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11 April 07:02 PM Saudi Arabia, Kuwait’s crude oil production rises in March; UAE shows decline
Mubasher: The Saudi crude oil production surged by 20,000 barrels per day (bpd) to hit 9.03 million bpd in March 2024 compared with 9.01 million bpd in February, according to the latest OPEC report. The average crude oil production by Saudi Arabia …
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7 April 01:12 PM Gulf banks could benefit from macroeconomic shift in Turkiye – Fitch Ratings
Mubasher: Potential macroeconomic changes in Turkiye are set to benefit subsidiaries of GCC-based banks in the country. A disinflation in Turkiye is set to cut GCC banks’ net losses and the decelerated devaluation of the lira is expected to reduce …
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28 March 03:59 PM Middle East, Eurasia make 32% of SMEs drawn to Dubai in 2023
UAE – Mubasher: Around 32% of the Small and Medium-sized Enterprises (SMEs) attracted by Dubai in 2023 originated from the Middle East and Eurasia. Meanwhile, 29% of SMEs drawn to the emirate come from Asia and Australia, according to data …
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21 February 08:11 PM Saudi Arabia could form majority of region’s MSCI EM – Goldman Sachs at Saudi Capital Market Forum
Riyadh – Mubasher: The MENA region could become 10% of MSCI Emerging Markets (EM) Index, with Saudi Arabia accounting for approximately 70% of this percentage, according to Goldman Sachs’ Richard Cormack, who is the Co-Head of Equity Capital …
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31 January 05:17 PM MENA green bonds see 155% jump in issuances; UAE, Saudi Arabia lead
Mubasher: The UAE and Saudi Arabia have dominated regional green bond league tables in 2023 with a combined 77% of total issuances in MENA, based on data from Bloomberg’s Capital Markets League Tables. The region witnessed an annual surge of 155% …
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21 January 01:53 PM stc tops ME telecom sector as most valuable brand with $13.9bn – Report
Riyadh – Mubasher: Saudi Telecom Company (stc) has maintained its top spot as the highest valuable brand in the telecom sector across the Middle East with $13.90 billion, according to Brand Finance Global 500 report for 2024. stc was the strongest …
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18 January 03:12 PM Qatar likely to sell 1st green bond shortly
Mubasher: Qatar is ready to sell its first green bond in the near future, Bloomberg cited the state Minister of Finance, Ali Al Kuwari, at the World Economic Forum in Davos. Al Kuwari stated: “We’re ready to do it very soon,” elaborating that “We …
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17 January 02:40 PM Egypt’s Paymob becomes 1st international fully licensed fintech in Oman
Cairo – Mubasher: Paymob, a global financial technology company headquartered in Egypt, has landed in Oman after receiving the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence which made it the first international fintech firm …
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26 December 2023 05:02 PM Kuwait's Q2-23 trade deficit with GCC shrinks to lowest level since Q1-22
Mubasher: Kuwait's trade deficit with the GCC countries dropped in the second quarter (Q2) of 2023 to its lowest level since Q1-22 when it recorded KWD 262.30 million, driven by higher exports and lower imports. Kuwait registered a trade deficit …
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25 December 2023 09:59 AM MENA's Valu boosts financial expansion with EGP 953m bond issuance
Cairo – Mubasher: MENA's leading fintech platform Valu has closed its seventh securitised bond issuance at a value of 953.10 million, according to a press release. In line with the approved extended EGP 9 billion programme, this followed the EGP …
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21 December 2023 08:15 PM Egypt’s C.bank keeps interest rates unchanged in 2023 last meeting - Updated
Cairo – Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on 21 December 2023 to maintain the rates of overnight deposit and lending at 19.25% and 20.25%, respectively. The CBE also kept the main operation …
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14 December 2023 04:45 PM DATE KSA serves as a convergence point – Trescon’s Bharadwaj
Riyadh – Mubasher: The co-located DATE AI Show and DATE Fintech Show, which kicked off on 11 December 2023 at the JW Marriot Hotel Riyadh in Saudi Arabia, brought together prominent artificial intelligence (AI) and fintech experts, innovators, …
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13 December 2023 08:32 PM Ajman Tourism initiates 2-day roadshow to Egypt
UAE – Mubasher: Ajman Department of Tourism Development (ADTD) of the UAE has commenced a roadshow to Egypt on 13 December 2023 under the leadership of its Director General, Mahmood Khaleel Alhashmi, according to a press release. The initiative …
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11 December 2023 02:07 PM Standard Chartered’s MENA Credit Outlook forecasts robust performance for Qatar in 2024
Mubasher: The latest MENA Credit Outlook 2024 by Standard Chartered anticipated a strong credit outlook for Qatar next year, according to a press release. The robust performance is driven by Qatar’s liquefied natural gas (LNG) expansion in …
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10 December 2023 02:20 PM Arab Energy Fund launches training for MENA fresh graduates
Mubasher: The Arab Energy Fund, which recently rebranded from The Arab Petroleum Investments Corporation (APICORP), launched a graduate training programme dubbed ‘50+’ for regional fresh graduates who want to gain work experience and endorse their …
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19 October 2023 05:29 PM FAB issues largest-ever USD Tier 2 conventional bond from MENA bank
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) recently issued its inaugural USD Tier 2 capital securities at a value of $1 billion to become the largest conventional bond of its kind from a MENA bank. The 10.5NC5.5-year bond, which was offered …
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12 October 2023 11:53 AM Egypt, Saudi Arabia, UAE, dominate MENA’s $3trn construction projects – JLL
Mubasher: The aggregated estimated value of the construction development pipeline in the MENA region has surpassed $3 trillion with Egypt, Saudi Arabia, and the UAE acquiring more than 60% of it, according to JLL’s Construction Market Intelligence …
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9 October 2023 02:03 PM CBE directs Egypt-based banks to halt debit card use abroad
Cairo - Mubasher: The Central Bank of Egypt (CBE) ordered the lenders operating in the Arab Republic to suspend the use of debit cards outside the state, officials in the financial authority revealed. One of the officials told “Asharq Business” …
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4 October 2023 02:41 PM Region-focused AMEA Power reaches financial close on Tunisia's solar plant
Mubasher: AMEA Power, a renewable energy company based in the Middle East, has reached financial close on its 120-megawatt (MW) solar photovoltaic (PV) project which is worth $86 million in Tunisia. The plant is considered the largest solar …
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10 September 2023 01:59 PM UAE Carbon Alliance plans $450m purchase of African carbon credits by 2030
UAE – Mubasher: The UAE Carbon Alliance intends to pledge an indicative intended purchase amounting to $450 million in African carbon credits by 2030. The targeted purchase is a result of a recent non-binding Letter of Intent between the UAE …
Abdulaziz Al Dahmash, the Managing Director and CEO of Network International KSA
6 September 2023 10:14 AM Network eyes SAMA’s nod to for regional expansion – Al Dahmash in interview at Seamless
Riyadh – Mubasher: Network International plans to reach 13 clients in the financial sector and obtain a licence from the Saudi Central Bank (SAMA) to provide payment services. Abdulaziz Al Dahmash, the Managing Director and CEO of Network …
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30 August 2023 03:32 PM Saudi SPARK’s Logistics Zone to commence operations in 2024 as regional gateway
Riyadh – Mubasher: The Logistics Zone of King Salman Energy Park (SPARK) will begin operations in 2024 to serve as a gateway for the regional energy sector while leveraging SPARK’s strategic location in the Eastern Province of Saudi Arabia. The …
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23 July 2023 04:10 PM Kuwait reportedly to establish sovereign fund Ciyada
Mubasher: Kuwait prepares to launch a state-owned sovereign fund to grow its local economy, finance megaprojects, and diversify its investment spectrum from foreign investors as well as the private sector, Reuters recently cited a government plan. …
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23 July 2023 03:40 PM UAE rises to 29th place in UNIDO’s CIP Index, leads Arab countries
UAE - Mubasher: The UAE came first among Arab countries and 29th worldwide in UNIDO’s Competitive Industrial Performance Index (CIP), advancing two places from 2022 ranking, according to a press release. The index ranks 153 countries from across …