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20 June 10:49 AM

Local Economy

SAMI aims at raising local production in the defence sector
43 minutes ago SAMI, ST Engineering pen MoU to explore business opportunities
Riyadh – Mubasher: The Saudi Military Industries Company (SAMI) and Singapore-based global technology, defence, and engineering group ST Engineering signed a memorandum of understanding (MoU) on the sidelines of the Paris Air Show in a bid to …
Macroeconomics
Trade surplus declined to SAR 119.5 billion in Q1
19 June 11:00 PM Saudi Arabia’s trade surplus goes up 3% YoY in 4M
By: El Sayed Gamal Riyadh – Mubasher: Saudi Arabia has achieved a 3% year-on-year growth in trade surplus during the first four months of 2019, reaching SAR 167.2 billion ($44.58 billion). In April, the kingdom’s trade surplus grows to SAR 47.66 …
OPEC's members and allies will meet on 1 and 2 July
19 June 07:51 PM UAE backs extension of oil output cut agreement – Minister
UAE – Mubasher: The UAE is supporting the extension of OPEC+ output cut agreement, energy minister Suhail Al Mazroui said. The extension is required due to the increase in the inventories of some counties, especially the US, he added, according to …
Macroeconomics
Naphtha cracker has a capacity of 1.2 million tonnes per year
19 June 04:43 PM Saudi Aramco, Malaysian Petronas start naphtha cracker operations at JV refinery
Riyadh – Mubasher: State-run Saudi Aramco, known formally as Saudi Arabian Oil Co., and Malaysian oil company Petroliam Nasional Bhd, Petronas, have started the operations of naphtha cracker at new Pengerang refinery, Reuters reported. The naphtha …
Companies Investments
Total exports to the GCC state recorded AED 7.725 billion in Q1-19
19 June 04:20 PM Abu Dhabi trade exchange with GCC up 7.7% in Q1
By: Enas Bahgat Abu Dhabi – Mubasher: Abu Dhabi’s total trade exchange with the GCC countries rose by 7.7% year-on-year to AED 18.222 billion in the first quarter of 2019 from AED 16.918 billion, according to Mubasher statistics. Total exports to …
Macroeconomics
Tamakani will help in creating opportunities and guidance for women
19 June 02:59 PM PepsiCo launches ‘Tamakani’ to empower Saudi women
Riyadh – Mubasher: PepsiCo launched a dedicated platform “Tamakani” in an effort to support and inspire generations of women in Saudi Arabia. The newly launched platform will help in creating opportunities and guidance for women, providing support …
Companies Investments
The royal decree shall come into effect starting June 2019
19 June 02:54 PM Oman allows tax breaks for tourism investments in Musandam
Mubasher: Oman’s tourism minister has welcomed the new Royal Directive issued by Sultan Qaboos bin Said to grant tax exemptions to any new investor who is interested in establishing a tourist project in Musandam. By implementing this new decree, …
Law
2018 was a positive year for listed banks in Saudi Arabia
19 June 01:18 PM Saudi banks to extend growth while embracing digital agenda – KPMG
Riyadh – Mubasher: Banks operating in Saudi Arabia will continue to grow over the coming period after posting a solid performance last year, KPMG said in a report on Wednesday. The report, entitled “Embracing Digital”, tackled listed commercial …
Banking and Finance
The Saudi inflation rate retreated to 105.7 points in May
19 June 12:26 PM Saudi inflation falls 1.5% in May – GASTAT
Riyadh – Mubasher: Saudi Arabia’s consumer price index (CPI), which is known as inflation, declined by 1.5% year-on-year in May, according to data released by the General Authority for Statistics (GASTAT). The Saudi inflation rate retreated to …
Macroeconomics
Saudi Arabia’s trade surplus with Japan has declined to $2.09 billion in May
19 June 12:04 PM Saudi Arabia’s trade surplus with Japan hits $2.1bn in May
Riyadh – Mubasher: Saudi Arabia’s trade surplus with Japan has declined to $2.09 billion (SAR 7.856 billion) in May, compared to $2.484 billion (SAR 9.315 billion) in the same month a year earlier. The kingdom’s exports to Japan recorded …
Sector Reports
Profits of 26 Emirati insurance firms reached $98.16 million
19 June 11:57 AM UAE’s insurance firms hold one-third of profits in GCC
Dubai – Mubasher: Ubhar Capital, a financial services company based in Oman, revealed that the UAE’s insurance companies have topped the GCC firms in terms of profitability with a share of 30%, Al Bayan newspaper reported. Profits of 84 insurance …
Macroeconomics
Brent crude -August futures- levelled down by 2.1%
19 June 11:05 AM Kuwaiti crude oil down 64 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil declined by 64 cents on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). The Kuwaiti oil decreased to $61.03 per barrel (pb) on Tuesday compared to $61.67 pb on Monday. At …
Commodities
The deal was inked on the sidelines of the Paris Air Show
19 June 10:48 AM SAMI, L3 Technologies to launch joint project in Saudi Arabia
Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI) and L3 Technologies signed an agreement to establish a joint project in the field of Electro-Optical and Infra-Red (EO / IR) technology and special task systems inside the Kingdom, …
Event
Moody's affirmed BCA of SABB at a3
19 June 12:04 AM Moody's affirms ratings of SABB, withdraws Alawwal’s ratings
Riyadh – Mubasher: Moody's Investors Service on Tuesday affirmed the long and short-term local and foreign currency deposit ratings of Saudi British Bank (SABB) at A1/P-1. The rating agency upgraded the long and short-term local and foreign …
Saudi exports to Arab countries increased by 4.98%
18 June 09:16 PM Saudi-Arab bilateral trade reaches $9.86bn in Q1
By: El Sayed Gamal Riyadh – Mubasher: Trade exchange between Saudi Arabia and the Arab world grew 1.05% year-on-year to SAR 36.997 billion ($9.866 billion) in Q1-19. Saudi exports to Arab countries increased by 4.98% year-on-year to SAR 18.84 …
Macroeconomics
The Omani economy suffers tighter liquidity conditions
18 June 05:34 PM Omani bank’s liquidity to remain tight; funding costs may go up – Moody’s
Mubasher: Moody's Investors Service expected that the volume of Omani bank’s funding and liquidity would remain low in the next year and a half due to the declined oil prices. Given Oman’s high oil breakeven point, $85 per barrel (pb), the …
Banking and Finance
18 June 04:42 PM Savola to start offering its 1st issuance of sukuk
Riyadh – Mubasher: Savola Group will start offering its first sukuk issuance under the Sukuk Program on Wednesday, 19 June. Ending on 31 August, the sukuk are offered by way of a private placement, according to a filing to the Saudi Stock Exchange …
Companies Investments
The new project is expected to be inaugurated in August
18 June 04:23 PM Saudi Alhokair’s unit injects EGP 1.2bn in Mall of Tanta
By: Ahmed Allam Cairo – Mubahser: Marakez, a subsidiary of Saudi Arabia’s Fawaz Abdulaziz Alhokair, has injected investments worth EGP 1.2 billion in Mall of Tanta, the real estate developer’s vice chairman, Ahmed Badrawi, said.   Located in the …
Real estate
Saudi Arabia would continue to be an “active” issuer on dollar bond markets
18 June 04:20 PM Saudi Arabia to issue dollar sukuk by end of 2019
Riyadh – Mubasher: Saudi Arabia plans to issue Islamic bonds or sukuk by the end of 2019, Reuters reported. “We are planning to issue a sukuk in dollars before the end of this year,” Fahad Al Saif, head of the kingdom’s debt management office, …
Macroeconomics
Non-oil imports valued at AED 7.093 billion in March
18 June 03:49 PM Abu Dhabi’s non-oil trade hits AED 15.9bn in March
UAE – Mubasher: The non-oil trade in the emirate of Abu Dhabi declined by 11.9% year-on-year in March to AED 15.978 billion from AED 18.115 billion, data by the Statistics Centre Abu Dhabi (SCAD) showed. Non-oil imports valued at AED 7.093 billion …
Commodities
Both parties reached this agreement on the sidelines of the G20 meeting
18 June 03:29 PM Saudi Aramco, Indonesian Pertamina to extend negotiations of Cilacap Refinery for 3M
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and Indonesian state energy company Pertamina agreed upon extending negotiations regarding the potential joint development of Cilacap Refinery in the country by another three months. …
Macroeconomics
The USD increased to EGP 16.7 for buying at CIB
18 June 03:09 PM USD grows 3 piasters in Tuesday’s mid trades
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound rose by 1 to 3 piasters at nine banks during Tuesday’s mid-trades. The USD increased by EGP 0.03 to EGP 16.7 for buying and EGP 16.8 for selling at Commercial International …
Banking and Finance
The pilot station will fuel an initial fleet of six Toyota Mirai fuel cell electric vehicles
18 June 12:51 PM Saudi Aramco unveils 1st Saudi hydrogen fueling station
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and Air Products uncovered the first Saudi hydrogen fueling station at Air Products’ new Technology Center in the Dhahran Techno Valley Science Park. The newly opened pilot station …
Dubai's CPI fell by 2.61% year-on-year in May
18 June 12:40 PM Dubai’s CPI marks 6-month low in May
UAE – Mubasher: The consumer price index (CPI) in the emirate of Dubai slashed for the sixth consecutive month by 2.61% year-on-year in May, data by the Dubai Statistics Centre (DSC) showed. The decrease in CPI was mainly driven by the drop in …
Commodities
The UAE came in the 21st place among holders of the US sovereign debts
18 June 11:42 AM UAE raises holdings of US Treasury bonds in April
By: Mahmoud Gamal UAE – Mubasher: The UAE has slightly raised its holdings of US Treasury bonds by 0.2% month-on-month, or $100 million, in April to $55.7 billion from $55.6 billion, data by the US Department of the Treasury showed. Year-on-year, …
Macroeconomics