Local Economy

ITC is the first operator in the Kingdom to launch a 5G SA

14 January 02:38 PM ITC Launches 5G for Enterprise Customers

Riyadh - Mubasher: Integrated Telecom Company (ITC), a leader in telecom and ICT services, has started its 5G wireless network service soft-launch. It intends to provide cutting edge Fixed Wireless Access services to Enterprise customers. ITC is …

Companies Investments

The prices of refined petroleum products declined by 20.1% YoY

14 January 11:24 AM Saudi Arabia's wholesale inflation rises 5% YoY in December 2020

Riyadh - Mubasher: Saudi Arabia's wholesale price index increased by around 5.2% in December 2020, compared to the year-ago period. The rise in the whole price index is attributed to higher prices of the agriculture and fishery products section by …

Egypt's current portfolio with the ITFC has reached $11.2 billion.

14 January 11:19 AM Egypt inks deal to secure $1.1bn from ITFC

Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products. The funding is aimed at …

The CPI decreased from the 5.8% MoM inflation rate in November

14 January 10:23 AM Saudi Arabia sees 5.3% higher inflation rate in December

Riyadh – Mubasher: Saudi Arabia's consumer price index (CPI) rose by 5.3% in December 2020, compared to the same month of 2019. Higher CPI is driven by the increase in the Value Added Tax (VAT) to 15% in July 2020 from 5%, according to a report by …

The oil price is predicted to stabilise at around $50 per barrel

12 January 04:02 PM Global Sukuk issuance expected to rise to $140-$155bn in 2021

Mubasher: Global Sukuk issuance is expected to rise to around $140-$155 billion in 2021, driven by a recovery in issuance in Malaysia, Indonesia, and the GCC countries, according to a report by S&P Global Ratings. In 2020, the global Sukuk …

This rating reflects the company's good market position in Saudi Arabia

12 January 12:40 PM Malath Cooperative maintains Moody’s rating at baa2; outlook stable

Riyadh – Mubasher: Malath Cooperative Insurance Company has continued to maintain its Insurance Financial Strength (IFSR) at the 'baa2' rating from Moody’s International Credit Agency, with a stable outlook. This rating reflects the company's good …

Ratings

The public debt is expected to widen to SAR 937 billion in 2021

12 January 11:59 AM Saudi Arabia looking to issue $5bn bonds

Riyadh – Mubasher: Saudi Arabia aims to issue bonds worth $5 billion (SAR 18.75 billion) in a bid to cover financing needs, Bloomberg reported on Monday, citing people familiar with the plan. The kingdom is expected to hire banks for the bond sale …

Bonds

A total of 515 factories have started their operations

11 January 03:28 PM Saudi Arabia grants licenses to 903 factories in 2020

Riyadh – Mubasher: Saudi Arabia has granted new licenses to 903 factories with total investments of SAR 23.5 billion in 2020 and with 39,404 licensed workers. A total of 515 factories have started their operations in 2020, the Saudi Ministry of …

Majid A. Al Gwaiz will act as CEO of the Credit Suisse branch in Riyadh

11 January 01:27 PM Credit Suisse opens branch in Riyadh

Riyadh – Mubasher: Credit Suisse has inaugurated its branch in Riyadh to promote wealth management services in Saudi Arabia, according to a press release on Monday. The new branch will enable its clients in Saudi Arabia to benefit from an extended …

The infrastructure of the project will cost from $100 billion to $200 billion

11 January 12:38 PM Saudi Arabia plans to build zero-carbon city at NEOM

Riyadh – Mubasher: Saudi Arabia’s Crown Prince, Mohammed bin Salman, announced a plan to build “THE LINE”, a zero-carbon city at $500 billion flagship NEOM business zone, Reuters reported on Sunday. THE LINE, which will extend for 170 kilometres, …

Photo Archive

7 January 04:18 PM France’s Engie plans to invest $6.4bn in KSA by 2025

Riyadh – Mubasher: France’s Engie said it is following up its expansion in the Saudi market through developing projects and assets worth $8 billion (SAR 30 billion). This comes despite the challenges posed by the coronavirus pandemic on the …

Companies Investments

The MoC will expand the opportunities of financing government projects implemented by Japanese firms in KSA.

7 January 03:48 PM Saudi Debt Management Center pens MoC with Japan's Nippon

Riyadh – Mubasher: The National Debt Management Center (NDMC) signed last week a memorandum of cooperation (MoC) with Japan's Nippon Export and Investment Insurance (NEXI). The MoC aims to expand the opportunities of financing government projects …

Banking and Finance

Photo Archive

7 January 03:15 PM Saudi Aramco hikes February crude official prices to Asia

Riyadh– Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) raised its February official selling price (OSP) for its Arab Light crude to Asia by $0.70 per barrel, setting it at plus $1 per barrel versus the Oman/Dubai average, Reuters said …

The UAE’s Minister of State for Foreign Affairs, Anwar Gargash

7 January 01:44 PM UAE says trade, transport may resume with Qatar within week

Abu Dhabi – Mubasher: Trade and transportation could resume between Qatar and boycotting countries within a week, Reuters reported on Thursday citing the UAE’s Minister of State for Foreign Affairs, Anwar Gargash. “Some issues are easier to fix …

Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.

7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year

Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …

Part of the signing ceremony.

7 January 12:09 PM Hadaf, Jahez team up to support employing Saudis in order delivery jobs

Riyadh– Mubasher: The Human Resources Development Fund (Hadaf) signed a cooperation agreement with Jahez Company to support employing Saudi male and female citizens in order delivery jobs. The agreement will benefit from the Employment Support …

The service ensures that the passport holder has received the two doses of the Covid-19 vaccine.

7 January 10:50 AM Saudi health minister gets second vaccine dose; launches "Health Passport” service

Riyadh – Mubasher: The Saudi Minister of Health, Tawfiq bin Fawzan Al-Rabiah, has received his second dose of the COVID-19 vaccine on Thursday, according to an official statement. On 17 December 2020, the minister received his first dose of the …

The greenback slid to EGP 15.63 for purchasing

6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves

Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …

The loan will be used for strategic government projects in line with the Vision 2030 programme.

6 January 03:09 PM Saudi MoF signs $3bn financing deal with Korea Trade Insurance

Riyadh – Mubasher: The Saudi Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), penned a long-term financing agreement with South Korea’s Korea Trade Insurance Corporation (K-SURE). CEO of NDMC, Fahad A. Al-Saif, …

The kingdom’s cash liquidity totalled SAR 2.139 trillion in the January-November period.

6 January 01:31 PM Saudi M3 money supply hits all-time high in 11M

Riyadh – Mubasher: Saudi Arabia's cash liquidity -M3 money supply- rose by 7.75% or SAR 153.85 billion yearly in the first eleven months of 2020 to reach an all-time high. The kingdom’s cash liquidity amounted to SAR 2.139 trillion in the …

Banking and Finance

The Saudi Minister of Energy, Prince Abdulaziz bin Salman

6 January 09:47 AM Saudi Arabia to slash oil output in February, March

Riyadh – Mubasher: The Saudi Minister of Energy, Prince Abdulaziz bin Salman, said his country’s oil output for February and March will total 8,119 million barrels per day (b/d). The kingdom will voluntarily cut its crude oil production by an …

Saudi Arabia's Crown Prince Mohammed bin Salman signing the agreements.

5 January 04:44 PM Gulf leaders sign 41st GCC summit closing statement, Al ULA agreement

Riyadh – Mubasher: Gulf leaders on Tuesday have inked the closing statement of the 41st GCC summit and Al ULA agreement. The annual GCC summit kicked off today at Maraya Concert Hall in Saudi Arabia’s Al ULA city, with the presence of all member …

Event

Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the annual summit.

5 January 03:17 PM 41st GCC summit kicks off in Saudi Al ULA city

Riyadh – Mubasher: The 41st GCC summit has kicked off on Tuesday in Saudi Arabia’s Al ULA city. Earlier today, Gulf Arab leaders headed to Saudi Arabia to attend the summit. Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the …

Politics

The Red Sea International Airport is set to serve one million passengers annually by 2030.

5 January 02:53 PM daa International named as operator of The Red Sea Project’s iconic airport

Riyadh – Mubasher: The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has named daa International as the operator of The Red Sea Project’s unique and iconic airport. daa …

KSA achieved a trade surplus with Gulf nations of SAR 19 billion ($5.07 billion) in the January-October period.

5 January 02:05 PM Saudi, GCC trade exchange reaches SAR 97.9bn in 10M

Riyadh – Mubasher: Saudi Arabia’s trade exchange with GCC states plunged by 18.7% on an annual basis during the first ten months of 2020, pressured by the coronavirus pandemic. The exchange value stood at SAR 97.89 billion ($26.1 billion) over …