Local Economy

The Kingdom exported 7.21 million barrels during August
18 October 04:01 PM Saudi oil exports grow 7.5% in August – JODI
Riyadh – Mubasher: Saudi Arabia’s crude oil exports increased by 7.5% year-on-year, or 506,000 barrels per day (bpd), in August, the Joint Organisations Data Initiative’s (JODI) data revealed on Thursday. The Kingdom exported 7.21 million barrels …
Brent and Nymex crude fell to $80 pb and $70 pb
18 October 11:51 AM Kuwait’s crude oil adds 98 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 98 cents to settle at $78.99 per barrel (pb) on Wednesday compared to $78.01 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
Oman named world’s safest country
17 October 06:52 PM Oman named world’s safest country
Oman – Mubasher: Oman has been named the safest country in the world, according to the Global Competitiveness Report 2018, released by the World Economic Forum (WEF). Oman’s police service was ranked the best amongst its Arab peers, while the …
The ADFD also funded the Al Bashir Hospital and the King Hussein Cancer Centre in Jordan
17 October 05:37 PM Abu Dhabi Fund pledges AED11bn for education, healthcare
Mubasher: The Abu Dhabi Fund for Development (ADFD) has raised approximately AED 11 billion for development projects in both the education and healthcare sectors, Emirates News Agency (WAM) reported. In cooperation with international financial …
GCC members raise holdings in US T-bills
17 October 01:52 PM GCC members raise holdings in US T-bills
By: Mahmoud Gamal Mubasher: GCC member states have raised their holdings of US treasuries and bonds by a combined 0.9% to $285.574 billion in August from $283 billion in July. Globally, China continued to take the lead on US treasury holdings. …
Global crude oil prices rose on Tuesday
17 October 12:33 PM Kuwait’s crude oil drops 27 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 27 cents to settle at $78.01 per barrel (pb) on Tuesday compared to $78.28 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC). Global crude oil prices rose on …
Saudi Arabia topped the Arab holders of the US debt instruments
17 October 10:46 AM Saudi Arabia raises US Treasury holdings to $170bn in August
Riyadh – Mubasher: Saudi Arabia has raised its holdings of US debt instruments by 22.9% year-on-year, or $31.6 billion, to  $169.5 billion in August, compared to $137.9 billion, the US Department of the Treasury’s data on Wednesday. On a monthly …
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16 October 06:14 PM Al-Rajhi raises TP for Jarir to SAR 177/shr
Riyadh - Mubasher: Al Rajhi Capital Research has maintained its Neutral recommendation on Jarir Marketing, but raised the company’s stock target price (TP) to SAR 177 per share, from SAR 166. The company’s earnings during the third quarter of the …
Global oil prices increased following the geopolitical tension
16 October 10:38 AM Kuwait’s crude oil declines 25 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 25 cents to settle at $78.28 per barrel (pb) on Monday compared to $78.53 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
he Saudi National Water Company (NWC) signed MoU with the Advanced Electronics Company to Saudise the kingdom’s smart water metres
15 October 06:50 PM Saudi NWC inks MoU to Saudise water metres
Riyadh - Mubasher: The Saudi National Water Company (NWC) signed a memorandum of understanding (MoU) with the Advanced Electronics Company to Saudise the kingdom’s smart water metres. The MoU aims to promote new measurement solutions and establish …
The GCC nation has forcefully denied the disappearance of journalist Jamal Khashoggi within its consulate in Turkey
15 October 05:59 PM Saudi Arabia opens probe in Khashoggi’s disappearance; 6 Arab allies announce solidarity
Mubasher: Six Arab allies on Monday have stressed their complete support and solidarity with Saudi Arabia against efforts to harm the Kingdom’s policy and sovereignty over the disappearance of a prominent Saudi critic. The GCC nation has …
Saudi Riyal hits June 2017 low in spot market Monday
15 October 11:56 AM Saudi Riyal hits June 2017 low in spot market Monday
Riyadh – Mubasher: The Saudi Riyal registered its lowest rate against the US dollar since June 2017 in the spot market on Monday, reaching 3.7514, Refinitiv data revealed. The currency fell after some media sources reported that Saudi journalist …
Saudi imports of drug ingredients between January and 20 September 2018 amounted to SAR 14.23 billion,
14 October 06:12 PM Saudi drug imports up 3% in 9M
Riyadh – Mubasher: Saudi Arabia’s imports of medicines and pharmaceutical products went up by 3.1%, or 1,021 tonnes, to 40,069 tonnes in the first nine months of this year. The kingdom’s imports of drug ingredients between January and 20 September …
Only 20% of some of the idled projects were finished
14 October 06:11 PM Disputes delay construction of 510 schools in Saudi Arabia
Riyadh – Mubasher: Disputes between the Saudi Ministry of Education and the contractors have delayed the construction projects of 510 schools at combined investments of SAR 3 billion ($800 million), according to local media reports. Only 20% of …
The IPO will take place during the period between 22 and 28 October
14 October 04:36 PM Al Dukheil sets NCLE’s IPO price at SAR 19/shr
Riyadh – Mubasher:  Al Dukheil Financial Group, the financial advisor and lead manager of the National Company for Learning and Education (NCLE), on Sunday announced that it has set the share issue price of NCLE’s initial public offering (IPO) at …
The three-day event will take place during the period between 15 and 17 October
14 October 02:01 PM 150 companies eye investment opportunities at Middle East Electricity Saudi
Riyadh – Mubasher: More than 150 local, regional and international companies are looking to invest in Saudi Arabia’s electricity sector during their participation in Middle East Electricity Saudi exhibit. Khalid A. Al-Falih, the Minister of …
Startup programme Badir contributes SAR 2.1bn to Saudi economy
14 October 12:57 PM Startup programme Badir contributes SAR 2.1bn to Saudi economy
Riyadh – Mubasher: The Badir Program for Technology Incubators and Accelerators has contributed around SAR 2.1 billion ($560 million) to the Saudi economy on a cumulative basis between 2010 until the end of 2018, Badir CEO revealed on Sunday, …
Hiperdist has made an investment of $2.5 million in its latest office facilities
14 October 10:49 AM UAE’s Hiperdist launches new facilities to boost expansion in MENA, GCC
Mubasher: Hiperdist has launched its fully owned state-of-the-art facilities at Boulevard Plaza Tower – 1 in Emaar Square, Downtown Dubai. This step is expected to enhance Hiperdist’s growth and expansion in prominent markets across the Middle …
The number of trips will increase gradually
11 October 10:19 AM Al Haramain high-speed rail trips kick off Thursday
Riyadh – Mubasher: Saudi Arabia’s Al Haramain high-speed train will begin trips on Thursday, 11 October, with four journeys a week from Thursday to Sunday. The number of trips will increase gradually to be launched throughout the week over the …
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10 October 10:33 PM Moody's affirms ratings of SABB, Alawwal
Mubasher: Moody’s Investors Service has affirmed the local and foreign currency deposit ratings of Saudi British Bank (SABB) at A1/P-1 and Alawwal Bank at A3/P-2. The outlook on Alawwal's long-term deposit ratings was changed to positive, from …
Arabnet will be hosting its next event in Riyadh
10 October 04:57 PM Arabnet Kuwait 2018 final day features Money forum
Mubasher: The final conference day of Arabnet Kuwait 2018 on Wednesday, 10 October, has featured the Money forum that is sponsored by Kuwait Finance House (KFH), according to a recent statement. The third edition of Arabnet Kuwait, which kicked …
The UAE made up the largest of startup transactions in the region by 29%
10 October 03:25 PM MENA-based startups see $325m investment in 9M - Report
Mubasher: Almost $82 million were invested across 62 deals in startups based in the Middle East and North Africa region (MENA) during the third quarter of 2018. Total funding into MENA-based startups, including calculations for undisclosed deals, …
Zarou will develop, finance, construct and operate energy-related projects in MENA
10 October 01:40 PM Blackstone launches new MENA energy firm
Mubasher: The private equity firm Blackstone Group announced that it has launched a new energy firm named “Zarou” to provide energy-related services in the Middle East and North Africa (MENA) and neighboring countries. Blackstone Energy Partners …
Rapid GCC population growth is leading to increased demand for jobs
10 October 11:56 AM GCC labour market nationalisation may raise costs – Moody’s
Mubasher: The GCC countries' labour market nationalisation policies have a goal of offering a higher number of jobs for a rapidly growing population, according to a recent report by Moody’s. The rating agency noted that such policies may increase …
Global oil prices increased in line with indicators of lower crude supply
10 October 11:38 AM Kuwait’s crude oil rises $1.19 on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by $1.19 to settle at $82.26 per barrel (pb) on Tuesday compared to $81.07 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …