Egyptian exports to G20 countries rise by 39% in 1H 2021

Egyptian exports to G20 countries rise by 39% in 1H 2021
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Updated 31 October 2021

Egyptian exports to G20 countries rise by 39% in 1H 2021

Egyptian exports to G20 countries rise by 39% in 1H 2021

CAIRO: Egypt’s exports to G20 countries rose 39.2 percent in the first half of 2021 to $9billion as compared to $6.5 billion in the same period last year.

According to the data issued by Egypt’s Central Agency for Public Mobilization and Statistics, Italy, the US and Saudi Arabia were the biggest export destinations. Egypt’s exports to all these three countries amounted to $1.1 billion each.

The country’s imports from G20 countries, on the other hand, rose by 14 percent to $27 billion in the six-month period ending June 30, 2021. 

The value of Chinese imports was the greatest standing at $6.5 billion. This was followed by the US and Saudi Arabia at $3.2 billion and $3.1 billion respectively.

Meanwhile, remittances from G20 countries increased to $11.6 billion in the fiscal year 2019/20, the agency said. This is greater than the previous fiscal year’s remittances of $10.2 billion.

Workers in Saudi Arabia transferred, by far, the highest value of remittances in 2019/20 as they amounted to $9.6 billion. Remittances from the US and the UK came next, at $975.2 million and $489.2 respectively.

In addition, G20 countries’ investments in Egypt fell in 2019/20 by 43.1 percent to $6.7 billion. The UK was at the top of the list with investments worth $2.9 billion.


Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today
Updated 18 sec ago

Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today

RIYADH: Saudi Arabia’s main stock index, TASI, was up on Wednesday to its highest close since 2006, continuing its rally from last week amid heightened investor sentiment. 
TASI edged 0.5 percent higher to 12,260 points, and the parallel Nomu market added 0.4 percent to reach 26,158 points.

In line with Saudi Arabia, most GCC indexes closed higher on Wednesday, with Abu Dhabi’s FTSE ADX General index outperforming, up 1.6 percent.

Muscat Stock Exchange’s MSX30 rose 0.8 percent, followed by Bahrain’s BAX and Qatar’s QSI which were up in the range of 0.2 and 0.3 percent.

Bourses of Dubai and Kuwait were down 0.3 and 0.1 percent, respectively.

Elsewhere in the Middle East, the Egyptian index EGX30 dropped 1.4 percent.  

In energy trading, Brent crude rose in early morning to its highest level in seven years, reaching $88.5 per barrel, and US WTI crude oil went up to $87.3 per barrel as of 8:48 a.m. Saudi time.

Stock news

  • Yanbu National Petrochemical Co., known as Yansab, reported a 126 jump in net profit in the fiscal year 2021, due to higher product selling prices
  • Amlak responded to a plaintiff who alleged it faces damages regarding a residential tower project, saying it didt not breach its contractual obligations

Calendar

Jan. 20, 2022

National Co. for Learning and Education will start paying out dividends of SR0.8 per share for the fiscal year ended Aug. 31, 2021

Jan. 25, 2022

Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

 


Saudi fintech Lean Technologies raises $33 million latest funding round

Saudi fintech Lean Technologies raises $33 million latest funding round
Updated 22 min 16 sec ago

Saudi fintech Lean Technologies raises $33 million latest funding round

Saudi fintech Lean Technologies raises $33 million latest funding round
  • The proprietary technology is used by a number of financial players in the region, across different verticals

RIYADH: Saudi financial technology startup Lean Technologies has raised $33 million in its series A funding round led by Sequoia Capital India. 

The startup provides a platform that allows its clients to integrate with their customer's bank accounts to retrieve relevant information or initiate bank transfers. 

The proprietary technology is used by a number of financial players in the region, across different verticals including remittances, cryptocurrency, and investment, the company said in a statement. 

“We started Lean with the aim of enabling the next generation of financial innovation in the Middle East, a mission deep-rooted in the hearts of our entire team,” Hisham Al-Falih, co-founder and CEO of Lean, said. 

The investment happens in the background of a burgeoning regional financial ecosystem, characterized by fintech sandboxes and forward-thinking regulations. 

Lean aims to be the first Saudi aggregator to “enable the booming sector within the Kingdom,” which it ties back to the ambitious 2030 vision that includes financial objectives. 


Residential land prices drive Saudi real estate inflation to almost 2-year high

Residential land prices drive Saudi real estate inflation to almost 2-year high
Updated 11 min ago

Residential land prices drive Saudi real estate inflation to almost 2-year high

Residential land prices drive Saudi real estate inflation to almost 2-year high

RIYADH: A hike in residential land prices prompted real estate prices in Saudi Arabia to rise by an annual rate of 0.9 percent in the final quarter of 2021, according to data by Gastat.

This is the highest level since the first quarter of 2020 as prices of residential land plots went up, causing the sub-index of residential real estate prices to go up by 1.7 percent.

Other components of this sub-index – which includes costs of buildings, villa, apartments and houses – all underwent negative inflation.

Meanwhile, commercial and agricultural real estate prices fell from a year ago by 0.7 percent and 0.2 percent, respectively, balancing the effect on the overall index.

In quarterly terms, real estate prices in the Kingdom ticked up by 0.5 percent induced by, again, the household real estate sub-index which grew by 0.7 percent.


Saudi Arabia is top oil supplier to China in 2021

Saudi Arabia is top oil supplier to China in 2021
Updated 46 min 32 sec ago

Saudi Arabia is top oil supplier to China in 2021

Saudi Arabia is top oil supplier to China in 2021

CHINA: Saudi Arabia retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1 percent over 2020, and increased its share to 17% of total Chinese imports, customs data showed.

China brought in 87.58 million tonnes of crude oil from the kingdom, or an equivalence of 1.75 million barrels-per-day, data from the General Administration of Customs showed on Thursday.

That compares to 84.92 million tonnes in 2020, when Saudi Arabia held 16 percent of the Chinese market.

The expanded market share by the top OPEC exporter came as it boosted sales to national refiners and bolstered by demand from private mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical.

Russia came in second, increasing the gap with Saudi Arabia, as supplies contracted 4.7 percent to 79.65 million tonnes, or 1.59 million bpd, weighed down by weaker demand from China's independent refiners.

Shipments from Iraq came in third and fell 10 percent on the year to 54.13 million tonnes. Brazil dropped to No.7 last year versus No.4 in 2020, with supplies down 28 percent to 30.28 million tonnes, also due to reduced appetite from small independent plants.

Under a broad campaign to rein in surplus refining capacity and cut carbon emissions, the Chinese government last year introduced measures such as cutting import quotas and slapping a hefty tax on imports of blending fuels.

Imports from Oman and Malaysia gained 18 percent and 50 percent, respectively.

Reuters reported shipments from Iran and Venezuela were passed on as originated from Oman and Malaysia due to U.S. sanctions.

China's customs data on Thursday showed the country brought in its first imports of Iranian crude oil in a year in December despite ongoing sanctions by the United States government.

Officially, Chinese customs data has consistently not shown any imports from Venezuela.

Thursday's data showed U.S. supplies plunged 42 percent to 11.47 million tonnes.

The table below shows import details by country, in metric tonnes. Volumes during January-December period and the percentage changes are calculated by Reuters.

Country Jan-Dec. volume Jan-Dec yr/yr %
Russia 79,654,884 -4.7
Saudi Arabia 87,576,703 3.1
Iraq 54,130,343 -10
Angola 39,163,873 -6.3
UAE 33,825,312 8.6
Oman 44,789,938 18.4

 

 

 

 


Oil prices hover around 2014 highs, supported by supply concerns

Oil prices hover around 2014 highs, supported by supply concerns
Updated 20 January 2022

Oil prices hover around 2014 highs, supported by supply concerns

Oil prices hover around 2014 highs, supported by supply concerns

SINGAPORE: Oil steadied on Thursday, clawing back losses earlier in the session, as strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
Brent crude futures fell 17 cents, or 0.2 percent, to $88.27 a barrel, as of 0418 GMT, having dropped more than $1 earlier in the session. The global benchmark touched $89.17 a barrel on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate crude futures were up 7 cents, or 0.1 percent, to stand at $87.03 a barrel, having also shed nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014.
"The International Energy Agency said global oil demand is on track to hit pre-pandemic levels," analysts at ANZ bank said in a note.
"Shorter-term supply disruptions are also helping tighten markets. Brent crude rallied sharply after reports a key oil pipeline running from Iraq to Turkey was knocked out by an explosion."
However, the flow of crude oil through the Kirkuk-Ceyhan pipeline has resumed, after it was halted on Tuesday due to a blast near the pipeline in the southeastern Turkish province of Kahramanmaras, officials said on Wednesday.
Supply concerns have mounted this week after Yemen's Houthi group attacked the United Arab Emirates, the third-largest producer in the Organization of the Petroleum Exporting Countries. Meanwhile Russia, the world's second-largest oil producer, has built up a large troop presence near Ukraine's border, stoking fears of invasion and subsequent supply uncertainties.
Underpinning oil prices is the broad post-coronavirus pandemic recovery in demand for fuel.
OPEC officials and analysts say that an oil rally may continue in the next few months, and prices could top $100 a barrel as demand shrugs of the spread of the Omicron COVID-19 variant.
OPEC+, which groups the cartel with Russia and other producers, is struggling to hit a monthly output increase target of 400,000 barrels per day.
U.S. crude and gasoline stocks rose while distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday.
Crude stocks rose by 1.4 million barrels for the week ended Jan. 14. Gasoline inventories rose by 3.5 million barrels while distillate stocks fell by 1.2 million barrels, according to the sources, who spoke on condition of anonymity.