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17 February 12:12 PM

Local Economy

Global prices increased by 2.5% on Wednesday.
13 February 10:54 AM Kuwait’ oil up $1.28 on Wednesday – KPC
Mubasher: Kuwait’s crude oil price increased by $1.28 on Wednesday, 12 February, to finish at $56.14 per barrel (pb) as compared to $54.86 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC). On the global …
Macroeconomics
Brent futures finished at $53.27 pb
11 February 12:45 PM Kuwait’s oil slides to $55.07 pb on Monday – KPC
Mubasher: The price of Kuwait crude oil dipped by $1.01 on Monday, 10 February, to stand at $55.07 per barrel (pb) from $56.08 pb last Friday, according to official data from Kuwait Petroleum Corporation (KPC). Globally, prices fell to their …
Macroeconomics
Remittances from Egyptians working abroad increased to $6.71 billion
10 February 04:59 PM Egyptian pound records highest level in 3 years
Cairo - Mubasher: The Egyptian pound traded at EGP 15.66 to the US dollar on Monday, compared to EGP 15.69 on Sunday, registering its three-year highest level, Reuters reported. The pound has gained its strongest level since Egypt weakened the …
Macroeconomics
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
Banking and Finance
OPEC producers may meet earlier than scheduled
8 February 05:50 PM Oman backs deeper oil output cut until June-end
Mubasher: Oman is supporting the recommendations made by an OPEC+ Joint Technical Committee (JTC) for a short, deeper oil output cut until the end of June, the GCC country’s oil minister Mohammed bin Hamad al-Rumhy announced, as Reuters reported …
Global Economy
ADFD’s director-general Mohammed Al Suwaidi
5 February 11:03 PM ADFD funds AED 24.6bn projects in Africa
UAE – Mubasher: The Abu Dhabi Development Fund (ADFD) has pumped AED 24.6 billion in 40 African countries over the four past decades, the Emirates News Agency reported on Wednesday. The fund provided concessionary development funds worth AED 241 …
Macroeconomics
Brent crude inched down by 0.9% on Tuesday
5 February 11:10 AM Kuwait oil plummets $1.25 on Tuesday – KPC
Mubasher: Kuwait oil price went down by $1.25 on Tuesday, 4 February, to settle at $55.68 per barrel (pb) from $56.93 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).    On the global level, oil prices …
Macroeconomics
Government debt to GDP ratio declined to 89.5% in 2019
4 February 02:38 PM Egypt’s GDP growth seen at 5.8% in 2020 – AfDB
Cairo – Mubasher: Egypt’s real gross domestic product (GDP) growth is expected to accelerate to 5.8% in 2020 from 5.6% in 2019, the African Development Bank (AfDB) said in a recent report.   According to its report “African Economic Outlook 2020”, …
Macroeconomics
Brent crude dipped by $2.17 on Monday
4 February 01:52 PM Kuwait’s oil slides to $56.93 pb on Monday – KPC
Mubasher: The price of Kuwait’s crude oil dropped by $2.77 on Monday, 3 February, to settle at $56.93 per barrel (pb) from $59.7 pb on Friday, according to Kuwait Petroleum Corporation’s (KPC) official prices. On the global level, oil prices saw …
Macroeconomics
he signing ceremony was attended by Sheikh Al Maktoum and Sheikh Al Nahyan
3 February 05:11 PM ADNOC, DUSUP ink agreement to develop UAE’s new gas field
UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Dubai Supply Authority (DUSUP) have signed a strategic agreement to explore and develop Jebel Ali Project gas reservoir. The reservoir is one of the largest shallow gas fields discovered …
Commodities
Initial output at 10,000 barrels per day
2 February 02:15 PM Saudi Arabia, Kuwait to resume production in Khafji
Riyadh – Mubasher: Saudi Arabia and Kuwait are reportedly preparing to resume crude oil production from Khafji oilfield in the neutral zone later this month. Initial output at 10,000 barrels per day (b/d) is expected around the end of February, …
Macroeconomics
AfDB has investments in 100 Egyptian projects
1 February 06:05 PM AfDB invests $6.76bn in Egypt
Cairo – Mubasher: African Development Bank Group’s (AfDB) investments in Egypt reached $6.76 billion in over 100 projects in electricity, water and sanitation, and other fields, Ahram Online reported on Saturday. The bank’s country manager in …
Banking and Finance
The health condition of those infected in UAE is stable
29 January 11:42 AM UAE reports first coronavirus case in Middle East
UAE – Mubasher: The UAE’s Ministry of Health and Prevention announced on Wednesday the first case of new coronavirus in the UAE, being the first to be unveiled in the Middle East. This case was registered for members of a family arriving from the …
Global Economy
Brent futures rose by 19 cents on Tuesday
29 January 11:01 AM Kuwait oil crude down to $60.15 pb on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil slipped by $3.42 on Tuesday, 29 January, to settle at $60.15 per barrel (pb) from $63.57 pb on Friday, according to Kuwait Petroleum Corporation’s (KPC) official prices.        Globally, oil prices …
Macroeconomics
Egyptian exports to Tunisia reached $509.8m
29 January 12:34 AM Egyptian-Tunisian trade grows by $100m in 2019
Cairo – Mubasher: The value of trade exchange between Egypt and Tunisia increased by $100 million year-on-year in 2019, data from the Egyptian Commercial Service showed, according to the Middle East News Agency. Trade between the two Arab …
Macroeconomics
Saudi Minister of Energy, Prince Abdulaziz bin Salman
27 January 12:35 PM Saudi Arabia monitors impact of coronavirus outbreak on oil market
Riyadh – Mubasher: Saudi Arabia is closely monitoring developments in the global oil market resulting from concerns about the coronavirus outbreak and its impact on China and the global economy, according to the Saudi Minister of Energy, Prince …
Macroeconomics
Kuwait’s oil economy slipped by 1% in 2019
27 January 11:49 AM Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF
Mubasher: The International Monetary Fund (IMF) on Monday stated that Kuwait’s gross domestic product (GDP) slowed to 0.7% in 2019 from 1.2% in 2018, pressured by lower oil prices and output, despite the growing non-oil sector. Kuwait’s real oil …
Macroeconomics
Total Saudi merchandise exports slipped by 14.9% in November 2019
26 January 01:50 PM Saudi oil exports dip 15.4% in November - GaStat
Riyadh – Mubasher: Recent data from the Saudi Arabia General Authority for Statistics (GaStat) showed a 15.4% year-on-year (YoY) decrease in Saudi oil exports in November 2019. Oil exports retreated to SAR 62.3 billion in November last year from …
Commodities
Brent crude was down by 2.1% or $1.38 on Wednesday
23 January 12:22 PM Kuwait oil slips to $65.66 pb on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC). Globally, oil …
Commodities
EBRD offered EUR 183m to Egypt's Electricity Transmission Company
19 January 11:34 AM Egypt leads EBRD’s annual investments in 2019
Mubasher: With EUR 1.2 billion new commitments in 26 projects, Egypt has led the European Bank for Reconstruction and Development’s (EBRD) annual investments list in 2019, for the second year in a row, compared to EUR 1.1 billion in 2018. This …
Macroeconomics
Iron prices have dropped by EGP 300 per tonne since the beginning of the week
15 January 03:28 PM Iron prices to further decline as EGP levels up
By: Abdullah Bedeir Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher. With the …
Macroeconomics
The shipment reflects the success of KNPC’s international marketing sector
15 January 02:07 PM KNPC exports first low-sulfur diesel shipment
Mubasher: Kuwait National Petroleum Company (KNPC) announced that the first shipment of low-sulfur diesel (ULSD 10ppm) has been exported through Mina Abdullah refinery to global markets after fulfilling al requirements. The exported 40,000-tonne …
Companies Investments
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Central Banks
The loan will be used to finance the establishment of the tunnel road in Sharm El-Sheikh
13 January 05:39 PM Egypt’s parliament approves KFAED’s loan, AfDB’s grant
Cairo – Mubasher: The Egyptian parliament approved a presidential decree for a second loan agreement worth KWD 26 million from Kuwait Fund for Arab Economic Development (KFAED), the Middle East News Agency (MENA) reported on Monday. The loan will …
Macroeconomics