
18 May 12:46 PM CMA OKs offering of Alkathiri Holding on Nomu
Riyadh – Mubasher: The Saudi Capital Market Authority's (CMA) board approved the prospectus for the initial public offering (IPO) of Al-Kathiri Holding Company on the Nomu-Parallel Market. The company intends to offer 819,000 shares, representing …
Reforms aim at diversifying economy, giving larger role to the private sector - (Photo Credit: Arabianeye-Reuters)
18 May 12:46 AM IMF praises Saudi reforms; calls for gradual consolidation, empowering women
Riyadh - Mubasher: Saudi Arabia has embarked on a bold reform program under Vision 2030, according to a report by a team from the International Monetary Fund (IMF), which held discussions between 30 April and 11 May 2017. According to the IMF, …