August 1st, 2018 | 0 commentsTrade exchange between Saudi Arabia and the GCC nations has surpassed SAR 37.8 billion ($10.1 billion) during the period between January and May, according to Mubasher's statistics based on the General Authority for Statistics’ (GASTAT) data. Saudi exports to the GCC amounted to SAR 13.8 billion ($3.7 billion), while its imports from the...
July 27th, 2018 | 0 commentsOil prices edged up on Thursday, with Brent leading the rally, extending their gains for the third consecutive day, driven by the suspension of Saudi Arabia’s crude shipments in a main lane in the Red Sea and a drop in US inventories to a three and a-half-year low. International benchmark Brent crude futures rose $0.42 to $74.35 per barre...
July 16th, 2018 | 0 commentsThe GCC's automation industry will see enhanced growth in the coming five years, encouraged by the recovery in oil prices and government economic diversification plans, a new report showed. In July, consulting firm TechSci Research reported that the GCC market for industrial and building automation would reach $10.3 billion in 2023, growi...
June 27th, 2018 | 0 commentsThe Suez Canal Authority (SCA) is planning to obtain an EUR 300 million loan from GCC banks to buy two new drilling rigs, three banking sources said. The Egyptian state-owned body is currently in talks with GCC-based lenders over the loan as it has not reached an agreement with local banks, Reuters reported, citing one of the sources. In...
June 25th, 2018 | 0 commentsThe US interest rate hike will have a negative impact on the GCC economies, especially those which peg their currencies with the US Dollar. Earlier in June, the United States Federal Reserve decided to raise interest rates by 25 basis points. Following this move, central banks in the UAE and Bahrain increased their interest rates by 0.25%...
June 11th, 2018 | 0 commentsThe Gulf region has registered an incline in inbound flights from Eastern European countries in 2017 when compared to 2016, as reported by Arabian Business, according to figures from travel website Skyscanner. The study showed that December was the most popular month for travellers to come to the region. Bulgaria showed the biggest increa...
June 6th, 2018 | 0 commentsThe GCC region shows great promise for renewable energy deployment, based on a recent study by management consultancy Strategy and Middle East, part of the PwC network. GCC governments must develop a carefully planned framework and make careful decisions in order to unlock this potential. The study shows that renewable energy continues to...
May 30th, 2018 | 0 commentsAl Ahli Bank of Kuwait (ABK) is currently mulling over acquisition deals in the Gulf area to endorse its revenues from international operations, CEO Michel Accad said in an interview with Bloomberg. “We can consider anything at the right price, but not anywhere, we have a preference for the Gulf Cooperation Council,” Accad told Bloomberg....
May 21st, 2018 | 0 commentsThe GCC debt issuance was relatively calm in the three-month period ended March 2018, registering $12 billion, according to National Bank of Kuwait’s (NBK) recent report. However, still-favourable borrowing costs, high oil prices, and continued foreign investor interest are expected to keep market access relatively easy this year, the rep...
May 9th, 2018 | 0 commentsGulf Capital, a private equity firm, is planning to invest AED 1.8 billion ($490,000) in 3 or 4 acquisition deals in the GCC, Egypt, and Jordan. The Abu Dhabi-listed company is paying special attention to a group of sectors in the Saudi Market including technology, entertainment, electricity, water, oil, and transportation, CEO Karim El S...
