Banking and Finance

ENBD REIT's facility will be in two tranches
01:02 PM ENBD REIT raises $75m Islamic financing to boost portfolio diversification
Dubai —  Mubasher: ENBD REIT has secured a total of $75 million (AED 275 million) murabaha finance facility with Standard Chartered Bank for a three-year period with a possibility to increase the facility to $100 million, according to a recent …
The new credit facility has a maturity date of five years
11:14 AM Dubai Aerospace inks $720m revolving credit facility
Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) on Thursday announced that it has inked a new unsecured revolving credit facility worth $720 million. The government-controlled firm signed the deal with a group of nine international banks based …
CBE issues EGP 18.75bn T-bills Thursday
10:48 AM CBE issues EGP 18.75bn T-bills Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance (MOF). The first tranche of T-bills will be offered through 182-day notes at EGP 9.5 …
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14 November 07:01 PM Tabreed gets AED 1.5bn bank facilitations
Dubai - Mubasher: The National Central Cooling Company (Tabreed) has received bank facilitations with a total value of AED 1.5 billion, according to the company’s CEO. Jasim Thabet told Al Arabiya on Wednesday that the finances will be used to …
ADCB appoints Barclays as merger advisor
14 November 06:08 PM ADCB appoints Barclays as merger advisor
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) appointed Barclays as an advisor to its potential merger with two other UAE-based banks, sources told Reuters on Wednesday. The merger involves Union National Bank (UNB) and privately-owned Al …
The bank will resume work on Wednesday, 21 November
14 November 02:16 PM CBE announces Prophet’s birthday holiday
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced that Tuesday, 20 November will be an official holiday on the occasion of Prophet Muhammed’s birthday. The bank will resume work on Wednesday, 21 November, according to an …
Ithmaar Bank achieved profits valued at $4.67 million
14 November 01:39 PM Ithmaar Bank Q3 profits decline to $1m
Mubasher: Ithmaar Bank, a subsidiary of Ithmaar Holding, posted a decrease of 18.3% in profits during the third quarter of 2018 compared to the same period a year ago. Earnings declined to $1.15 million in Q3-18 from $1.41 million in Q3-17, the …
The MSCI EM index comprises 23 countries
14 November 11:00 AM MSCI removes Doha Bank from EM Large Cap Index
Mubasher: MSCI Inc. announced the results of the November 2018 Semi-Annual Index Review for the MSCI Equity Indexes. The review included the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth …
Net profit amounted to EGP 1.67 million in the January-September period
13 November 11:51 AM Credit Agricole Egypt logs EGP 1.67bn profit in 9M
Cairo – Mubasher: Credit Agricole – Egypt on Tuesday posted a 12% year-on-year increase in consolidated profits for the first nine months of 2018. Net profit amounted to EGP 1.67 million in the January-September period, versus EGP 1.49 billion in …
The seven-year facilities are covered by a promissory note and real estate mortgage
13 November 10:53 AM Mefic Reit Fund gets SAR 400m loans from Riyadh Bank
Riyadh – Mubasher: The Middle East Financial Investment Company’s Mefic Reit Fund on Tuesday announced that it has obtained a SAR 400 million ($106.7 million) sharia-compliant credit facilities from Riyad Bank. The seven-year facilities are …
NPL provisions at 18 listed-lenders fell to AED 8.52 billion in the nine-month period ended September
13 November 10:09 AM UAE banks slash NPL provisions in 9M
By: Mahmoud Gamal Abu Dhabi – Mubasher: Most of the banks listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) have succeeded in cutting their provisions of non-performing loans (NPLs) by 21.07% during the first …
The bank has sold the T-bills at an average yield of 1.75%
12 November 04:40 PM Egypt sells EUR 695.1m euro-denominated T-bills
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday announced it has sold one-year euro-denominated treasury bills (T-bills) worth EUR 695.10 million. The bank has sold the T-bills at an average yield of 1.75%, Reuters reported, citing the …
Bonds will be issued with a five-year tenor
12 November 03:41 PM CMA OKs Burgan Bank’s KWD 150m unsecured bond issue
Mubasher: Burgan Bank on Monday announced that it has received the approval of the Capital Market Authority (CMA) to issue a KWD 150 million ($495 million) senior unsecured bonds in the local market. Bonds will be issued with a five-year tenor, …
The SMEs make up 90% of the EU’s commercial business
12 November 03:40 PM EU injects EUR100m/yr in Egypt’s small-sized enterprises
By: Eslam Fadl Cairo – Mubasher: The European Union (EU) is seeking to provide an EUR 100 million grant per annum to support small-sized enterprises in Egypt, head of cooperation at the European Delegation Ibrahim Laafia said. Laafia highlighted …
Egypt issues EGP 1.75bn T-bonds Monday
12 November 10:45 AM Egypt issues EGP 1.75bn T-bonds Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 1.75 billion on Monday on behalf of the Ministry of Finance (MOF). The first tranche of T-bonds will be offered through three-year notes at EGP 1 …
This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 million a month
11 November 07:13 PM Saudi Arabia transfers $60m to Palestine’s MoF
Riyadh – Mubasher: The Saudi Fund for Development (SFD) on Sunday has transferred $60 million to the Palestinian Ministry of Finance (MoF). This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 …
The bank’s total assets rose by 12.4% to EGP 90.5 billion last month
11 November 05:27 PM Faisal Islamic Bank Egypt’s business volume rises 12.5% in October
Cairo – Mubasher: Faisal Islamic Bank of Egypt on Sunday reported a 12.5% year-on-year growth in its business volume during October, recording EGP 92.18 billion from EGP 81.9 billion. The bank’s total assets rose by 12.4% to EGP 90.5 billion last …
Al Khalifa replaces Ali Al Kuwari
11 November 04:33 PM QNB names Abdulla Mubarak as acting CEO
Mubasher: Qatar National Bank (QNB) on Sunday announced that it has appointed Abdulla Mubarak Al Khalifa as acting interim CEO of the largest bank in the Middle East and Africa. Al Khalifa replaces Ali Al Kuwari, who was named as the trade and …
Banque Misr seeks $550m loan end-2018
11 November 03:36 PM Banque Misr seeks $550m loan by end-2018
Cairo - Mubasher: Banque Misr is looking to obtain a $550 million loan from abroad prior to the end of 2018. This comes within the framework of Egypt’s second-largest state-owned lender ’s efforts to improve its dollar liquidity, the bank’s vice …
Ajman Bank raises stake in Dana Gas
11 November 03:25 PM Ajman Bank raises stake in Dana Gas
Abu Dhabi – Mubasher: UAE-based energy producer​ Dana Gas on Sunday announced that Ajman Bank has raised its shareholding in the company to more than 5% of the share capital, according to a filing to the Abu Dhabi Securities Exchange (ADX). On …
UAE-based construction startup raises $1.6m in funding
11 November 12:21 PM UAE-based construction tech startup raises $1.6m in funding
Mubasher: A UAE-based construction startup has announced closing its funding round with $1.6 million in investments from a group of investors from the UAE and Saudi Arabia. WakeCap received investments from leading construction firm Consolidated …
Ajman Bank extends subscription period to Tuesday
8 November 06:53 PM Ajman Bank extends subscription period to Tuesday
Dubai – Mubasher: Ajman Bank on Thursday announced the extension of the subscription period of its capital increase by another four working days. As per the new extension, the bank’s capital hike will now end on Tuesday, 13 November 2018, it said …
UAE’s Network International picks banks for possible 2019 IPO
8 November 01:39 PM UAE’s Network International picks banks for possible 2019 IPO
Dubai – Mubasher: Network International has reportedly selected three international investment banks to manage its potential initial public offering (IPO). The UAE-based payment processing firm has picked Citigroup and JPMorgan Chase & Co to …
CIB’s stock gained 1.84% to EGP 82.05
8 November 11:55 AM CIB’s stock jumps 1.8% at Thursday's open on positive results
By: Heba El Kordy Cairo – Mubasher: Commercial International Bank – Egypt's (CIB) stock rose early Thursday on Egyptian Exchange (EGX) after the bank posted positive results for the first nine months of 2018. By 10:45 am Cairo time, CIB’s stock …
ADIB attributed the growth in profits to a rise in income from returns
8 November 11:25 AM ADIB Egypt’s profits rise to EGP 632m in 9M
Cairo – Mubasher: The consolidated financial statements of Abu Dhabi Islamic Bank Egypt (ADIB) showed a 26% year-on-year increase in profits during the first nine months of 2018. ADIB logged EGP 632.19 million ($35.26 million) from January to …