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Banking and Finance

Blockchain enables completion of the transaction in a single day
20 November 02:52 PM Oman Oil & Orpic Group, HSBC execute 1st blockchain transaction in Oman
Mubasher: Oman Oil & Orpic Group and HSBC Bank Oman have successfully executed the first blockchain trade finance transaction in Oman. The transaction included the shipment of polypropylene and a thermoplastic polymer to Abu Dhabi National Carpet …
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20 November 02:37 PM SABB, HSBC introduce blockchain to KSA, Bahrain
Riyadh – Mubasher: Saudi British Bank (SABB) and HSBC Bahrain have used blockchain technology to finance international trade, for the first time in Saudi Arabia and Bahrain. “The move puts Saudi Arabia and Bahrain at the forefront of global trade, …
The new system aims to reduce clearance time
20 November 12:00 PM Egypt applies ‘green channel’ customs system; 75 companies whitelisted
Cairo – Mubasher: Egypt has introduced a new customs system that would allow the clearance of commodities of certain companies registered with the Authorized Economic Operator through “green channels”, the country’s finance minister Mohamed Maait …
Raya Holding is expected to issue the securitised bonds by H1-20
20 November 10:55 AM Raya Holding mulls EGP 700m securitised bond issue
By: Islam Fadl Cairo – Mubasher: Raya Holding for Financial Investment (Raya Holding) is considering the issuance of a new securitised bond worth EGP 700 million, the company’s chief financial officer (CFO) Hossam Hussein said. Raya Holding is …
Foreign securities shrank by 96%in October
20 November 09:40 AM UAE C.bank’s assets grow 13% in October
Abu Dhabi – Mubasher: Total foreign assets of the Central Bank of the UAE (CBUAE) rose by 13.45% or AED 44 billion ($11.98 billion) year-on-year (YoY) during October 2019. The assets registered AED 370.73 billion in October of the …
MEC Ventures’ investments will cover a variety of sectors
20 November 09:34 AM Al Salam Bank – Bahrain to launch $50m fund with China’s MSA Capital
Dubai - Mubasher: Al Salam Bank – Bahrain has partnered with Chinese venture capital firm MSA Capital to launch $50 million venture capital fund. The new fund, Al Salam-MSA Bahrain Fund (MEC Ventures), will focus on investment opportunities that …
Accumulated loss accounted for 23.8% of capital
19 November 06:11 PM UAB’s accumulated loss hits AED 490m in September
Abu Dhabi – Mubasher: United Arab Bank’s (UAB) accumulated loss reached AED 490 million ($133.41 million) at the end of September 2019. The bank’s accumulated loss accounted for 23.8% of its capital, according to a bourse statement released on …
Alinma will provide a 10-year credit facility to Mobily
19 November 05:24 PM Mobily, Alinma seal SAR 3bn loan agreement
Riyadh – Mubasher: Etihad Etisalat Company (Mobily) has signed a financing agreement with Alinma Bank, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday. Alinma Bank will provide a 10-year SAR 3 billion credit facility to …
Kuwait’s bank credit rose by 4.2% YoY
19 November 03:16 PM Kuwait’s bank deposits rise in September
Mubasher: Deposits at banks operating in Kuwait grew 0.8% year-on-year to KWD 43.4 billion, or KWD 331.2 million, in September 2019, Kuwait’s bank credit rose by 4.2% YoY to reach KWD 38.1 billion in September, according to a report released by …
Egypt’s holdings of US bonds retreated to $2.162 billion
19 November 12:45 PM Egypt lowers holdings of US Treasuries in September
By: Heba El-Kordy Cairo – Mubasher: Egypt’s holdings of US Treasuries saw a slight drop month-on-month during September in tandem with the global trend to cut investments in US debt instruments. The North African nation’s holdings of US Treasuries …
Five-year T-bonds have an average yield of 13.837%
19 November 12:11 PM CBE sells EGP 697m T-bonds
By: Islam Fadl Cairo – Mubasher: The Central Bank of Egypt (CBE) accepted bids worth EGP 697 million for five- and ten-year treasury bonds (T-bonds) in two auctions on Monday after it originally offered EGP 3.75 billion in T-bonds. With an average …
The yield on the 91-day T-bills averaged 15.38%
18 November 04:52 PM Yield on Egypt’s T-bills hits lowest level in more than 3 yrs
By: Heba El-Kordy Cairo – Mubasher: The yield on 91-day treasury bills (T-bills) offered by the Central Bank of Egypt (CBE) on Sunday retreated to its lowest level since October 2016 in the first auction of T-bills after cutting interest rates, …
All locally-manufactured and imported medicines are exempt from the VAT
18 November 02:33 PM Egyptian Tax Authority denies imposing VAT on medicines
Cairo – Mubasher: The Egyptian Tax Authority denied news reports about imposing value-added tax (VAT) on medicines and substances used in their manufacture, Akhbar El-Yom reported on Monday. All locally-manufactured and imported medicines and …
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18 November 12:25 PM Advanced Petrochemical redeems SAR 1bn Sukuk
Riyadh – Mubasher: Advanced Petrochemical Company announced that it has completely redeemed its SAR 1 billion Sukuk on Sunday 17 November, according to a bourse filing. The company has redeemed 1,000 Islamic bonds (Sukuk) with a par value of SAR 1 …
The purpose of the SAR 100 million bank facility is to finance assigned projects
18 November 12:11 PM Al Moammar, Albilad ink Islamic finance deal
Riyadh – Mubasher: Al Moammar Information Systems Company announced signing a Shariah-Compliant Islamic finance agreement with Bank Albilad. The SAR 100 million credit facility was received on 22 October 2019, according to a company statement to …
Egypt aims to expand into long-term debt instruments
18 November 10:38 AM CBE issues EGP 3.75bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.75 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through five-year notes valued at EGP …
The CBE decided to reduce interest rates by 100 bps last Thursday
17 November 04:21 PM CBE expected to cut interest rates by 3% in 2020
By: Ahmed Allam Cairo – Mubasher: Interest rates in Egypt are forecast to continue its downward trend in 2020, a senior analyst at Beltone Financial, Alia Mamdouh, said. The Central Bank of Egypt (CBE) will likely deliver another interest rate cut …
The bank extended working hours to 06:00 PM
17 November 01:44 PM Samba Capital extends working hours for Aramco’s IPO
Riyadh – Mubasher: Samba Capital, lead manager of the Saudi Aramco initial public offering (IPO) has extended working hours to 6:00 PM during the subscription period in all of Samba Financial Group’s branches. Saudi Arabian Oil Company (Saudi …
Abo Moati’s stock was listed on Tadawul on 11 November
17 November 12:36 PM Abo Moati Bookstores agrees SAR 50m Islamic finance
Riyadh - Mubasher: Abdullah Saad Mohammed Abo Moati for Bookstores Company announced on Sunday signing an Islamic finance facilities agreement with Bank Al Jazira. The bank will provide SAR 50 million in Islamic finance facilities, according to a …
The subsidy comes in line with the private sector incentive plan
17 November 12:13 PM SPM obtains SAR 52m government subsidy
Riyadh – Mubasher: Saudi Paper Manufacturing (SPM) Company announced on Sunday that the Ministry of Finance has approved providing the company with SAR 52 million financial support. The subsidy comes in line with the private sector incentive plan, …
Kafalah GM Homam Hashem and BIAC CEO Nawaf Al Sahhaf signing the agreement
17 November 11:46 AM Kafalah, BIAC collaborate in funding tech startups
Riyadh – Mubasher: Saudi-based small and medium-sized enterprise (SME) financing guarantee program, Kafalah, has signed a cooperation agreement with the Business Incubators and Accelerators Company (BIAC), a government company owned by TAQNIA. The …
The issuance will be used to finance the country’s budget deficit.
17 November 10:50 AM CBE issues EGP 19bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19 billion on Sunday on behalf of the Ministry of Finance (MoF). The first tranche of the T-bills amounts to EGP 9.25 billion and will be offered …
NBK-Egypt operates 50 branches in various governorates and cities
16 November 09:26 PM NBK Egypt contributes 3rd of group’s profit from int’l units
Cairo - Mubasher: The solid growth in National Bank of Kuwait - Egypt’s (NBK Egypt) profits affirms the bank’s leading position in the Egyptian market which enjoys promising growth opportunities and positive outlook, NBK Egypt’s deputy group CEO …
Al-Mubaraki will oversee the development of the team
16 November 08:28 PM KIB hires new deputy general manager for wholesale banking
Mubasher: Kuwait International Bank (KIB) has appointed Hesham Ahmad Al-Mubaraki as deputy general manager of wholesale banking – head of domestic commercial banking, according to a bank statement released on Saturday. Al-Mubaraki will oversee the …
The sale process may be launched at November end
15 November 06:31 PM Shell hires Citibank for $1bn sale of assets in Egypt
Cairo – Mubasher: Royal Dutch Shell has reportedly appointed Citibank to manage the sale of the company’s onshore oil and gas assets in Egypt’s Western Desert, Reuters reported on Friday. Expected to be launched at the end of November, the sale …