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PAYFORT partnered with the region's leading banks
4 June 10:52 AM Amazon's PAYFORT to support SMEs in Saudi Arabia, UAE, Egypt
Mubasher: PAYFORT, an Amazon company, has introduced an initiative to support startups and small- and medium-sized enterprises (SMEs) in Saudi Arabia, the UAE, and Egypt. Through the #StartUpStayUp initiative, PAYFORT will help over 100 of …
UAE banks' foreign assets grew to AED 814.89bn in April
3 June 11:37 AM UAE banks' foreign assets up 3% in April
UAE – Mubasher: The foreign assets of the UAE banking system grew by 3% month-on-month (MoM) to AED 814.89 billion last April from AED 791.64 billion in March 2020. Since the beginning of 2020, the UAE bank’s foreign-currency assets rose by around …
FAB sold 30-year Formosa bonds
3 June 10:12 AM FAB sells $500m Formosa bonds in May
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) sold 30-year Formosa bonds with a 0% coupon at a total value of $500 million in a private placement last month, according to Reuters. Standard Chartered has solely arranged the transaction, in which …
Sharjah has issued AED 4 billion Sukuk
2 June 04:00 PM Sharjah pumps AED 4bn liquidity to support banking system
UAE - Mubasher: Sharjah Finance Department (SFD) has issued AED 4 billion Sukuk to enable the emirate's banks to provide financial support to the sectors impacted by coronavirus (COVID-19). The 12-month AED-dominated Sukuk, representing the first …
The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
The company will issue 500 million new shares
1 June 11:36 AM Julphar launches AED 500m rights issue to improve capital profile
Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has launched a rights issue to raise AED 500 million and improve its capital position and debt profile. By raising AED 500 million, the company will finance its turnaround plan and put …
Abu Dhabi's banks registered assets of AED 1.407
1 June 09:43 AM Abu Dhabi, Dubai banks record AED 2.9trn assets in April
UAE – Mubasher: The assets of banks operating in Abu Dhabi and Dubai have reached around AED 2.897 trillion in April, according to the Emirates News Agency (WAM). This figure represented 92% of the UAE banking sector's assets, which recorded …
The holding company set-up starts from AED 10,535
31 May 03:30 PM RAKEZ launches holding company formation to diversify investments
UAE - Mubasher: Ras Al Khaimah Economic Zone (RAKEZ) has launched the service of holding company formation to allow investors to diversify their investments. Through the holding company set-up, which starts from AED 10,535, investors can own …
Investments of banks in debt instruments rose by AED 1.8 billion YoY
28 May 01:03 PM UAE’s banks raise investments in bonds, stocks in April amid COVID-19 uncertainty
UAE – Mubasher: Banks operating in the UAE increased their investments in bonds and stocks at the end of April as investors search for safe-haven investments amid the coronavirus (COVID-19) outbreak. Investments of banks in debt instruments rose …
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
(Photo Credit: cafecredit)
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
Bengaluru's court set the next hearing on 8 June
20 May 01:00 PM NMC founder owes $253m to India's Bank of Baroda
UAE - Mubasher: The founder of the NMC Healthcare, BR Shetty, and his companies owe more than $250 million to India's Bank of Baroda, according to Reuters. Hence, an Indian court prevented Shetty and his wife from selling some properties while it …
The fund aims to support Indian and Southeast Asian startups
20 May 12:08 PM ADQ establishes AED 1.1bn venture fund to support startups
UAE - Mubasher: Abu Dhabi Developmental Holding (ADQ), one of the region's largest holding companies, launched an AED 1.1 billion Alpha Wave Incubation (AWI) Fund, according to the Emirates News Agency (WAM). Located at the Abu Dhabi Global Market …
Sheikh Saleh Abdullah Kamel
19 May 10:57 AM Saudi businessman Saleh Kamel passes away
Riyadh – Mubasher: Prominent Saudi businessman, the chairman and founder of Dallah Al Baraka Group, Sheikh Saleh Abdullah Kamel died on Monday, aged 79. Saleh Kamel was one of the region’s biggest investors in the media industry as the founder of …
FAB agreed with Bank Audi to stop the acquisition process
19 May 10:34 AM FAB halts Bank Audi-Egypt's acquisition process
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has agreed with Bank Audi to suspend the transaction process regarding its acquisition of the Lebanese bank's fully owned subsidiary in Egypt. This decision came amid the unprecedented circumstances …
The loan will be due after 60 months from the contract date
17 May 11:48 AM Metal and Recycling approves KWD 10m loan from Agility Investment
Mubasher: The board of Metal and Recycling Company has submitted its recommendation to the annual general meeting (AGM) for the approval of a credit facility agreement with Agility International Investment, a fully-owned subsidiary of Agility …
The earnings of the Islamic banks amounted to AED 1.1 billion
14 May 03:29 PM Abu Dhabi banks see AED 9.6bn income in Q1-20
Abu Dhabi – Mubasher: The net income of the commercial and Islamic banks operating in Abu Dhabi totalled AED 9.6 billion in the first quarter (Q1) of 2020, compared to AED 10.36 billion in the same period of 2019. The Islamic banks accounted for …
UAE banks have injected AED 500m in the agricultural sector
13 May 02:03 PM UAE banks provide AED 500m to agricultural sector in Q1
UAE – Mubasher: UAE banks have injected AED 500 million in the agricultural sector during the first quarter (Q1) of 2020, recording the highest credit facility provided to the sector in years, according to the Emirates News Agency (WAM). The …
Emirati banks denied their exposure to Phoenix Commodities Pvt
12 May 03:15 PM Emirates NBD, Mashreq Bank reveal exposure to Phoenix Commodities
Dubai – Mubasher: Emirates NBD and Mashreq Bank have exposure to Phoenix Global DMCC, a wholly-owned subsidiary of Phoenix Commodities Pvt, valued at $23.66 million and AED 43.064 million, respectively. Both banks confirmed that they do not have …
FAB will provide custody, issuer, and transfer agent service
12 May 12:04 PM FAB, Bahrain Clear ink custodian agreement
Mubasher: First Abu Dhabi Bank (FAB) has recently signed a depository agent agreement with Bahrain Clear to offer custody services to regional and international institutions in Bahrain Bourse. Under the agreement, FAB will provide custody, issuer, …
Ora Developers signed a EGP 1 billion loan agreement with Banque Misr
12 May 11:50 AM Ora Developers inks deals with Orascom, Banque Misr for ZED Phase I
Cairo – Mubasher: Orascom Construction PLC signed an agreement with Ora Developers to establish the first phase of ZED Sheikh Zayed in Egypt. In addition, Ora Developers also signed a EGP 1 billion loan agreement with Banque Misr to finance the …
Mubadala aims to raise between $3 billion and $4 billion
12 May 11:21 AM Mubadala plans to issue 3-tranche bonds
UAE - Mubasher: Mubadala Investment Company has hired a number of banks as it plans to issue three-tranche bonds, comprising of six-year and 10-year conventional bonds as well as 30-year dual-listed Formosa bonds, sources told Reuters. By issuing …
FinTech Abu Dhabi is largest event of its kind in the MENA region
11 May 03:27 PM CBUAE, ADGM to jointly organise FinTech Abu Dhabi 2020
UAE – Mubasher: The Central Bank of the UAE (CBUAE) will collaborate with the Abu Dhabi Global Market (ADGM) to hold the fourth edition of FinTech Abu Dhabi Festival (FinTech Abu Dhabi). Set to be held …
ADCB, DIB has exposure of AED 5.58 billion to NMC
11 May 02:53 PM NMC's CFO leaves UAE in repatriation flight to India
UAE – Mubasher: Former chief financial officer of NMC Healthcare, Suresh Krishnamoorthy, has reportedly left the UAE with his family on 7 May, through the repatriation flights to India, according to Gulf News. The move came after the Central Bank …
The ATM count was down to 4,937 in Q1-20
11 May 01:00 PM Number of ATMs in UAE down 6.5% in Q1-20
UAE - Mubasher: The number of automated teller machine (ATMs) operated by banks in the UAE fell by 6.5% or 342 machines in the first quarter (Q1) of 2020 amidst an increasing usage of contactless payment and electronic services due to concerns …