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Banking and Finance

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1 hour ago CMA nods to Nomu listing of Yaqeen, Bank Aljazira’s capital hike
Riyadh – Mubasher: The Capital Market Authority (CMA) greenlighted the request of Yaqeen Capital Company to trade its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul). Yaqeen plans to float 3 million shares, equivalent to 20% …
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2 hours ago RAKBANK announces 2 key appointments
Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) appointed Mohamed Omran Al Shamsi as the Chairman of the board. The lender’s board members also elected Shaikha Amneh Al Qasimi as the Vice Chairperson, according to a bourse …
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18 March 06:21 PM World Bank plans to support Egypt with over $6bn for different channels
Cairo – Mubasher: The World Bank Group intends to provide Egypt with more than $6 billion of support over the coming three years, subject to the board’s approval. The financial assistance includes $3 billion to support the Egyptian government’s …
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18 March 04:00 PM Saudi Enaya shifts to profitability in 2023
Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company turned to profitability during the full year 2023, recording a net profit after Zakat attributable to shareholders of SAR 20.22 million, compared to a net loss of SAR 6.35 million a year …
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18 March 01:52 PM Chubb Arabia’s net profit jumps 98% YoY in 2023
Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company recorded a 97.95% year-on-year (YoY) surge in net profit after Zakat attributable to shareholders to SAR 24.81 million in 2023 from SAR 12.53 million. The insurance revenues grew 10.05% …
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18 March 11:46 AM CBE issues T-bonds worth EGP 3.25bn on Monday
Cairo - Mubasher: The Central Bank of Egypt (CBE) issued treasury bonds (T-bonds) worth EGP 3.25 billion on Monday, 18 March 2024, through two auctions. The first issue was valued at EGP 3 billion, holding a three-year tenor until 19 March 2027, …
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17 March 03:49 PM Egypt to achieve $26.5bn funding surplus over 4 years – Goldman Sachs
Cairo – Mubasher: Egypt's medium-term financing outlook is set to improve dramatically, with a projected surplus of $26.50 billion over the next four years, compared to a previous deficit of $13 billion. This positive shift is attributed to …
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17 March 11:49 AM Arabian Shield’s net profit balloons 15,943% YoY in 2023
Riyadh – Mubasher: The net profit after Zakat attributable to shareholders of Arabian Shield Cooperative Insurance Company skyrocketed by more than 15,943% year-on-year (YoY) to SAR 65.13 million in 2023 from SAR 406,000. Insurance revenues rose …
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17 March 11:43 AM CBE issues EGP 50bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a total value of EGP 50 billion through equal two offerings on Sunday, 17 March 2024. The two tranches amounted to EGP 25 billion, with a varied maturity …
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17 March 10:46 AM Allianz Saudi Fransi’s net profit jumps 331% YoY in 2023
Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company reported a 331.29% year-on-year (YoY) surge in net profit after Zakat attributable to shareholders to SAR 36.98 million in 2023 from SAR 8.57 million. Insurance revenues grew by …
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14 March 02:17 PM Al Etihad Cooperative’s net profit soars 640% YoY in 2023
Riyadh – Mubasher: Al Etihad Cooperative Insurance Company recorded a 639.22% year-on-year (YoY) jump in net profit after Zakat attributable to shareholders to SAR 93.89 million in 2023 from SAR 12.70 million. Insurance revenues grew 12.05% YoY to …
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14 March 12:39 PM CBE unveils EGP 60bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a combined value of EGP 60 billion through two auctions on Thursday, 14 March 2024. Each tranche stood at EGP 30 billion, according to the CBE’s official data. …
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14 March 10:58 AM Morabaha Marina Financing’s net profit drops 31% YoY in 2023
Riyadh – Mubasher: Morabaha Marina Financing Company posted a 31.11% year-on-year (YoY) drop in net profit to SAR 31 million in 2023 from SAR 45 million. The company’s revenues grew 7.15% YoY to SAR 169.40 million last year from SAR 158.10 …
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13 March 05:03 PM Emirates NBD-Egypt launches new branch in Qena
Cairo – Mubasher: Emirates NBD-Egypt, a subsidiary of DFM-listed Emirates NBD, opened its newest branch in Qena Governorate within its expansion strategy to offer a comprehensive scope of services, according to a press release. The inauguration …
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13 March 01:49 PM EFG Finance obtains FRA’s licence to launch financial services firm for SMEs
Cairo – Mubasher: EFG Finance, the non-bank financial institutions (NBFI) arm of EFG Holding, has received a license from the Financial Regulatory Authority (FRA) to establish a new subsidiary. The new subsidiary will provide financial services to …
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13 March 01:11 PM Beltone Holding’s consolidated profit balloons 3,597% YoY in 2023
Cairo – Mubasher: Beltone Holding’s consolidated net operating profit skyrocketed 3,597% year-on-year (YoY) to EGP 1.02 billion in 2023 from EGP 27.80 million. The consolidated operating revenue surged 411% YoY to EGP 1.87 billion last year from …
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13 March 11:24 AM Walaa Cooperative Insurance turns profitable in 2023
Riyadh – Mubasher: Walaa Cooperative Insurance Company shifted towards profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 147.97 million, compared to a net loss of SAR 68.08 million a year earlier. …
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12 March 05:00 PM Saudi Lime obtains SAR 140m loan from ANB
Riyadh - Mubasher: Saudi Lime Industries Company renewed its credit facilities agreement with the Arab National Bank (ANB) at a value of SAR 140 million on 12 March 2024. The Sharia-compliant deal holds a tenor of seven years and is secured by a …
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12 March 03:27 PM Moody's affirms ratings of 5 key Egyptian banks; outlook turns positive
Cairo – Mubasher: Moody's Ratings has affirmed all ratings and assessments of five major Egyptian banks, changing the outlook of their long-term deposit ratings from negative to positive. The rating agency affirmed the Caa1 long-term deposit …
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12 March 03:01 PM FABMISR partners with Drive Finance to foster payment solutions in Egypt
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has entered into a partnership with Drive Finance, a subsidiary of GB Capital owned by GB Corp. This collaboration will witness the integration of …
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12 March 02:03 PM Emirates NBD partners with Emirates to offer payment facilities for Saudi travellers
Dubai – Mubasher: The Saudi arm of Emirates NBD has signed an agreement with Emirates to launch the Fly Now, Pay Down the Line initiative to offer a zero-interest instalment plan for customers in the kingdom. The new feature will enable customers …
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12 March 01:09 PM CMA approves Nomu listing of Al Hokail, ANB’s capital raise
Riyadh – Mubasher: The Capital Market Authority (CMA) passed the request of Al Hokail Academy Specialized Digital Polyclinics Company to trade its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul). The Saudi firm intends to …
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12 March 12:01 PM UAE’s Al Ansari Financial Services witnesses surge in remittance to Egypt post pound devaluation
Dubai – Mubasher: Al Ansari Financial Services has reported a large increase in money transfers from the UAE to Egypt following the Central Bank of Egypt’s (CBE) decision to float the Egyptian Pound and liberate its exchange rate based on market …
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11 March 03:02 PM Ejaro, Tawuniya join forces to reshape Saudi car rental market
Riyadh – Mubasher: Ejaro partnered with The Company for Cooperative Insurance (Tawuniya) to boost the car rental market in line with Saudi Arabia's Vision 2030, according to a press release. Tawuniya led the Saudi peer-to-peer (P2P) car rental …
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11 March 02:22 PM CIB announces new monthly purchasing limits for foreign currency credit cards
Cairo – Mubasher: Commercial International Bank-Egypt (CIB) has updated the monthly purchasing limits for international (foreign currency) credit cards in Egypt and abroad. Consequently, the monthly purchasing limit for international credit cards …