Banking & Insurance

Mubasher: National Mobile Telecommunications Company (Ooredoo) secured a QAR 2 billion financing deal to accelerate the growth of its data centre and AI business in the MENA region. The 10-year financing agreement was signed with QNB, Doha Bank, …

Dubai – Mubasher: A consortium including Arcapita Group Holdings Limited and Dgpays agreed to acquire a majority stake in NEOPAY, the UAE’s fast-growing payment solutions provider. Under the joint deal, Mashreq Bank will retain a significant …

Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) named Khalid bin Saeed Abu Khadra as the new CEO following Abdullah bin Sulaiman Al Juraish’s resignation from his position as the Acting CEO. The board members approved the appointment …

Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) penned a Sharia-compliant facility deal valued at SAR 500 million with Riyad Bank on 17 September 2024. SARCO will use the loan for public investments, including buying shares and …

Riyadh – Mubasher: CATRION Catering Holding Company penned a Sharia-compliant credit facility agreement with Saudi Awwal Bank (SAB) at an amount of SAR 221 million The company obtained the funding through its subsidiary CATRION Catering Services …

Riyadh – Mubasher: Zahrat Al Waha for Trading Company renewed its Islamic financing agreement valued at SAR 60 million from The Saudi National Bank (SNB) on 15 September 2024. The facility, which is valid until 31 May 2025, is secured by order …

Riyadh – Mubasher: Nama Chemicals Company rescheduled its SAR 35.50 million loan from the National Bank of Kuwait (NBK) on 15 September 2024, according to a bourse disclosure. The existing loan is set to mature on 24 October 2025, while the tenor …

Riyadh – Mubasher: The board of Chubb Arabia Cooperative Insurance Company accepted the resignation of Talal Omar Bahafi, the company’s CEO. Bahafi resigned on 12 September 2024 due to personal reasons, yet it will be effective on 30 September, …

Riyadh – Mubasher: Al Moammar Information Systems Company (MIS (obtained SAR 252 million from Riyad Bank on 10 September 2024, according to a bourse disclosure. The Saudi firm will use the Sharia-compliant facility for invoice payables, project …

Riyadh – Mubasher: Qomel Manufacturing Company, a subsidiary of Qomel Company, was granted the Saudi Industrial Development Fund’s approval to finance the construction of the Qomel Pharmaceutical Manufacturing plant. The unit obtained the SAR …

Riyadh – Mubasher: Ataa Educational Company extended its Sharia-compliant facility deal with The Saudi Investment Bank (SAIB) at SAR 510.46 million on 9 September 2024. The facility agreement is secured by a promissory note with the value of the …

Riyadh – Mubasher: Bank Albilad announced interim cash dividends amounting to SAR 625 million, equivalent to 5% of the capital, for the first half (H1) of 2024. The lender will distribute a dividend after Zakat valued at SAR 0.50 per share to 1.25 …

Riyadh – Mubasher: The Executive Directors of the International Monetary Fund (IMF) supported the decision to recalibrate investment spending in Saudi Arabia, noting that it helped reduce the risks of an economic boom. They also recommended …

Riyadh – Mubasher: AviLease, owned by the Saudi Public Investment Fund (PIF), has closed a $2.50 billion five-year unsecured term facility that mainly will be used to fully refinance a bridge facility it raised in 2023 when acquiring the Standard …

Riyadh – Mubasher: Saudi fintech savings platform Hakbah entered into a new partnership with The Company for Cooperative Insurance (Tawuniya) at the 24 Fintech Conference that kicked off in Riyadh on 3 September. This alliance will reshape the …

Riyadh – Mubasher: The Saudi Central Bank (SAMA) penned an agreement with Samsung to provide access to Samsung Pay service in the Kingdom during the fourth quarter (Q4) of 2024. The announcement was unveiled on the sidelines of the 24 Fintech …

Riyadh – Mubasher: SNB Capital, the asset manager and investment bank of the listed Saudi National Bank (SNB), has acted as a lead investor in a Series A investment round amounting to SAR 65 million for Malaa Technologies, a Saudi fintech company. …

Riyadh – Mubasher: STC Bank, formally known as stc pay and one of the leading digital innovators in the listed Saudi Telecom Company (stc) portfolio, is joining the 24 Fintech three-day event in Saudi Arabia as a Founding Partner. Being the newest …

Riyadh – Mubasher: The flagship fintech event in Saudi Arabia 24 Fintech 2024 will kick off at the Riyadh Front Exhibition & Conference Center (RFECC) from 3 to 5 September this year, co-organised by Fintech Saudi and Tahaluf. This annual event is …

Riyadh – Mubasher: The Public Investment Fund (PIF) has obtained a $15 billion revolving credit facility for general corporate purposes, according to a press release. This funding, which replaces the previous $15 billion revolving credit facility …

Riyadh – Mubasher: Alkhaleej Training and Education Company inked a SAR 29.19 million contract with the Company for Cooperative Insurance (Tawuniya) on 27 August 2024. Tawuniya will provide medical insurance services to Alkhaleej Training’s …

Riyadh – Mubasher: Prefect presentation for commercial services Company (2P Prefect Presentation) was awarded a SAR 85.96 million project contract from the Ministry of Health on 26 August 2024. The deal covers the operation and maintenance of the …

Riyadh – Mubasher: Saudi Electricity Company (SEC) obtained $4 billion (SAR 15 billion) in international syndicated revolving credit facilities on 25 August 2024, according to a bourse filing. A number of regional and international lenders …