Local Economy

The United Arab Emirates Minister of Energy Suhail Al Mazroui
21 July 04:06 PM UAE hopes oil markets will tighten in H2-17
Mubasher: The United Arab Emirates Minister of Energy, Suhail Al Mazroui, told Reutuers on Friday that he hopes global supplies will start tightening in the second half of the year when demand picks up. "We have seen healthy demand and a …
The Organization of the Petroleum Exporting Countries (OPEC)
21 July 11:34 AM OPEC meeting to review output cut levels - Minister
Mubasher: A meeting will be held on Monday in Saint Petersburg, Russia, as members of the Organization of the Petroleum Exporting Countries (OPEC) alongside non-OPEC major producers will assess conformity with a recent output cut resolution. Oil …
The International Monetary Fund
21 July 11:13 AM IMF approves EUR1.5bn loan for Greece
Mubasher: The International Monetary Fund (IMF) announced on Thursday that it has approved in principle a loan of EUR 1.6 billion ($1.8 billion) for Greece, according to a press release. The agreement will only become effective after the IMF …
The domestic tourism trips rose 2.3% to 47.5 million trips during 2016, from 46.5 million trips during 2015
20 July 08:05 PM KSA tourism investments exceed SAR 151bn in 2016 – SCTH
Riyadh – Mubasher: The Saudi Commission for Tourism and National Heritage (SCTH) on Thursday announced that tourism’s investments achieved more than SAR 151 billion by the end of 2016. The domestic tourism trips rose 2.3% to 47.5 million trips …
Herfy Food, Al-Rajhi Bank ink SAR 110m Murabaha deal
20 July 06:27 PM Herfy Food, Al-Rajhi Bank ink SAR 110m Murabaha deal
Riyadh – Mubasher: Herfy Food Services Co. on Thursday signed a credit facilities agreement (Islamic Murabaha) with Al Rajhi Bank at a value of SAR 110 million. The six-year facilities are effective Thursday, 20 July until 19 July 2023, according …
KSA wholesale price index falls 1.7% in June – GASTAT
20 July 04:19 PM KSA wholesale price index falls 1.7% in June – GASTAT
Riyadh – Mubasher: Saudi Arabia General Authority for Statistics (GASTAT) announced that the wholesale price index in the kingdom decreased by 1.7% in June 2017 year-on-year. Month-on-month, the wholesale price index rose slightly 0.6% to 101.1 …
Credit Suisse to pump $600m in KSA – Bloomberg
19 July 08:49 PM Credit Suisse to pump $600m in KSA – Bloomberg
Riyadh – Mubasher: Bloomberg on Wednesday announced that Credit Suisse Group AG planned to expand in Saudi Arabia. “The Zurich-based bank established a platform allowing it to offer private banking services and products in the country, according …
US lifts electronic equipment ban from KSA – GACA
19 July 04:20 PM US lifts electronic equipment ban from KSA – GACA
Riyadh – Mubasher: The Saudi General Authority of Civil Aviation (GACA) on Wednesday announced the lifting of the ban on carrying electronic equipment on Saudi flights to the US effective Wednesday, 19 July. The US Department of Transportation has …
The inflation is expected to post a positive trend in the coming six months
18 July 04:28 PM KSA deflation will not last longer – Capital Economics
Riyadh – Mubasher: Capital Economics said that the deflation in Saudi Arabia may not last for a longer time, after it posted a decline in June for the sixth month in a row. The inflation is expected to post a positive trend in the coming six …
The clothes basket retreated 3.5%
18 July 03:59 PM KSA posts deflation for 6M in row
Riyadh – Mubasher: The consumer price index (CPI) in Saudi Arabia edged down by 0.4% in June 2017 compared to the same month in 2016, keeping the deflationary trend for the sixth month in a row. On an annual basis, the Kingdom’s deflation went up …
Saudi Arabia and the UAE owned about 110 million barrels (1.67 million kilolitres) of crude oil at the end June in Japan's semi-national reserves
18 July 03:38 PM KSA, UAE June oil reserves in Japan reach 110m barrels
Riyadh – Mubasher: Saudi Arabia and the UAE owned a combined 110 million barrels of crude oil at the end May in Japan's semi-national reserves, Reuters reported on Tuesday, citing data released by the Agency for Natural Resources and Energy. …
Yansab’s revenues came SAR 200 million lower than Al Rajhi’s estimates
18 July 12:18 PM Al Rajhi Capital overviews Yansab financial results
Riyadh – Mubasher: Al Rajhi Capital said that the financial statements of Yanbu National Petrochemicals (Yansab) in the past two quarters registered a weak performance; however, the company is expected to revive in the current time. The research …
The office sector in the Saudi capital witnessed a slight decrease in rentals
17 July 06:49 PM Riyadh property market softens in Q2, more hotels expected in H2 – JLL
Riyadh - Mubasher: US-based JLL on Monday released its report on the real estate market in Riyadh, Saudi Arabia, for the second quarter of 2017, where it assessed the most up-to date trends in the residential, retail, office and hotels sectors. …
The Capital Market Authority in Saudi Arabia
17 July 03:55 PM Saudi CMA approves listing Musharaka REIT on Tadawul
Riyadh - Mubasher: The Capital Market Authority (CMA) has approved Musharaka Capital’s request to offer, register, and list "Musharaka REIT" units on the Saudi Stock Exchange (Tadawul) as a real estate investment traded fund. The CMA noted that …
On 5 June, Saudi Arabia, the UAE, Bahrain, and Egypt cut diplomatic ties with Qatar
17 July 01:15 PM UAE calls for international monitoring of Qatar
Abu Dhabi – Mubasher: The issue with Qatar needs international monitoring, Anwar Gargash, the UAE’s minister of state for foreign affairs, told Reuters in a speech to be delivered on Monday in London. "We need a regional solution and international …
Saudi Aramco will build a new industrial city in its Eastern province
16 July 01:21 PM Saudi Aramco to build new industrial city in Eastern province
Riyadh – Mubasher: Saudi Arabian Oil Co, globally known as Saudi Aramco, has announced receiving government approval to establish two new companies that will be responsible for the development and operation of a new industrial city in Saudi …
Jarir is expected to build six new stores in 2017
16 July 12:44 PM Al Rajhi remains “Neutral” on Jarir stock
Riyadh – Mubasher: Al Rajhi Capital expects a healthy run rate in Jarir Marketing’s current environment which is backed by market share gains in the company’s mobiles and electronics segment, according to a recent report. Al Rajhi forecasts this …
Kuwaiti crude oil registered $45.38 per barrel yesterday
15 July 01:32 PM Kuwait oil prices rise $0.86
Kuwait - Mubasher: The price of Kuwaiti oil increased 86 cents on Friday, according to the Kuwait Petroleum Corporation (KPC). Kuwaiti crude oil registered $45.38 per barrel (pb) Friday up from $44.52 pb on Thursday, as reported by the Kuwait News …
The UAE led the list of the countries that implement infrastructure projects with $427 billion
14 July 06:05 PM UAE, Saudi top states in infrastructure projects – BMI
Mubasher: The UAE led the list of the countries that implement infrastructure projects with $427 billion, according to a report by Business Monitor International (BMI). Saudi Arabia ranked second with a value of $328 billion, while Egypt ranked …
Boudl Hotel and Resort is expected to operate the property
13 July 11:33 AM Riyad REIT acquires SAR 136.62m property
Mubasher: Riyad REIT Fund has completed an acquisition deal of a property in Riyadh for SAR 136.62 million ($36.43 million), which was financed through a Sharia-complaint bank loan.  The commercial part of the property has an occupancy rate of …
This value will be allocated as a result of deregulating fuel prices
12 July 02:54 PM KSA may receive $8.2bn on deregulating fuel prices – KAPSARC
Riyadh – Mubasher: Saudi Arabia would receive an average of $8.2 billion ($30.75 billion) per year as additional revenue from domestic sales and exports in the fluctuating price of crude oil. The Kingdom would also receive $5 billion ($18.8 …
The Kingdom’s oil reduction comes in line with trying to balance the growth in domestic consumption during the summer
12 July 02:51 PM KSA to cut oil shipments to yr-low in August – Reuters
Riyadh – Mubasher: Saudi Arabia plans to decrease crude oil shipments by more than 600,000 barrels per day (bpd) in August, Reuters on Wednesday reported, citing a Saudi industry source as saying. The Kingdom’s oil reduction comes in line with …
The amount of crude oil which was provided to the market for domestic consumption or for exporting increased slightly to 10.1 million bpd
12 July 01:40 PM KSA oil output up in June on summer consumption – Reuters
Riyadh – Mubasher: Saudi Arabia’s production of crude oil rose in June to 10.07 million barrels per day (bpd) due to the growth in domestic consumption during the summer, Reuters reported on Tuesday, citing a source as saying. The amount of crude …
Aramco will not cut supplies
11 July 06:46 PM Aramco to fulfill India, southeast Asia demands in August
Riyadh- Mubasher: Saudi Aramco will meet the demands of crude oil buyers in India and southeast Asia in August, Reuters reported, citing two sources familiar with the matter. The Saudi company will not cut supplies, even for heavier grades such as …
Rashed expected tourism investments in Egypt to increase by 30% until the end of 2020
11 July 05:33 PM Egypt tourism sector sees KSA investments worth SAR 1bn – Minister
Riyadh – Mubasher: Egypt's minister of tourism Yehia Rashed announced that Saudi businessmen invested SAR 1 billion ($4.8 billion) in 17 existing and underway projects, according to a Saudi national newspaper on Tuesday. Rashed expected tourism …