Banking and Finance

The project aims at boosting fuel investments by improving the efficiency of energy
22 May 01:54 PM Egypt, EBRD ink $200m deal to boost energy efficiency
Cairo - Mubasher: Egypt has signed a $200 million agreement with the European Bank for Reconstruction and Development (EBRD) in favour of Suez Oil Processing Co (SOPC) to bolster energy efficiency. The agreement was signed by Egyptian investment …
M2 increased by 1.5% month-on-month to AED 1.3 trillion in April
22 May 12:35 PM UAE’s M3 rises 0.5%, total assets slide 0.2% in April - C. bank
Abu Dhabi – Mubasher: Money supply (M3) in the UAE grew 0.5% to AED 1.534 trillion in April 2018 from AED 1.527 trillion in March. Also, M1 rose 1.3% to AED 517.4 billion last month versus AED 510.6 billion a month earlier, according to a report …
TE has signed a $200 million short-term facility with Afreximbank
22 May 11:55 AM TE, Afreximbank ink $200m financing deal
Cairo – Mubasher: Telecom Egypt (TE) has signed a $200 million short-term facility with the African Export-Import Bank (Afreximbank) for capital financing and investments in infrastructure. Abu Dhabi Islamic Bank Egypt (ADIB) was the financial …
The issuance of international sukuk is growing
21 May 04:57 PM Sukuk prices defy changes in oil
By: Amr Fouad Dubai – Mubasher: Sukuk issues are usually oversubscribed due to the increased demand from Islamic financial institutions, wealthy Muslims, and investors in general. Sukuk are the investment of the future and a strong rival to bonds, …
CIB's stock fell 0.6% to EGP 84.7
21 May 03:42 PM EGX indices end Monday mixed; EGX30 near stable
Cairo – Mubasher: Egyptian Exchange (EGX) indices closed Monday’s trading session mixed amid buying by Egyptian investors and selling by Arab and foreign ones. The benchmark EGX30 index shed earlier gains and closed the session near stable, …
The loan will be available for six years
21 May 03:25 PM Vodafone Qatar gets QAR 911m facility from Barwa
Mubasher: Vodafone Qatar has signed an agreement with Barwa Bank to receive a QAR 911 million ($250 million) facility. The loan will be allocated to help accelerate the phone operator’s fixed-line service rollout and 5G deployment in the country, …
Saudi Badir incubated startups obtain SAR 8.8m funding in Q1
21 May 03:24 PM Saudi Badir-incubated startups get SAR 8.8m funding in Q1
Riyadh – Mubasher: The technology startups sponsored by Saudi Badir Programme for Technology Incubators (Badir) have obtained SAR 8.8 million ($2.35 million) in financing during the first quarter of 2018. Over the course of the first three months …
The loan deal is valued at $480 million
21 May 01:08 PM DAE inks loan deal with Kuwait’s ABK, UAE’s FAB, Noor Bank
Mubasher: Dubai Aerospace Enterprise (DAE) has signed a landmark financing facility agreement with Al Ahli Bank of Kuwait (ABK), First Abu Dhabi Bank (FAB), and Noor Bank. The loan deal is valued at $480 million, expandable to $800 million, …
Net income of Islamic banks in the emirate rose to AED 1.32 billion in Q1
21 May 11:09 AM Abu Dhabi-based banks’ net income hits AED 8bn in Q1
Abu Dhabi – Mubasher: The Abu Dhabi-based commercial and Islamic banks’ net income grew 2.8% year-on-year in the first quarter of 2018, registering AED 7.9 billion. The net income of commercial banks operating in the UAE’s capital recorded AED …
20 May 02:18 PM Mubasher partners with Misr El Kheir to launch 5 charitable investment funds
By: Ahmed Allam Cairo – Mubasher: Mubasher and Misr El Kheir Foundation on Sunday have signed an agreement to launch five charitable investment funds sponsored by the Financial Regulatory Authority (FRA). Launching these funds is a paramount …
Banque Misr has hired Citigroup to arrange a $500 million syndicated loan
20 May 01:11 PM Banque Misr appoints Citigroup to arrange $500m loan
Cairo – Mubasher: Banque Misr has hired Citigroup to arrange a $500 million syndicated loan, Reuters reported. Chairman of Banque Misr Mohamed El Etreby had previously said that the bank has hired an international bank to obtain a $500 million …
ABK has appointed Tom Lind to work as the Senior Executive Officer
20 May 01:06 PM ABK opens new branch in DIFC
Mubasher: Al Ahli Bank of Kuwait (ABK) has launched its Dubai International Financial Centre (DIFC) branch in the UAE, according to a recent statement.   ABK is a public shareholding company incorporated under the laws of Kuwait and listed on the …
CBE issues EGP 14. 5bn T-bills Sunday
20 May 10:56 AM CBE issues EGP 14.5bn T-bills Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance (MOF). The first tranche of T-bills will be offered through 91-day notes at EGP 7.25 …
The board also agreed to hire a financial, legal, and technical advisor for the transaction
20 May 10:43 AM Beltone to acquire controlling stake in Oragroup
Cairo – Mubasher: The board of Beltone Financial Holding has agreed to acquire a controlling stake in Oragroup, which owns banks in 12 African countries. The board will assign the company’s chairman, vice chairman, or managing director to sign a …
Asset value rose by KWD 265 million by the end of April 2018
20 May 09:37 AM Kuwait C.bank records KWD 113m profit in FY17/18
Mubasher: The Central Bank of Kuwait (CBK) achieved annual profits worth KWD 112.8 million ($374.4 million) in the fiscal year 2017/18, Annahar Newspaper reported. The number of accounts and deposits in local banks increased by KWD 343 million to …
NCB has appointed Al Ghamdi as board chairman
20 May 09:03 AM NCB names Al Ghamdi as board chairman
Riyadh – Mubasher: The National Commercial Bank (NCB) on Sunday announced the appointment of a new chairman and vice chairman, as well as the formation of the board’s subcommittees. The Saudi bank named Saeed Mohammed Al Ghamdi as board chairman …
Aman aims to increase its capital to EGP 50 million within a year from commencing operations
17 May 01:29 PM Raya Holding unit seeks EGP 481m loan
Cairo – Mubasher: Aman Electronic Payment, a subsidiary of Raya Holding, plans to hold talks with four local banks over getting an EGP 481 million loan to finance small- and medium-sized enterprises (SMEs) as of 2019. The company aims to increase …
S&P Dow Jones Indices is considering changing Saudi Arabia’s classification to mirror the progress executed by the Gulf country
17 May 12:25 PM S&P Dow Jones may raise Saudi Arabia rating to emerging market
Riyadh – Mubasher: S&P Dow Jones Indices (S&P DJI) is currently considering changing Saudi Arabia’s classification to mirror the progress and reforms executed by the Gulf country, which include foreign accessibility and alignment with global …
The CBE is expected to keep interest rates unchanged in its Thursday meeting
16 May 05:05 PM Ramadan prices, Trump decisions to set CBE’s interest rates Thursday - Analysis
By: Heba El-Kordy Cairo – Mubasher: The recent geopolitical tension between the US and Iran has impacted the Central Bank of Egypt’s (CBE) approach to cutting key interest rates. Oil prices have risen to their highest level since November 2014 to …
The agreement extends from Wednesday 16 May 2018 to 28 February 2019
16 May 02:23 PM Zahret Al Waha renews SAR 144m facility with ANB
Riyadh – Mubasher: Zahret Al Waha for Trading Company on Wednesday unveiled that the company renewed a SAR 144.13 million sharia-compliant credit facility with Arab National Bank (ANB). The agreement extends from Wednesday 16 May 2018 until 28 …
DFM-listed firms mark 100% compliance in Q1 results
16 May 02:09 PM DFM-listed firms mark 100% compliance in Q1 results
Dubai – Mubasher: The Dubai Financial Market (DFM) on Wednesday announced that companies listed on the bourse recorded 100% compliance in terms of financial disclosures for the first quarter of 2018. All DFM-listed companies reported their Q1-18 …
Soon, we will see a totally-machined banking system in the UAE
16 May 01:23 PM UAE banks need mergers, to embrace automation - Baker McKenzie Habib Al Mulla
By: Mahmoud Gamal Dubai – Mubasher: The performance of the UAE banks is becoming better in 2018, as some of them reported higher profits due to the improved national economy and the recovered oil prices, partner at Baker McKenzie Habib Al Mulla, …
Abu Qir mandates banking consortium to manage EUR 105m financing of nitric acid project
16 May 12:58 PM Abu Qir mandates bank consortium to manage EUR 105m financing
Cairo – Mubasher: Abu Qir Fertilizers on Wednesday announced that its board has decided to assign the financing of the nitric acid project with EUR 105 million to a three-bank consortium of National Bank of Egypt (NBE), Banque Misr, and Qatar …
The Jordanian Islamic Microfinance firm has investments amount to $7 million
15 May 03:24 PM Jordan’s Ethmar for Islamic Microfinance eyes Egypt entry – CEO
Cairo – Mubasher: Jordan-based Ethmar for Islamic Microfinance is planning to invest in Egypt in the coming three or five years, CEO Zayad Al Refai has said. About 40% of credit seekers in the North African nation want to obtain sharia-compliant …
The bonds issue has a return of 2.25%
15 May 02:48 PM Kuwait C.bank sells KWD 160m bonds
Mubasher: The Central Bank of Kuwait (CBK) has sold the issuance of its KWD 160 million ($530.67 million) bonds and securities, according to a recent statement. The bonds issue has a return of 2.25%, while it will be matured in three months on 14 …