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22 July 09:44 AM

Banking and Finance

The International Monetary Fund
21 July 11:13 AM IMF approves EUR1.5bn loan for Greece
Mubasher: The International Monetary Fund (IMF) announced on Thursday that it has approved in principle a loan of EUR 1.6 billion ($1.8 billion) for Greece, according to a press release. The agreement will only become effective after the IMF …
Banking and Finance
The Central Bank of Egypt
18 July 06:20 PM 2nd tranche of IMF loan received by CBE
Cairo - Mubasher: The second tranche of the International Monetary Fund’s (IMF) loan to Egypt, $1.25 billion, has entered the Central Bank of Egypt’s (CBE) accounts on Tuesday, a banking source told the Middle East News Agency (MENA). The source …
Banking and Finance
Photo Archive
16 July 10:05 PM KFH is world’s biggest in Sukuk issuance - Chairman
Kuwait - Mubasher: The chairman of Kuwait Finance House (KFH) said that the group is the biggest Sukuk issuer in the world, as demand is rising on the sharia-compliant product. Hamad Abdulmohsen Al Marzouk added in a statement issued on Sunday …
Commodities
The African Development Bank
16 July 08:06 PM Morocco agrees $200m loan with AfDB
Mubasher: The African Development Bank (AfDB) has approved a $200 million loan for Morocco to finance the first phase of the support programme for the acceleration of industrialization, Morocco News Agency reported. The bank also validated $50 …
Banking and Finance
The LPG extraction project is expected to begin operation by 2020.
16 July 03:36 PM AUB to take part in $820m loan for Omani gas firm
Mubasher: Ahli United Bank – Bahrain (AUB) on Sunday confirmed its participation in an $820 million financing deal for the Salalah liquefied petroleum gas (LPG) project. The loan will be a joint project with eight local, regional, international …
Companies Investments
Warba Bank participated in a five-year sukuk financing deal with Emirati Meraas Holding worth $400 million
12 July 04:18 PM Warba Bank joins UAE’s Meraas sukuk financing deal
Kuwait – Mubasher: Warba Bank participated in a five-year sukuk financing deal with Emirati Meraas Holding worth $400 million. The Kuwaiti-listed bank’s CEO Shahin Al-Ghanim said that the bank provided $50 million, declaring that the demand on …
Banking and Finance
The issue was subscribed 3.7 times
12 July 01:11 PM Kuwait central bank issues KWD 240m bonds
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds worth KWD 240 million with a six-month maturity period, according to a recent statement. The bonds will have a return of 1.875% which is 0.25% higher than the latest six-month …
Bonds
KSA's banking sector’s total assets reached SAR 2.29 trillion in Q1-17
9 July 06:35 PM SAMA ready to implement Basel III standards without repercussions
Riyadh – Mubasher: The implementation of new demands by the Basel III committee will impact Saudi banks, Al Iktisadia newspaper reported, citing SAMA’s deputy governor for supervision Ahmed Abdullah Al Alsheikh The reason that the new regulations …
Macroeconomics
The note is open for subscription until 24 August and offers a 3-month lock-in period
8 July 11:02 AM ADIB launches 2nd tranche of healthcare note
Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has launched a second tranche of its Healthcare Pharmaceuticals Equities Basket Note following, according to a press release. The bank said in a statement on Saturday that the moves comes due to …
Sukuk and Islamic Finance
The Central Bank of Egypt
7 July 01:46 AM CBE unexpectedly hikes interest rates by 200 bps
Cairo – Mubasher: The Monetary Policy Committee (MPC) at the Central Bank of Egypt (CBE) announced raising interest rates by 2% or 200 basis points (bps). The hike involved increasing overnight deposit interest rate to 18.75%, and overnight …
Macroeconomics
DFM-listed Arabtec last reported turning to profits in Q1-17
5 July 07:23 PM Will Arabtec’s new awards support its rescue plan?
By: Mahmoud Gamal Dubai – Mubasher: Arabtec Holding recently announced a series of project awards to the mother company and its subsidiaries. This follows the completion of Arabtec’s first stage in its capital restructure scheme. Following the …
Banking and Finance
Kuwaiti deposits abroad totalled KWD 5.69 billion in April 2017
4 July 09:23 PM Kuwaiti global bank deposits down 18% in April
Mubasher: Kuwaiti bank deposits in international banks have declined by 17.9% year-on-year in April, according to the data of the Central Bank of Kuwait (CBK). Data showed that deposits decreased to KWD 5.69 billion in April compared to KWD 6.93 …
Banking and Finance
Egyptian foreign exchange reserves hit its highest level since 2011, reaching $32 billion
4 July 01:38 AM USD inflows leveraged EGP exchange rate - Analysts
By: Fahd Omran Cairo - Mubasher: The Egyptian pound saw its highest daily rise against the US dollar in five months, as went up by between 5 to 15 piasters. On Monday, the USD-EGP exchange rate registered between EGP 17.9 and EGP 18 for selling. …
Currencies
Fitch expects a greater inflow from foreign investors to the Egyptian market
4 July 12:02 AM Lifting currency transfer limits to support Egypt’s economy - Fitch
Cairo - Mubasher: Egypt's removal of foreign currency transfer limits will help restore confidence in the economy and attract more foreign investments, according to a recent report by Fitch Ratings. This will also help in increasing the …
Banking and Finance
Kuwaiti companies did not reveal plans to withdraw deposits in recent bourse filings
2 July 09:05 PM Kuwait banks not planning to withdraw Qatar deposits
Mubasher: Kuwaiti banks have no intention of withdrawing their deposits and investments from Qatar, Reuters cited a Kuwaiti official on Sunday. The source explained that Kuwaiti banks had not announced plans to withdraw deposits or take other …
Central Banks
Dealing in QAR was affected in Barclays and Royal Bank of Scotland
30 June 07:57 PM 6 UK banks stop dealing in QAR
Mubasher: On Friday, 6 UK banks decided to stop dealing in QAR, that, as the steep decrease in the Qatari currency continue and with the political rift between Doha and Arab countries still in place. Lloyds banking group, which is in charge of …
Banking and Finance
The bank will provide a $200 million facility for Egypt’s Banque Misr next July
27 June 01:05 PM Afreximbank considers funding new projects in Egypt
Cairo – Mubasher: The African Export-Import Bank (Afreximbank) is studying funding possibilities for renewable energy and real estate projects in Egypt, the bank’s President Benedict Oramah said during his meeting with the Minister of Investment …
Macroeconomics
Mubadala also withdrew from negotiations with lenders
24 June 03:08 AM Mubadala pulls out of Etisalat Nigeria
Abu Dhabi - Mubasher: Abu Dhabi state investment fund (Mubadala) has decided to pull out of Etisalat Nigeria after the company failed to reach an agreement regarding its $1.2 billion loan with Nigerian banks. The company took the loan four years …
Banking and Finance
FAB has a weight of 37% on the ADX
23 June 04:06 PM First Abu Dhabi Bank ADX weight hits 37%
Abu Dhabi – Mubasher: Equity weight of First Abu Dhabi Bank (FAB) represents around 37% of the Abu Dhabi Securities Exchange's (ADX) total equity weight by the end of May. The bank, which is listed under the symbol NBAD, also weighs around 0.65% …
Banking and Finance
Egyptian President Abdel Fattah El-Sisi extends capital gains tax freeze
23 June 01:17 PM Egypt's El-Sisi endorses EGX stamp duty, ratifies capital gains tax freeze extension
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has signed off on a stamp duty to be implemented on transactions carried out on the Egyptian Exchange (EGX) for both buyers and sellers, according to a decree published in the official …
Telecom Egypt's board approved to appoint the NBE as a loan agent for the loan
22 June 12:50 PM TE approves conditions for EGP 13bn syndicated loan
Cairo – Mubasher: Telecom Egypt (TE) said Thursday that its board of directors has approved conditions for a syndicated loan worth EGP 13 billion and to appoint the National Bank of Egypt (NBE) as a loan agent for the loan. The board agreed to …
Banking and Finance
A profit of KWD 320,000 will affect the financials of the second quarter
21 June 02:07 PM KFIC settles KWD 3.35m debts with client
Kuwait – Mubasher: Kuwait Finance and Investment Company (KFIC) has agreed with a client on settling and rescheduling a default of KWD 3.35 million since 2010. This debts settlement will be done through an income-generating real estate asset, as …
Banking and Finance
The company is set to establish a new factory
19 June 05:30 PM Yamama Cement agrees raising credit facility limit
Riyadh - Mubasher: Yamama Cement announced on Monday that it has agreed with National Commercial Bank (NCB) and Samba Financial Group raising the sharia-compliant credit facility limit from SAR 1 billion to SAR 3.6 billion. The company said in a …
Banking and Finance
Officials from Al Ramz Capital and Union Properties sign the deal
18 June 11:12 AM Al Ramz Capital named liquidity provider for Union Properties
Dubai – Mubasher: Al Ramz Capital has been appointed as a liquidity provider (LP) for Union Properties’ (UP) shares after obtaining approvals from the Dubai Financial Market (DFM) and signing the agreement in June 2017. Al Ramz Capital was …
Corporate Actions
The company expects the conversion process to be completed in the third quarter of 2017
18 June 10:23 AM Jabal Omar starts talks on SAR 3bn Murabaha conversion
Riyadh – Mubasher: Jabal Omar said Sunday that it has started negotiations with the Saudi ministry of finance to convert a SAR 3 billion commercial loan into Sharia-compliant Murabaha facility. The company expects the conversion process to be …
Banking and Finance