Local Economy

Photo Archive

20 September 04:18 PM Saudi Arabia announces 63 new COVID-19 cases

Riyadh – Mubasher: Saudi Arabia registered 63 more COVID-19 infections on Monday. The Ministry of Health reported 71 new recoveries and six additional fatalities. The new figures brought the total number of cases in the kingdom to 546,612 since …

Photo Archive

20 September 11:29 AM Saudi Arabia continues to be China’s top oil supplier in August

Riyadh – Mubasher: Saudi Arabia has retained its position as China's top crude oil supplier for the ninth month in a row during August, Reuters cited official data by China’s General Administration of Customs on Monday. Saudi oil exports to China …

Photo Archive

19 September 04:49 PM Saudi Arabia reports 70 more COVID-19 cases

Riyadh – Mubasher: The Saudi Ministry of Health announced 70 new COVID-19 infections on Sunday. There were 81 additional recoveries and five more fatalities, according to the daily report. The Kingdom has registered 546,549 total COVID-19 cases …

Photo Archive

16 September 05:07 PM Tadawul approves listing of nearly SAR 7bn government debt instruments

Riyadh – Mubasher: The Saudi Exchange (Tadawul) gave the green light to listing government debt instruments worth SAR 6.67 billion for a class already issued earlier this year. Listing of the debt instruments’ reissue will begin on Sunday, 19 …

Photo Archive

16 September 04:56 PM Saudi oil exports hit six-month high in July

Riyadh – Mubasher: Saudi Arabia’s oil exports increased to 7.65 million barrels per day (bpd) in July, hitting the highest level in six months since recording 7.75 million bpd in January, according to official data on Thursday. The exports volume …

Photo Archive

15 September 04:29 PM Saudi Arabia announces 88 new COVID-19 cases

Riyadh – Mubasher: The Saudi Ministry of Health reported 88 additional COVID-19 infections on Wednesday. There were 70 new recoveries and seven more fatalities. The new figures raised the total number of cases in the Kingdom to 546,251 since the …

Photo Archive

15 September 10:29 AM Wholesale prices in Saudi Arabia increase 12% in August

Riyadh – Mubasher: Saudi Arabia’s wholesale price index for August rose by 12%, compared to the same month last year, official data revealed. The increase in the Kingdom’s wholesale prices mainly resulted from a surge of 20.4% in the other …

Photo Archive

15 September 09:59 AM Saudi Arabia’s inflation up 0.3% in August – GaStat

Riyadh – Mubasher: Saudi Arabia’s consumer price index (CPI) went up by 0.3% in August, compared to the same month in 2020, according to official data on Wednesday. The increase was mainly attributed to higher prices of transport with 6.5%, which …

Photo Archive

14 September 02:55 PM Saudi Arabia announces National Day holiday

Riyadh – Mubasher: The Saudi Ministry of Labor and Social Development announced the National Day holiday which will be on Thursday, 23 September. The holiday this year marks the 91st celebration of the Saudi National Day, according to an official …

Nihal El-Chami, Head of Programme and Marketing at Falak Startups

14 September 12:49 PM Startup Lounge: More VC investors now interested in Africa, Middle East – Nihal El-Chami

By: Marina Gamil Cairo – Mubasher: With the growing number of startups across different sectors, especially financial technology (FinTech), the dynamics of the venture capital (VC) landscape in Egypt have been changing with local and international …

Companies Investments

Photo Archive

14 September 10:01 AM Yanbu to witness establishment of SAR 145m wind power facility

Riyadh – Mubasher: Saudi Arabia’s Royal Commission for Yanbu has signed an investment agreement with a local steel company to set up a wind power production plant at a total cost of SAR 145 million. Commercial production at the factory is expected …

Photo Archive

13 September 05:39 PM SAMA approves change in United Cooperative’s practice permit

Riyadh – Mubasher: The Saudi Central Bank (SAMA) gave the green light for United Cooperative Assurance Company to amend its activity practice permit of insurance and reinsurance cooperative. The new practice permit will be limited to the practice …

Management Decisions

Signing the deal between Seera and TDF

13 September 05:11 PM Saudi tourism fund, Seera pen agreement for Raghdan complex

Riyadh – Mubasher: Saudi Arabia’s Tourism Development Fund (TDF) has signed a financing deal with Seera Group Holding to establish and operate Raghdan Tourist Complex in Al Baha City. Raghdan complex is the first tourist project in Al Baha that …

Photo Archive

13 September 04:27 PM Saudi Arabia reports 75 new COVID-19 cases

Riyadh – Mubasher: Saudi Arabia has registered 75 additional COVID-19 infections, the Ministry of Health reported on Monday. There were 66 more recoveries and five new deaths. The new figures brought the total number of cases to 546,067 since the …

Photo Archive

13 September 10:16 AM Saudi Arabia’s GDP growth hits 1.8% in Q2

Riyadh – Mubasher: Saudi Arabia’s gross domestic product (GDP) rose by 1.8% in the second quarter (Q2) of 2021, compared to Q2-20, according to official data. The positive GDP growth was mainly attributed to an 8.4% increase in the non-oil sector, …

Non-oil manufacturing activity decreased by 9.2%

9 September 12:56 PM Saudi Arabia’s industrial production rises 6% in July

Riyadh – Mubasher: Saudi Arabia’s Industrial Production Index (IPI) increased by 5.9 % in July, compared to the same month in 2020. The annual rise mainly resulted from an 11.8% growth in mining and quarrying production, which accounted for 74.5% …

ITFC approved for its member countries more than $58 billion since 2008

8 September 05:45 PM ITFC supports members with $605m under COVID-19 Response Program

Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided the member countries with $605 million as financial support under its COVID-19 Response Program, CEO of ITFC, Hani Sonbol, announced. The corporation aimed to help …

Minister of Planning and Economic Development, Hala El-Saeed

6 September 04:39 PM IsDB's portfolio amounts to $13bn in Egypt

Cairo – Mubasher: The Egyptian Minister of Planning and Economic Development, Hala El-Saeed, participated in the 46th Islamic Development Bank (IsDB) Group’s Board of Governors’ annual meetings in Uzbekistan. El-Saeed met with the CEO of the …

The price differential in September was a premium of $3 per barrel

5 September 05:04 PM Saudi Arabia lowers light crude prices to Asia

Riyadh – Mubasher: Saudi Arabia has reduced its light crude oil prices to Asian customers in October against September. The Kingdom however left prices to northwestern Europe and the US steady, Reuters reported on Sunday. Saudi Aramco lowered the …

Job creation disappointed again in August

5 September 11:18 AM Saudi Arabia’s PMI declines in August as output index falls

Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia fell from 55.8 in July to 54.1 in August. The reading indicated a solid improvement in the non-oil private sector, which was the slowest in five …

Saudi Arabia administered more than 37.34 million doses of COVID-19 vaccines

2 September 05:16 PM Saudi Arabia reports 177 new COVID-19 cases

Riyadh – Mubasher: Saudi Arabia announced 177 new COVID-19 infections as well as 279 more recoveries on Thursday. The Ministry of Health registered eight additional fatalities. The new figures brought the total number of cases in the Kingdom to …

The initiative will provide guarantees

1 September 04:01 PM Saudi NTDP offers up to SAR 700m funding to tech SMEs

Riyadh – Mubasher: Saudi Arabia’s National Technology Development Program has launched an initiative on Wednesday to offer financing of up to SAR 700 million in total to small and medium-sized enterprises (SMEs) in the technology sector. In …

The Egyptian payment portal myFawry has led Forbes Middle East list

31 August 10:58 AM Forbes Middle East releases region's top Fintech apps for 2021

Mubasher: Forbes Middle East has announced the region's 15 top Fintech apps 2021, with 9.5 million downloads and $6.9 billion worth of transactions in 2020. The Egyptian payment portal myFawry has been placed in the first position in the list with …

Saudi Arabia in general made progress to rank the 16th

30 August 05:08 PM Jeddah Islamic Port advances to rank 37th in world’s 100 ports list

Riyadh – Mubasher: Jeddah Islamic Port has jumped from rank 42nd to the 37th among the Lloyd's List One Hundred Ports worldwide for 2021. Jeddah’s port has registered 4.76 million twenty-foot equivalent unit (TEU) in shipments in 2020, an increase …

Saudi Arabia has registered 544,225 total cases since the pandemic started

30 August 04:43 PM Saudi Arabia records 221 new COVID-19 cases

Riyadh – Mubasher: The Saudi Ministry of Health announced 221 additional COVID-19 infections as well as seven more fatalities on Monday, 30 August. The country reported 386 new recoveries, according to the daily report. Saudi Arabia has registered …