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22 February 07:57 PM

Banking

The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
Central Banks
Earnings per share (EPS) rose to 9.8 fils in 2019.
13 February 10:25 AM Al Salam Bank records BHD 21m profits in 2019; dividends proposed
Mubasher: Al Salam Bank – Bahrain reported a net profit attributable to shareholders worth BHD 21.1 million, 14% year-on-year (YoY) higher than BHD 18.5 million. Earnings per share (EPS) stood at 9.8 fils by 2019 year-end, as compared to 8.7 fils …
Financial Results
Kuwaiti public debt declined by 4.61% MoM
12 February 12:29 AM Kuwait’s public debt hits over KWD 2bn in December 2019
Mubasher: Kuwait’s public debt instruments dropped 41.5% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). The GCC country’s debt instruments went down to KWD 2.072 billion ($6.822 billion) …
Macroeconomics
Kuwaiti M2 declined to KWD 38.129 billion
12 February 12:16 AM Kuwait’s M2 falls 1.24% YoY in December 2019
Mubasher: Kuwait’s local liquidity went down by 1.24% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). Kuwaiti money supply (M2) declined to KWD 38.129 billion ($125.534 billion) last …
Banking and Finance
Opening the new Operations Centre
11 February 06:07 PM GIB inaugurates new operations centre in Al Khobar
Mubasher: Gulf International Bank (GIB) announced the official opening of its operations centre in Al Khobar, Saudi Arabia. The new facility was inaugurated by Prince Saud bin Nayef Al Saud, Governor of the Eastern Province. The opening ceremony …
Banking and Finance
Vezeeta currently operates in 50 cities in Egypt, Saudi Arabia, Jordan, and Lebanon
11 February 03:02 PM Vezeeta raises $40m in Series D funding round led by Gulf Capital
Cairo – Mubasher: Vezeeta, the leading digital healthcare startup in the Middle East and Africa, raised $40 million in a Series D funding round led by Gulf Capital, the largest alternative asset management company in the Middle East. Saudi …
Banking and Finance
The bank recorded a loss per share of 15.86 fils last year
10 February 04:15 PM Khaleeji Commercial Bank turns to BHD 15m loss in 2019
Mubasher: Khaleeji Commercial Bank, listed on Bahrain Bourse (BHB) and the Dubai Financial Market (DFM), incurred losses of BHD 14.93 million in the fiscal year 2019, against a profit worth BHD 658,760 in 2018. The bank registered a loss per share …
Banking and Finance
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
Central Banks
The profits amounted to $172.1 million in Q4
9 February 09:54 AM AUB records 4.7% higher profits in 2019; dividends proposed
Mubasher: Ahli United Bank's (AUB) net profits attributed to shareholders increased by 4.7% on an annual basis over the fiscal year ended on 31 December 2019 to stand at $730.5 million from $697.5 million.    Earnings per share (EPS) totalled 7.9 …
Board of Directors
KFH will convert AUB’s subsidiary in Kuwait to a digital bank
6 February 01:45 PM KFH to change AUB’s name to ‘KFH Bahrain’ following merger
Mubasher: Kuwait Finance House (KFH) intends to change the name of Ahli United Bank (AUB) to Kuwait Finance House – Bahrain (KFH Bahrain) following the merger once the bank determines the proper timing. AUB will continue to operate normally and …
Companies Investments
KFH will provide further details later on
5 February 04:07 PM KFH officially submits acquisition offer to AUB
Mubasher: Kuwait Finance House (KFH) has submitted a letter of intent to Ahli United Bank (AUB) in regards to its proposed full takeover of AUB’s shares, in compliance with the requirements of regulatory authorities in Bahrain and Kuwait.    The …
Mergers and Acquisitions
The deal will reflect positively over the coming years
4 February 12:54 PM Inovest suffers $4.5m loss on debt settlement
Mubasher: An associate of Inovest, Marina Durrat Bahrain Real Estate Development, signed an agreement on Monday, 3 February 2020, to fully settle its debt with a Bahrain-based local commercial bank.          The transaction has lead to …
Banking and Finance
The bank's cash dividends for 2019 total KWD 27.86 million
4 February 10:18 AM AUB Kuwait's profits rise 7.3% in 2019; dividends proposed
Mubasher: The profits of Ahli United Bank – Kuwait (AUB Kuwait) increased by 7.3% on an annual basis during the fiscal year ended 31 December 2019, driven by higher business growth.      The bank achieved profits worth KWD 55.02 million ($180.75 …
Board of Directors
Burgan Bank expects the deal to improve the quality of its assets
28 January 09:51 AM Burgan Bank gets approval for selling stake in Bank of Baghdad
Mubasher: The Central Bank of Iraq (CBI) has approved the sale of Burgan Bank’s 51.8% stake in Bank of Baghdad to United Gulf Holding Company (UGH), a sister company of the Kuwait-based bank and another subsidiary of the Kuwait Projects Holding …
Companies Investments
KFH has not made any official acquisition offer to AUB yet
27 January 09:38 AM AUB says no official acquisition offer made by KFH to date
Mubasher: Ahli United Bank (AUB) announced that no significant developments concerning the proposed takeover of the bank of by Kuwait Finance House (KFH) have taken place until the present time.     It further added that no official acquisition …
Banking and Finance
Mumtalakat’s CEO Khalid Al Rumaihi
22 January 09:44 PM Mumtalakat receives $4bn orders for $500m sukuk
Mubasher: Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has received $4 billion worth of orders for $500 million sukuk, Mumtalakat’s CEO Khalid Al Rumaihi told CNBC Arabiya on Wednesday. The company did not expect such …
Banking and Finance
The Murabaha facility agreement was signed in June 2019
22 January 04:38 PM Alafco recieves last tranche of $600m Murabaha facility
Mubasher: Alafco Aviation Lease and Finance Company on Wednesday announced the successful closure of a $600 million five-year unsecured Murabaha facility as it received the last tranche of $80 million. The payment marked the last phase of the …
Companies Investments
Order books were oversubscribed 2.5 times, exceeding $750 million
22 January 09:39 AM GFH raises $300m in Sukuk issuance; oversubscribed 2.5 times
Dubai – Mubasher: GFH Financial Group on Wednesday announced the successful closure of five-year Sukuk valued at $300 million.   The issuance was oversubscribed 2.5 times with more than $750 million, according to a bourse statement. GFH believes …
Companies Investments
Chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk
20 January 03:59 PM KFH, AUB merger to generate higher profits; BHB listing approved
Mubasher: The chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk stressed that the bank focuses on merger and acquisition opportunities, CNBC Arabia reported on Monday. He noted that KFH’s merger with Bahrain’s Ahli United Bank …
Macroeconomics
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
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 …
Mergers and Acquisitions
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, …
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 …
Banking and Finance
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 transaction may have a one-time negative impact on the net income
5 January 10:15 AM Burgan Bank exits entire stake in Bank of Baghdad
Mubasher: Burgan Bank has sold its full stake in Bank of Baghdad, representing 51.8%, to its sister company, United Gulf Holding company. The deal reinforces Burgan Bank’s strategy to improve returns on risks for the bank’s shareholders, according …