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Local Economy

AFE Saudi Arabia 2021 will be held on 29-30 March
25 March 03:09 PM Saudi Arabia to host Arab Exchanges Federation Conference next week: Tadawul
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul), in partnership with the Arab Federation of Exchanges (AFE), is hosting the AFE Annual Conference Saudi Arabia 2021 from 29 to 30 March. The conference aims at creating a platform for …
Event
The 100 CEOs represent 24 nationalities and 21 sectors.
7 March 12:10 PM Forbes unveils “Top CEOs in the Middle East” ranking
Dubai - Mubasher: Forbes Middle East has released its first annual "Top CEOs in the Middle East" ranking, recognising the executives making significant contributions to the region's economies. The 100 CEOs represent 24 nationalities and 21 …
Global Economy
The current cooperation portfolio between Egypt and the AfDB amounts to about $640.8 million
4 March 02:07 PM Egypt inks EUR 109m deal with AfDB to finance sanitation services in Luxor
Cairo – Mubasher: The Ministry of International Cooperation and the African Development Bank (AfDB) signed a development financing deal worth EUR 109 million to provide sanitation services in residential communities in Luxor’s rural areas, …
International Agreements
Photo Archive
3 March 01:49 PM S&P launches ratings for Saudi local currency debt
Riyadh – Mubasher: S&P Global Ratings said it is providing GCC National Scale Ratings for entities in Saudi Arabia issuing local currency debt, Reuters reported on Wednesday. Over the past few years, Saudi Arabia, the GCC region’s largest economy, …
Currencies
Abu Dhabi National Oil Company (ADNOC) - (Photo Archive)
2 March 12:34 PM ADNOC to ease output cuts in April
Mubasher: Abu Dhabi National Oil Company (ADNOC) is expected to increase crude shipments next month, Reuters reported, citing Asian refiners. ADNOC reportedly plans to ease output cuts by 5% in April, compared with curbs of 10-15% in March. On …
Commodities
The Middle East and Africa witnessed the highest level in percentage terms
18 February 01:35 PM Middle East insurance M&A defies COVID-19-driven dip in 2020; expected to surge in 2021
Mubasher: The insurance sector across the world has registered 407 completed merger and acquisition (M&A) deals in 2020, lower than 419 in 2019. This record was mentioned by finding opportunity in adversity, the latest edition of global law firm …
Global Economy
The kingdom’s decision will apply only to contracts offered by the government.
16 February 12:16 PM KSA to cease contracting with foreign firms without regional HQ from 2024
Riyadh – Mubasher: Saudi Arabia will no longer sign contracts with foreign companies that do not have a regional headquarters in the kingdom after 2023, Reuters reported citing the Saudi Press Agency (SPA). The policy, which comes into effect on 1 …
Macroeconomics
The USD slid to EGP 15.74 at the end of 2020
15 February 01:51 PM EGP among world’s top performing currencies in four years
Cairo – Mubasher: The Egyptian pound was among the top performing currencies worldwide against the US dollar over the last four years, the cabinet’s media centre said on Monday. The EGP exchange rate improved gradually since the beginning of the …
Macroeconomics
Egyptian women feature the most with eight entries, followed by Emirati women with seven entries.
4 February 12:04 PM Forbes Middle East unveils Mideast’s Power Businesswomen 2021
Dubai – Mubasher: Forbes Middle East’s annual "Power Businesswomen" ranking celebrates 50 fearless regional female leaders and highlights the powerhouses who have shown resilience, flexibility, and strength in the face of unprecedented adversity. …
Global Economy
The supercomputer is named after the first oil well discovered in Saudi Arabia.
19 January 01:26 PM Saudi Aramco, STC launch Dammam 7 supercomputer
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and the Saudi Telecom Company (stc) on Tuesday announced launching “Dammam 7”, a new supercomputer and one of the world’s 10 most powerful computers. The supercomputer, which is named …
Global Economy
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
Macroeconomics
Saudi Arabia's Crown Prince Mohammed bin Salman signing the agreements.
5 January 04:44 PM Gulf leaders sign 41st GCC summit closing statement, Al ULA agreement
Riyadh – Mubasher: Gulf leaders on Tuesday have inked the closing statement of the 41st GCC summit and Al ULA agreement. The annual GCC summit kicked off today at Maraya Concert Hall in Saudi Arabia’s Al ULA city, with the presence of all member …
Global Economy
Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the annual summit.
5 January 03:17 PM 41st GCC summit kicks off in Saudi Al ULA city
Riyadh – Mubasher: The 41st GCC summit has kicked off on Tuesday in Saudi Arabia’s Al ULA city. Earlier today, Gulf Arab leaders headed to Saudi Arabia to attend the summit. Egypt’s Foreign Minister, Sameh Shoukry, will also take part in the …
Politics
(Photo Credit: https://mecei.org/)
29 December 2020 01:46 PM MENA holds strong potential for low, zero-carbon energy sources - Report
Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) highlighted in its MENA Power Investment Outlook 2020-2024 key regional developments and prevalent trends in the power sector over the short and medium terms. Among the …
Global Economy
Mirna Arif, General Manager of Microsoft Egypt
21 December 2020 00:02 PM Reimagining Egypt’s economy through digital transformation – Interview with Mirna Arif
By: Marina Gamil Cairo – Mubasher: In its recovery phase, Egypt has taken several initiatives to increase the contribution of digitalisation in its economic growth by advancing information technology (IT) infrastructure, supporting startups and …
Macroeconomics
Photo Archive
17 December 2020 09:21 PM Identifying investment opportunities post-COVID – Interview with Huda Al-Lawati
By: Moslem Ali Mubasher: In a time when the region’s markets continue to cope with the impacts of the Coronavirus (COVID-19) crisis, it is always important to listen to the experts’ opinion as we review our broader outlook for the region’s markets …
Macroeconomics
(Photo Credit: Reuters)
15 December 2020 00:39 PM Saudi Arabia begins registering citizens, residents for COVID-19 vaccination
Riyadh – Mubasher: Saudi Arabia’s Ministry of Health has started on Tuesday registering citizens and foreign residents for vaccination against COVID-19 through "Sehaty" application, state-run Saudi Press Agency (SPA) reported. On 10 December, the …
Global Economy
The UAE reigns as the top country for regional headquarters.
14 December 2020 10:33 AM General Electric, Nestle executives top Forbes Middle East’s "Global Meets Local" list
Dubai - Mubasher: Forbes Middle East’s eighth annual flagship "Global Meets Local" list featured 50 individuals leading the regional offices for Forbes Global 2000 companies. The ranking celebrates leaders who successfully contributed to their …
Global Economy
Bahrain has participated in Phase III clinical trials of Sinopharm COVID-19 vaccine.
13 December 2020 02:26 PM Bahrain approves Sinopharm COVID-19 vaccine
Mubasher: Bahrain’s National Health Regulatory Authority (NHRA) approved the registration of Sinopharm’s COVID-19 vaccine after the submission of all related documentation by G42 Healthcare, the company’s exclusive distributor in the Middle East …
Global Economy
Aramco has set the January OSP of its Arab light crude oil to the US at plus $0.55 a barrel over ASCI.
6 December 2020 01:59 PM Saudi Aramco raises official January crude price to Asia
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has increased the January price for its Arab light crude to Asia to $0.30 a barrel over Oman/Dubai crude, up $0.80 from December, Reuters said on Sunday citing a company document. The …
Commodities
No Arab billionaires have seen declines in wealth since April.
26 November 2020 11:59 AM Arab billionaires’ fortunes jump $11bn despite the pandemic - Forbes
Riyadh – Mubasher: Arab billionaires have witnessed a surge in their fortunes despite the coronavirus pandemic, with a cohort of 21 individuals gaining $10.8 billion during the last seven months, Forbes said. The list was headed by Algerian …
Macroeconomics
The USD registered EGP 15.59 for buying
9 November 2020 04:38 PM EGP advances against USD to highest level since early March
Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE). The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE …
Currencies
Central Bank of Tunisia
5 November 2020 01:18 PM Tunisia’s int’l reserves hit TND 21.19bn
Mubasher: Tunisia’s international reserves increased by TND 49.1 million or 0.23% to TND 21.194 billion on 4 November from TND 21.144 billion a day earlier, according to data by the Central Bank of Tunisia. The country’s international reserves are …
Macroeconomics
The loan will finance the Electricity and Green Growth Support Program
2 November 2020 01:34 PM Egypt’s parliament approves EUR 225m loan from AfDB
Cairo – Mubasher: Egypt’s parliament approved the presidential decree no. 583 of 2020 regarding the EUR 225 million loan agreement signed on 8 June with the African Development Bank (AfDB), the Minister of International Cooperation, Rania …
Banking and Finance
International reserves grew to $38.425 billion at the end of September
1 November 2020 03:43 PM EGP rises against USD in 10 months
Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds …
Currencies