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10 July 06:39 AM

Banking

GCC banks' interest income is expected to decline this year
6 July 11:57 AM GCC banks to witness lower profits in 2020 amid COVID-19
Mubasher: The profits of banks in GCC countries will decrease in 2020 due to the economic contraction amid the coronavirus (COVID-19) pandemic and lower oil prices, Moody's Investors Service said in a report on Monday. Moody's referred that …
Banking and Finance
The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
Banking and Finance
Mansour Group, from Egypt, came in first place
28 June 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
Macroeconomics
Careem will benefit from Visa's real-time push payment solution
28 June 01:45 PM Careem partners with Visa to promote cashless payments
UAE - Mubasher: Careem and Visa have inked a partnership agreement to boost cashless payments and digital financial inclusion across the Middle East and North Africa region, according to a press release on Sunday. Under the partnership, Visa …
Banking and Finance
The acquisition is in line with the growing fintech sector
11 June 01:06 PM TPAY Mobile acquires Payguru
Mubasher: TPAY MOBILE, a leading mobile payment enabler in the Middle East and Africa (MEA), announced that it has fully acquired Payguru, one of the region's leading payment service providers. Subject to regulatory approvals, the acquisition will …
Mergers and Acquisitions
The greenback advanced to EGP 16.17 for buying at AAIB
7 June 04:11 PM EGP slides to lowest level against USD since October 2019
By: Heba El-Kordy Cairo – Mubasher: The Egyptian pound exchange rate continued its declining trend against the US dollar, nearing the lowest level since 21 October 2019, according to data compiled by Mubasher. For the second week in a row, the USD …
Currencies
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 …
Currencies
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 …
Sector Reports
(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, …
Macroeconomics
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 …
Banking and Finance
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, …
Banking and Finance
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
Banking and Finance
The CBK’s decision is in line with KFH’s board directives
7 May 10:53 AM Kuwait C. bank asks KFH to reassess AUB’s acquisition
Mubasher: Kuwait Finance House (KFH) has received a letter from the Central Bank of Kuwait (CBK) on Tuesday, 5 May, requesting KFH to conduct a comprehensive reassessment of its acquisition of Bahrain’s Ahli United Bank (AUB). The reassessment …
Board of Directors
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …
Banking and Finance
The agreement carries a maturity period up to two years
19 April 04:47 PM Seef Properties concludes BHD 4.5m Murabaha facility deal with AUB
Mubasher: Seef Properties has concluded a Sharia-compliant Murabaha facility agreement worth BHD 4.5 million with Bahrain’s Ahli United Bank (AUB) to finance working capital requirements. The agreement carries a maturity period up to two years, …
Banking and Finance
Domestic M&A registered a 92% annual drop in Q1-20
16 April 11:42 AM MENA M&A deals record $14.8bn in Q1-20 – Report
Dubai – Mubasher: Investment banking fees in the Middle East and North Africa (MENA) region rose by 11% year-on-year (YoY) to an estimated $188.8 million during the first quarter (Q1) of 2020, with three-figure gains recorded across mergers and …
Banking and Finance
Al Mashani has replaced Khaleefa Butti Al Muhairi
13 April 10:36 AM Al Salam Bank appoints new chairman
Mubasher: Al Salam Bank – Bahrain, listed on Bahrain Bourse and the Dubai Financial Market (DFM), has appointed Sheikh Khalid bin Mustahail Al Mashani as the chairman of the board. Al Mashani has replaced Khaleefa Butti bin Omair bin Yousif Al …
Banking and Finance
The new agenda will be provided in due course
12 April 03:49 PM KFH, AUB acquisition procedures delayed until December
Mubasher: The board of directors of Ahli United Bank (AUB) has approved suspending all acquisition offer procedures in Kuwait and Bahrain until December 2020 in coordination with Kuwait Finance House (KFH). The decision was subject to the Central …
Banking and Finance
The MEA region witnessed a 200% increase in contactless transactions
6 April 06:20 PM Mastercard raises contactless payment limits in MEA
Mubasher: Mastercard has raised contactless payment limits across the Middle East and Africa (MEA) region to secure safer payment methods amid rising concerns over the novel coronavirus (COVID-19) outbreak. Over the course of 2019, the MEA region …
Banking and Finance
Minister of international cooperation - Rania Al Mashat
6 April 12:51 PM AfDB allocates $3bn to support member countries’ efforts against COVID-19
Cairo – Mubasher: The African Development Bank Group (AfDB) allocated $3 billion to support efforts to curb the spread of the novel coronavirus (COVID-19) in member states, including Egypt, director of AfDB's Country Office, Malin Bloomberg, said. …
Macroeconomics
GFH owns around 55% of Khaleeji Commercial Bank’s shares
6 April 12:33 PM Khaleeji Commercial Bank’s exposure to NMC Healthcare exceeds $32m
Mubasher: GFH Financial Group announced that Khaleeji Commercial Bank, a 55%-owned subsidiary of GFH, reported a financing exposure of $32.71 million to the NMC Healthcare Group. GFH’s announcement was made as per Boursa Kuwait’s request, …
Companies Investments
CBK eased the risk weighting for SMEs to 25% from 75%
2 April 01:09 PM Kuwait C. bank offers stimulus to support vital sectors, SMEs
Mubasher: The Central Bank of Kuwait (CBK) on Thursday announced a stimulus package to help vital economic sectors, projects of added value, and small and medium-sized enterprises (SMEs) cushion the impact of the coronavirus outbreak. The new …
Banking and Finance
The total number of shares stands at 892.119 million shares
1 April 10:11 AM DFM executes Khaleeji Commercial Bank's capital reduction
Dubai - Mubasher: The Dubai Financial Market (DFM) has announced that the reduction of Khaleeji Commercial Bank's capital was executed, according to a press release on Wednesday. Following the reduction, the total number of shares stands at …
Banking and Finance
The bank reported a 7% rise in total assets last year
29 March 01:11 PM Al Baraka Bank South Africa sees 11% higher net income in 2019
Mubasher: The net income of Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group, has increased by 11% to ZAR 73 million ($5 million) in 2019 when compared to 2018. The bank reported a 7% rise in total assets to ZAR 7.35 billion ($ …
Financial Results
President of Egypt, Abdel Fattah El-Sisi
27 March 06:07 PM Egypt calls for African debt relief by G20 countries
Cairo – Mubasher: President of Egypt, Abdel Fattah El-Sisi, has presented an initiative to the G20 group to consider easing debt burdens on African countries, in light of the impacts of the coronavirus (COVID-19) crisis on the continent’s …
Central Banks