Local Economy

Photo Credit: Arabianeye-Reuters
25 May 08:49 AM STC launches $500m independent fund
Riyadh – Mubasher: The Saudi Telecom Company (STC) said that its board members on Wednesday approved the establishment of an independent fund worth $500 million (SAR 1.87 billion). The fund will be financed in five equal tranches, each of which …
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24 May 07:34 PM Moody’s downgraded Hong Kong’s rating
Mubasher: Financial Services has downgraded Hong Kong’s rating on Wednesday, after recently cutting its rating on China, according to a recent report. The rating agency downgraded local and foreign currency ratings on Wednesday from AA2 to AA1, …
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24 May 06:43 PM Kuwaiti oil exports to China up 38% in April
Mubasher: Kuwait's crude oil exports to China surged 37.5% in April 2017 to 1.63 million tons, equivalent to around 397,000 barrels per day (bpd), government data showed, according to Kuwait News Agency (KUNA). Kuwaiti shipments of crude oil to …
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24 May 04:48 PM UAE supports extending the OPEC agreement - Minister
Abu Dhabi - Mubasher: The United Arab Emirates minister of energy, Suhail bin Mohammed Al Mazroui, said on Wednesday that his country supports extending the oil output cut agreement. The UAE is ready to endorse a six or a nine-month extension …
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24 May 03:52 PM Oman oil prices rise 89 cents
Mubasher: The price of Oman oil futures for July delivery went up by 89 cents per barrel today, according to the data of the Dubai Mercantile Exchange (DME). Data showed that Omani crude oil registered $53.24 per barrel (pb) on Wednesday, compared …
Photo Credit: Press Release
24 May 03:11 PM National Water grants SAR148m infrastructure contracts
Riyadh - Mubasher: The board of the Saudi National Water Company (NWC) has awarded four contracts to establish sewage networks to a number of neighborhoods in Riyadh. The deals have a total value of SAR 148 million ($39.5 million) and will be …
(Photo Credit: Press Release)
24 May 01:08 PM DUSSUR, GE ink MoU to invest $1bn
Riyadh – Mubasher: DUSSUR and General Electric (GE) signed a memorandum of understanding (MoU) to co-invest in strategic sectors that will help develop and localise industrial value chains in Saudi Arabia to serve the domestic market and beyond, …
(Photo Credit: Arabianeye-Reuters)
24 May 12:01 PM Aramco plans investing $30bn in US Motiva
Riyadh – Mubasher: Saudi Aramco announced at a business summit in Saudi Arabia that it is planning to invest up to $30 billion in its US subsidiary Motiva Enterprsies LLC, Reuters reported. An initial investment of $12 billion would be …
(Photo Credit: Arabianeye-Reuters)
23 May 06:07 PM Leejam Sports seeks raising SAR 1bn through IPO in Tadawul
Riyadh – Mubasher: Saudi Leejam Sports Co seeks an initial public offering (IPO) in the Saudi Stock Exchange (Tadawul) in the fourth quarter of 2017 and expects raising SAR 1 billion ($266.65 million), sources told Reuters on Tuesday. The agency …
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23 May 04:32 PM Tadawul maintains trading hours in Ramadan
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) announced that trading hours during the holy month of Ramadan will remain unchanged. The trading hours in the main market and the Nomu-Parallel Market will be kept unchanged as the pre-opening …
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23 May 02:34 PM Oman oil price down $0.53
Mubasher: The price of Oman oil futures for July delivery decreased by 53 cents on Tuesday, according to data of the Dubai Mercantile Exchange (DME). Data showed that Omani crude oil registered $52.35 per barrel (pb) on Tuesday, compared to $52.88 …
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22 May 09:20 PM How $10 drop in oil prices would affect Saudi economy?
Riyadh - Mubasher: The Saudi economy is highly vulnerable to prolonged lower global oil prices, the Institute of International Finance (IIF) said in a recent report. “With still glut in the oil market and the potential of recovery in oil …
(Photo Credit: Arabianeye-Reuters)
22 May 04:11 PM Tadawul amends securities tick as of 4 June
Riyadh – Mubasher: The Saudi Stock Exchange’s (Tadawul) board approved the amendment of the securities tick starting from 4 June. As per the new amendment, values of current tick sizes shall be reduced, according to a bourse filing on Monday. …
(Photo Credit: Arabianeye-Reuters)
22 May 12:03 PM SAGO awards 3rd tender in 2017 to import 1.5m tonnes of barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has announced awarding its tender for importing 1.5 million tonnes of barley. The imported tonnes will come from Australia, North and South America, the European Union, and the Black Sea, …
(Photo Credit: Company website)
22 May 10:20 AM Riyad REIT to acquire properties, raise capital
Riyadh – Mubasher: Riyad REIT’s board approved the acquisition of properties and recommended a capital hike to finance acquisitions. The REIT noted that the properties agreed on include Kempinski Riyadh Hotel Complex, which includes a five-star …
(Photo Credit: Arabianeye-Reuters)
22 May 09:28 AM UAE, KSA allocate $100m to WB women entrepreneurs fund
Mubasher: The UAE and Saudi Arabia have pledged a total of $100 million to a World Bank (WB) fund that will assist female entrepreneurs and small business owners in the Middle East, The Wall Street Journal reported. “This facility has clear …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
21 May 10:45 PM CBE raises interest rates 2%
Cairo - Mubasher: The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) has decided, in its meeting on Sunday, to raise interest rates by 200 basis points, according to an official statement. This increases the overnight deposit rate, …
(Photo archive)
21 May 04:28 PM Supply cuts extension to decrease inventories – Minister
Riyadh – Mubasher: Saudi minister of energy Khalid Al-Falih said that extending the supply cut deal until next March, and adding one or two small producers to the pact, would reduce oil inventories, Reuters reported on Sunday. "We believe that …
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21 May 01:28 PM Tadawul delists Bishah
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) delisted Bishah Agriculture Development as of the end of Thursday's trades (18 May 2017). The move came after the decision of the Capital Market Authority (CMA) regarding delisting the shares …
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20 May 08:48 PM KSA to resume issuing debt instruments Q2/Q3-17
Riyadh - Mubasher: Saudi Arabia is expected to re-issue debt instruments in this quarter or the next, according to the minister of finance, Mohammed Al Jadaan. The minister added in a press conference on Saturday that addressing the budget deficit …
Saudi Aramco CEO, Amin Nasser - (Photo Credit: Arabianeye-Reuters)
20 May 08:15 PM Aramco, Jacobs to create JV for social infrastructure management
Riyadh - Mubasher: Saudi Aramco has entered into an agreement with Jacobs Engineering Group to form a Saudi Arabia-based joint venture (JV) company to provide professional program and construction management (PMCM) services for social …
Photo Credit: Ministry Website
20 May 07:58 PM KSA-USA bilateral trade reached SAR2tr in 10 years
Riyadh - Mubasher: The Saudi Ministry of Commerce and Investment (MCI) said that trade exchange between Saudi Arabia and the United States has exceeded SAR 10 trillion ($533 billion) during the last decade. The ministry said in a statement on …
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20 May 06:01 PM KSA, USA sign $280bn deals during Trump’s visit to Riyadh
Riyadh - Mubasher: The summit between King Salman of Saudi Arabia and the President of the United States Donald Trump saw the signing of a strategic partnership, as well as $280 billion (SAR 1.05 trillion) worth of business agreements. King Salman …
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20 May 04:08 PM KSA, General Electric ink $15bn deals
Riyadh - Mubasher: General Electtic (GE) announced on Saturday that it has signed major business deals and memorandums of understanding (MoU) with Saudi Arabia worth $15 billion (SAR 56.25 billion), according to a statement. The agreements include …
Photo Credit: Press Release
20 May 02:57 PM Egyptian new refinery to begin production in 2018
Cairo - Mubasher: The Egyptian minister of petroleum and mineral resources said that the Egyptian Refining Company’s (ERC) project is expected to be begin operating by the end of 2017. The minister added on the sidelines of his visit to the Cairo …