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20 January 02:59 AM

Banking

The UAE has maintained its 30th place globally
19 January 01:03 PM UAE’s holdings of US Treasury bonds increase 3.9% MoM in November
UAE - Mubasher: The UAE has raised its holdings of the US Treasury bonds by 3.9% month-on-month (MoM) to $39.9 billion in November 2019, compared to $38.4 billion in October, according to recent data by the US Department of the Treasury. …
Bonds
Emirates NBD's Al Qassim & RERA's bin Ghalita
19 January 11:56 AM Emirates NBD partners with Dubai Land for trust account services
UAE – Mubasher: Emirates NBD has inked an agreement with the Real Estate Regulatory Agency (RERA) of Dubai Land Department (DLD) to act as a trustee for the account and provide banking services to jointly owned properties to protect owners’ …
Companies Investments
BisB will continue to be listed on Bahrain Bourse
18 January 09:48 PM NBB acquires 78.8% stake in Bahrain Islamic Bank
Mubasher: The National Bank of Bahrain (NBB) on Saturday announced that its offer to acquire up to 100% of the paid-up ordinary shares of the Bahrain Islamic Bank (BisB) resulted in the control of a 78.8% stake in the Islamic bank, according to …
Banking and Finance
The board's decision was approved by circulation
16 January 03:12 PM Gulf Navigation’s board agrees on AED 125m Sukuk issue
Dubai - Mubasher: The board of Gulf Navigation Holding, the only maritime and shipping company listed on the Dubai Financial Market (DFM), approved by circulation to issue Sukuk worth AED 125 million. The announcement came during the board’s …
Sukuk and Islamic Finance
The Sukuk issuance will have a tenor of five years
16 January 09:29 AM GFH confirms Reuters news on $500m Sukuk issue
Dubai – Mubasher: GFH Financial Group on Thursday confirmed to its shareholders the news published by Reuters on 13 January 2020. GFH clarified that it plans to issue five-year-tenor Sukuk. The issuance builds on the shareholders’ resolution, …
Sukuk and Islamic Finance
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 …
Macroeconomics
Mubadala’s stake in the bank shrank to 2.02%
8 January 05:13 PM Mubadala Investment sells EUR 850m stake in Italy’s UniCredit
UAE – Mubasher: Mubadala Investment Company has sold a stake in Italy’s UniCredit Bank for EUR 850 million ($945.3 million), Bloomberg reported on Wednesday.  Following the deal, Mubadala’s stake in the Italian bank shrank to 2.02% as of 20 …
Companies Investments
Boubyan Bank offered to acquire BLME for $158m
8 January 12:37 PM Boubyan Bank receives regulatory approval to acquire BLME Holdings
Mubasher: Boubyan Bank has obtained the approval of the UK's Prudential Regulation Authority (PRA) to acquire Bank of London and The Middle East Holdings (BLME Holdings). The offer remains subject to the terms and conditions set in the takeover …
Mergers and Acquisitions
Mumtalakat is set to hold meetings with investors
7 January 10:06 PM Bahrain’s SWF hires banks for USD-dominated sukuk issuance
Mubasher: Mumtalakat Holding Company, the sovereign wealth fund (SWF) of Bahrain, has hired banks to arrange fixed income investor meetings ahead of the issuance of USD-dominated sukuk, Reuters reported on Tuesday. The hired banks include …
Banking and Finance
The facility will enable OSC to promote its debt position
5 January 01:06 PM ADIB unveils 1st Sharia-compliant financing to Omani firm at $80m
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) will provide an $80 million Sharia-compliant Ijarah facility to Oman Shipping Company (OSC), a member of the ASYAD Group, to finance two Very Large Crude Carriers (VLCC) tankers within the OSC …
Companies Investments
Naeem Holding owns 47.61% or 50.55 million shares in Reacap.
31 December 2019 01:32 PM Reacap shareholders nod to Naeem Consulting Services’ takeover
Cairo – Mubasher: The ordinary general meeting (OGM) of Reacap Financial Investments consented to purchase the entire stake of Naeem Holding for Investments in Naeem Consulting Services which represents 98%.  The OGM approved the deal’s …
Banking and Finance
Group Chief Operating Officer, Emirates NBD, Abdulla Qassem
30 December 2019 00:35 PM Emirates NBD adds to AED 1bn digitising plan via Saudi Arabia
Dubai – Mubasher: Emirates NBD announced the completion of the third phase of upgrading its international core banking system through a new rollout in Saudi Arabia, rapidly advancing into digital transformation with the aim to boost innovation and …
Companies Investments
Money transfers from Egyptians living in the GCC nation rose to AED 2.6 billion
26 December 2019 04:52 PM Remittances from Egyptians in UAE rise $164m in Q3-19
Cairo – Mubasher: Remittances from Egyptians living in the UAE increased by AED 600 million ($164 million) during the third quarter of 2019, according to a report released by the Egyptian Ministry of Manpower. Money transfers from Egyptians living …
Banking and Finance
Egypt topped receivers of KFAED's finance in 2019
25 December 2019 01:46 PM Kuwait Fund for Arab Economic Development provides $1.67bn finance in 2019
Mubasher: Kuwait Fund for Arab Economic Development (KFAED) has provided loans worth of $1.67 billion to different countries and entities during 2019. The biggest finance provided by the fund this year was a $1 billion loan granted to the Egyptian …
Banking and Finance
The facility will be offered by a consortium of 13 banks
23 December 2019 10:47 AM TAQA concludes $3.5bn revolving credit facility
Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) has successfully secured a five-year revolving credit facility at a value of $3.5 billion. The new multicurrency facility will be utilised in the company's general purposes and will …
The transaction is dually funded in US dollars and Euros
22 December 2019 04:03 PM TDB signs $450m Mideast-focused syndicated term financing
UAE– Mubasher: The Eastern and Southern African Trade and Development Bank (TDB) has successfully closed a Multi-Tranche Syndicated Term Financing, conventional and Islamic, worth $272 million and EUR 160.200 million, equivalent to a combined …
Credit Agricole is still developing SMEs portfolio and getting some resources
18 December 2019 02:09 PM Antoine Paliard talks fintech innovation, startup contests – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Credit Agricole has chosen Infini Systems, an India-based startup, as the winner of the Fintech Hackathon 2019 during the RiseUp Summit, held in Cairo from 5 to 7 December. A total of 30 teams …
Companies Investments
The platform allows investors to buy, sell, and hold digital diversified Sharia-compliant assets
18 December 2019 01:22 PM CoinMENA seeks opportunities in digital assets, Islamic fintech
Mubasher: Bahrain-based CoinMENA has appointed Shariyah Review Bureau (SRB) as an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital asset platform. Created to help investors at both the …
Sukuk and Islamic Finance
DIB's combined assets total AED 275 billion
18 December 2019 09:41 AM DIB’s shareholders approve to acquire Noor Bank
Dubai – Mubasher: The shareholders of the Dubai Islamic Bank (DIB) consented the recommended acquisition of Noor Bank, a UAE-based Sharia-compliant bank, during the ordinary general meeting's (OGM) assembly on Tuesday. The takeover is set to …
The UAE's investments in the US T-bonds tumbled by 32% in 10M
17 December 2019 03:17 PM Emirati holdings of US Treasuries up 3% in October
UAE – Mubasher: The UAE raised its investments in US Treasury bonds by 2.9% month-on-month (MoM) to $38.4 billion in October, compared to $37.3 billion, data by the US Department of the Treasury revealed. Year-on-year, the GCC nation's holdings of …
Macroeconomics
ArabNet Riyadh provided a meeting point for startups with investors, incubators and VCs
12 December 2019 04:31 PM Saudi Arabia asserts role as MENA digital hub during ArabNet Riyadh
Riyadh – Mubasher: ArabNet Riyadh 2019 concluded on Wednesday with great success, providing an interactive platform for engagement between local and international experts and participants, with a special focus dedicated to tech startups. The 8th …
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 2019 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out the space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat expected to reshape the future of finance as many countries …
Banking and Finance
Tribal Credit recently closed a $5.5 million Seed round
12 December 2019 00:04 PM How startups benefit from blockchain at Tribal Credit – Interview with Mohamed ElKasstawi
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups nowadays should look for new ways to boost their business, and one of these ways is using blockchain technologies and digital money. The US-based Tribal Credit, headquartered in Silicon …
Bilateral trade between the UAE and Egypt amounted to $3 billion in H1-19
11 December 2019 04:32 PM UAE-Egypt trade exchange likely to reach $8bn by end 2019
Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion during the first half of 2019, the Middle East News Agency (MENA) reported, citing the undersecretary of the Foreign Trade and Industry at the UAE Ministry of …
Customers can conclude any routine transaction through Smartbanking at once
11 December 2019 11:36 AM ADIB launches “Smartbanking” for millennial customers
Abu Dhabi – Mubahser: Abu Dhabi Islamic Bank (ADIB) has introduced, Smartbanking, a new digital banking proposition for millennial customers, representing a new banking paradigm in the UAE. The new solution features digital onboarding along with a …
Banking and Finance