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14 December 07:17 PM

Local Economy

Oil sector growth will be kept in check
3 hours ago Saudi non-oil growth to average 2.4% in next three years – NBK
Riyadh – Mubasher: Saudi Arabian non-oil growth is expected to reach 2.7% in 2019, amounting to an average of 2.4% in 2020-2022. The growth of the kingdom’s oil sector will be kept in check due to output cuts commitments with OPEC+, a report by …
Macroeconomics
Domestic consumption fell to 31 million tonnes
13 December 11:14 AM Egypt’s petroleum consumption declines 8m tonnes in 4 years
Cairo – Mubasher: Egypt’s domestic petroleum consumption has declined in four years, as a result of the implementation of reforms to the pricing structure of petroleum products, according to petroleum minister Tarek El Molla. Domestic consumption …
Commodities
SAMA attributed the decision to failure to comply with regulatory requirements
12 December 07:04 PM SAMA suspends 4 insurance firms
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has suspended four free companies from practising any activity in the insurance sector, These companies are Al Wafaa, Najm Altazzafor, Wathiqati, and Mazoon Al Namaa, according to a …
Sector Reports
"Yesser" has reached around 90 government entities
12 December 06:57 PM Saudi e-Government Program covers 86% of public sector
Riyadh – Mubasher: The Saudi Ministry of Civil Service announced the completion of linking the databases of 90 public entities through e-Government Program (Yesser), achieving am 86% coverage of the public sector. The ministry said in a statement …
Macroeconomics
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat currencies expected to reshape the future of financing as many countries …
Global Economy
GFH's international scale ratings were confirmed at 'BB/B'
11 December 04:02 PM IIRA confirms GFH’s ratings at ‘BB/B,’ ‘stable’ outlook
Mubasher: The Islamic International Rating Agency (IIRA) has confirmed on Wednesday the GFH Financial Group’s international scale ratings at ‘BB/B.’ Furthermore, the group’s national scale ratings were kept at ‘BBB-(bh)/A3-(bh),’ while maintaining …
Ratings
Debt Management Office (DMO) President Fahad Al Saif
11 December 03:23 PM Saudi Arabia ready to issue int’l bonds in January 2020
Riyadh – Mubasher: Saudi Arabia could issue new international bonds as soon as January, President of the Ministry of Finance’s Debt Management Office (DMO), Fahad Al Saif, reportedly told Reuters on Wednesday. This comes as part of plans by the …
Bonds
Saudi Stock Exchange
11 December 02:07 PM Tadawul suspends trading of Thimar
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) announced that trading the share of the National Agricultural Marketing Company (Thimar) will once again be suspended. This is due to the company not disclosing its financial statements for the …
Financial Results
Saudi Arabian Monetary Authority
11 December 01:52 PM SAMA issues rules for microfinance firms
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has issued regulations governing microfinance companies, as part of its efforts to enhance financial inclusion. Rules set the minimum paid-up capital for a microfinancing company at …
Markets Regulations
Sawiris set the mastering plan for Andermatt
11 December 11:08 AM Except for El Gouna, all projects came by coincidence – Samih Sawiris in RiseUp
By: Ingy ElSafy Cairo -Mubasher: On the final day of the RiseUp Summit 2019, the Egyptian tycoon Samih Sawiris was hosted to talk to the attendees about different topics and events, whether by speaking out on personal or business matters. The …
Event
Land plots in the diplomatic district are sold at $400 per metre
11 December 10:46 AM Chinese, Saudi embassies request to move to Egypt’s new capital
By: Islam Fadl Cairo – Mubasher: About 60 embassies have submitted requests to the Egyptian Ministry of Foreign Affairs to obtain land plots in the diplomatic district in the New Administrative Capital, the official spokesman for the project …
Macroeconomics
Crown Prince of Saudi Arabia Mohammad bin Salman
10 December 06:15 PM Economic reforms boosted Saudi non-oil growth - Crown Prince
Riyadh – Mubasher: Prince Mohammad bin Salman, Crown Prince and Deputy Prime Minister of Saudi Arabia, commended the 2020 state budget, which was approved on Monday by King Salman bin Abdulaziz Al Saud. “The 2020 Budget comes in light of a global …
Macroeconomics
Saudi Minister of Finance, Mohammed Al Jadaan
10 December 04:23 PM Saudi minister says no more tax, fees in 2020
Riyadh – Mubasher: The Saudi government will not introduce new tax or additional duties during 2020, according to the Saudi Minister of Finance, Mohammed Al Jadaan. The minister's remarks came on Tuesday during his participation at the 2020 Budget …
Macroeconomics
Mortgage loans totalled 106,000 since the beginning of 2019
10 December 03:32 PM Saudi banks extend 106,000 mortgage loans–SAMA
Riyadh – Mubasher: Mortgage lending from Saudi banks and financing companies accounted for 19% of the collective financing portfolio, expanding from 12%, the Saudi Arabian Monetary Authority’s (SAMA) governor Ahmed Al Kholifey said. Mortgage loans …
Central Banks
Bandar Al Khorayef, Saudi Minister of Industry and Mineral Resources
10 December 03:30 PM Saudi Arabia to launch major seismic survey project
Riyadh – Mubasher: Saudi Arabia will soon launch a major project for seismic surveying, according to the Saudi Minister of Industry and Mineral Resources, Bandar Al Khorayef. Al Khorayef said during the 2020 Budget Forum, organized by the Ministry …
Ministry of Finance - Saudi Arabia
10 December 01:20 PM A closer look at the Saudi 2020 public budget
Riyadh – Mubasher: The Saudi Ministry of Finance revealed the five strategic directions for the 2020 budget, which was approved on Monday by King Salman bin Abdulaziz. The budget is focusing on developing basic facilities and services for all …
Macroeconomics
Mubasher is a Media Partner to ArabNet Riyadh 2019
10 December 12:38 PM ArabNet Riyadh 2019 launches in Saudi Arabia
Riyadh – Mubasher: The 8th edition of ArabNet Riyadh was launched earlier today at the Riyadh International Convention & Exhibition Center (RICEC) in the Saudi capital, with the participation of more than 250 industry experts and speakers. Founder …
Event
King Salman bin Abdulaziz Al Saud of Saudi Arabia
10 December 11:27 AM Saudi Arabia approves 2020 budget
Riyadh – Mubasher: King Salman bin Abdulaziz Al Saud approved on Monday the public budget for 2020, during a meeting for the Saudi Cabinet. The 2020 budget indicates a total expenditure of SAR 1.02 trillion, SAR 833 billion of projected revenues, …
Macroeconomics
Samih Sawiris as a speaker at RiseUp Summit 2019
9 December 04:44 PM Samih Sawiris speaks out on personal & business habits during RiseUp
By: Ingy ElSafy Cairo – Mubasher: A lot of people lack the presence of a role model or mentor in their lives to take after and aspire when it comes to both personal and business matters. The Egyptian billionaire Samih Sawiris has opened up before …
Global Economy
Dubai International Airport
9 December 04:32 PM Dubai Airports prepares to cut single-use plastics
UAE – Mubasher: As the clock is ticking towards the self-imposed deadline to ban single-use plastics, Dubai International Airport (DXB) is actively laying the groundwork to eliminate plastic cutlery and drinking straws. In June 2019, Dubai …
Global Economy
70% of MENA’s corporate investors are GCC-based companies
9 December 03:25 PM Corporate appetite in MENA grows in 5 years – Arabnet Report
Mubasher: The entrepreneurial ecosystem across the Middle East and North Africa (MENA) has been grabbing global and regional attention, with higher investor appetite and interest in the region’s startups, according to Arabnet report. The “State of …
Sector Reports
Lebanon and Jordan saw the highest female participation at 20%
9 December 02:29 PM MENA's public, private sectors foster female entrepreneurs' inclusion – Arabnet Report
Mubasher: The proportion of female entrepreneurs across the region stabilised at 14% during the period from 2013 and 2018 despite the governments' initiatives to involve more females in the labour force, according to the 4th edition of the “State …
Sector Reports
Lebanon is home to 125 existing startups - Arabnet report
9 December 02:23 PM Lebanese entrepreneurs think digitally if given space to grow – Arabnet Report
Mubasher: Lebanon’s entrepreneurial ecosystem flourished making the country among the major assets for digital innovation across the MENA region, following the implementation of Circular 331 of the Central Bank of Lebanon back in August 2014. …
Sector Reports
Signing the MoU
8 December 07:10 PM Saudi Arabia, Oman to collaborate in supporting SMEs
Riyadh - Mubasher: Zubair Small Enterprises Centre (SEC) and the Business Incubators and Accelerators Company (BIAC) have signed a Memorandum of Understanding (MoU) to support small and medium-sized enterprises (SMEs) in Saudi Arabia and Oman. The …
Macroeconomics
Expenditures on fuel subsidies retreated to EGP 7.25 billion
8 December 05:16 PM Egypt cuts spending on fuel subsidies by 69% in Q1-19/20
Cairo – Mubasher: Egypt has slashed spending on fuel subsidies by 69% year on year during the first quarter of fiscal year 2019/2020, Reuters reported on Sunday, citing the Egyptian minister of petroleum Tarek El-Molla as saying.  The most …
Commodities