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20 July 11:21 AM

Local Economy

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18 July 02:22 PM ADGM to reduce fee for commercial licences starting 2025
UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …
Global Economy
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18 July 09:43 AM Aramco issues $6bn int’l bonds
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has issued $6 billion international bonds under its global medium term note programme. The company sold 30,000 bonds at a part value of $200,000, according to a bourse filing. The debt offering …
Bonds
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17 July 10:16 AM IMF downgrades 2024, 2025 growth forecasts for Egypt, MENA
Cairo – Mubasher: The International Monetary Fund (IMF) has cut its expectations for Egypt’s real GDP growth for 2024 and 2025 by 0.3% for each year. The IMF reduced its expectations for the country’s growth in 2024 and 2025 to 2.70% and 4.10%, …
Macroeconomics
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15 July 11:00 AM Saudi Airport passenger number jumps 17% YoY in H1-24 – GACA
Riyadh – Mubasher: The number of passengers through Saudi airports surged by 17% year-on-year (YoY) to around 62 million in the first half (H1) of 2024 from 53 million. The number of flights rose by 12% YoY to approximately 446,000 in H1-24 from …
Macroeconomics
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11 July 03:31 PM GCC, UK in talks to sign free trade deal by 2024-end
Mubasher: The Gulf Cooperation Council (GCC) is negotiating a free trade agreement (FTA) with the UK that could be signed by the end of 2024. The bloc’s Secretary-General Jasem Albudaiwi held a meeting with UK Trade Minister Jonathan Reynolds in …
Macroeconomics
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10 July 12:27 PM Saudi Arabia tops MENA's VC funding in H1-24 – Report
Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …
Global Economy
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9 July 04:29 PM GCC’s project awards drop 20% YoY in Q2-24 – Report
Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …
Sector Reports
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9 July 11:16 AM Aramco offers USD-denominated int’l bonds
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has started issuing USD-denominated international bonds at a minimum subscription of $200,000. The bonds are issued under the company’s Global Medium Term Note Programme, according to a bourse …
Banking and Finance
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8 July 04:31 PM Saudi Arabia, UAE make 82% of GCC’s oil exports to Japan in May 2024
Mubasher: Saudi Arabia and the UAE accounted for 82% of the GCC countries' total oil exports to Japan in May 2024, with their exports totalling about 53.69 million barrels. The GCC countries exported about 61.85 million barrels of crude oil to …
Macroeconomics
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8 July 11:46 AM Saudi Arabia ranks 3rd in EMEA 5G download speeds – Opensignal
Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …
Macroeconomics
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8 July 10:42 AM Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report
Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …
Global Economy
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8 July 10:29 AM Saudi Arabia's liquidity hikes to SAR 2.8trn in May
Riyadh – Mubasher: Saudi Arabia's liquidity levels surged by 8.60% year-on-year (YoY) to SAR 2.82 trillion at the end of May 2024, according to the Saudi Central Bank (SAMA). This represented an increase of more than SAR 222.928 billion compared …
Central Banks
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4 July 03:51 PM Egypt's construction industry to expand 8% annually until 2029 – JLL
Cairo – Mubasher: Egypt's construction industry, the largest in Africa and third largest in the MENA region, is projected to grow at a compound annual growth rate (CAGR) of more than 8% until 2029, according to JLL’s construction market …
Global Economy
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4 July 02:40 PM Fitch assigns BBB+ rating to Gulf Union Al Ahlia; outlook stable
Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings. The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a …
Banking and Finance
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4 July 10:28 AM Saudi local content authority adds 205 products to mandatory list
Riyadh – Mubasher: Saudi Arabia's Local Content and Government Procurement Authority has updated the mandatory list by adding 205 new national products across 11 sectors. The additions include 20 building and construction products, 34 medicines …
Macroeconomics
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3 July 04:51 PM Saudi non-oil business activity shows resilience in June amid slow demand
Riyadh – Mubasher: Business activity in Saudi Arabia's non-oil private sector remained robust in June 2024 despite signs of softening demand, according to a report by Riyad Bank. The headline seasonally adjusted Purchasing Managers' Index from …
Macroeconomics
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3 July 02:38 PM Saudi Arabia's POS transactions hit SAR 12.3bn in week
Riyadh – Mubasher: Saudi Arabia's point-of-sale (POS) transactions reached a record of 189.70 million between 23 and 29 June 2024, with a total value of SAR 12.30 billion. Transactions were strongest in food and beverage, healthcare and petrol …
Sector Reports
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1 July 11:05 AM Unemployment in Saudi Arabia edges higher to 3.50% in Q1-24
Riyadh – Mubasher: Unemployment in Saudi Arabia (for both citizens and foreigners) inched higher to 3.50% in the first quarter (Q1) of 2024 from 3.40% in Q4-23. Unemployment among Saudis hit 7.60% in Q1-24, down from 7.80% in Q4-23, according to …
Macroeconomics
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30 June 12:19 PM Saudi sukuk, debt market hits 18.3% of GDP in 2023 – Report
Riyadh – Mubasher: The Saudi sukuk and debt instruments market reached 18.30% of GDP by the end of 2023, with 70 sukuk and debt instruments listed on the capital market. The funds raised from sukuk and debt instrument offerings amounted to SAR …
Bonds
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27 June 01:34 PM Saudi Arabia participates in GCC-US trade, investment discussions
Riyadh – Mubasher: Saudi Arabia has participated in the GCC-US Trade and Investment Dialogue and the SelectUSA Investment Summit in Washington. The events focused on enhancing trade and investment cooperation between GCC countries and the US, …
Macroeconomics
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27 June 12:15 PM Saudi Arabia awards mining exploration rights for 1,000 km2 area
Riyadh – Mubasher: Saudi Arabia has awarded contracts for mining exploration for and precious metal ores, including gold, silver, zinc, and copper in six sites across the kingdom covering a total area of 1000 square kilometres. The awarded …
Macroeconomics
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27 June 10:33 AM GCC asset management industry thrives amid reforms, technology adoption – Report
Mubasher: The asset management industry in the GCC has significantly improved due to positive regulatory reforms and government support, according to a report by Marmore MENA Intelligence, a subsidiary of Kuwait Financial Centre (MARKAZ). Over the …
Sector Reports
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23 June 11:42 AM Madinah launches investment opportunity for rural lodge project
Riyadh – Mubasher: The Madinah Municipality has offered an investment opportunity to build and operate a rural lodge, aiming to boost the local economy. Located on a 12,277 square meter plot along Al Aqiq Valley Corniche, the 25-year contract …
Macroeconomics
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20 June 06:54 PM Commercial Bank of Dubai joins Emirates Development Bank to facilitate international trade
Dubai – Mubasher: The listed Commercial Bank of Dubai (CBD) has teamed up with Emirates Development Bank (EDB) through a strategic partnership to enhance and facilitate international trade services, according to a press release. The collaboration …
Banking and Finance
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18 June 06:41 PM Six Arab countries advance in 2024 World Competitiveness Ranking
Mubasher: The 2024 World Competitiveness Report included six countries from the Arab region which all showed progress in this year’s ranking, according to the International Institute for Management Development (IMD) data. The UAE led the Arab …
Global Economy