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Banking and Finance

The first bond issuance is expected to take place in Q1-22
15 April 01:00 PM Aramco’s oil pipeline investors to refund loans with bonds in 2022
Riyadh – Mubasher: EIG Global Energy Partners will lead a consortium to issue billions of dollars in bonds over two or three transactions to refinance loans for investment in the Saudi Arabian Oil Company’s (Saudi Aramco) oil pipeline assets, …
The agreement was signed on 13 August 2020
15 April 12:25 PM El-Sisi approves EUR 1.88bn loan for monorail lines
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi issued decree no. 642 of 2020 for the approval of a EUR 1.88 billion loan agreement to finance the construction of two monorail lines, the Middle East News Agency (MENA) reported on …
The Sukuk is listed on Euronext Dublin and Nasdaq Dubai
15 April 11:51 AM DIB closes lowest pricing on $500m Sukuk issuance
Dubai – Mubasher: Dubai Islamic Bank (DIB) has priced a perpetual non-call five and a half year Additional Tier 1 (AT1) Sukuk issuance worth $500 million with a 3.375% profit rate per annum. This transaction records the lowest pricing closed by a …
The issuance will be used to finance the country’s budget deficit
15 April 10:38 AM CBE offers EGP 17.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 17.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP …
The bank will announce the potential bidders' final list
15 April 09:36 AM ADCB receives offers for 51% stake in Alexandria Medical Services
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has received preliminary non-binding offers from potential investors to acquire the bank's 51.54% stake in Alexandria Medical Services - Alexandria New Medical Center in Egypt. The bank and …
EFG Hermes will own 51% of the bank
14 April 01:31 PM aiBANK's FV estimated at EGP 1.1bn ahead of acquisition deal
Cairo – Mubasher: The board of directors of the Egyptian Financial Group Hermes Holding (EFG Hermes) approved an acquisition deal in partnership with the Sovereign Fund of Egypt to purchase 76% of the Arab Investment Bank (aiBANK). The acquisition …
The project is being built over an area of 5.5 million square metres
14 April 10:46 AM Inertia inks deal with Banque Misr to obtain EGP 1.1bn Islamic funding
Cairo – Mubasher: Inertia Egypt signed a contract with Banque Misr to obtain a medium-term Islamic funding worth EGP 1.1 billion to finance the company’s project on the North Coast. The Mudarabah funding will be used to finance the development of …
The partnership is in line with the bank's digital strategy
13 April 12:47 PM Emirates NBD’s E20. partners with fintech platform to offer SMEs innovative solutions
Dubai – Mubasher: Emirates NBD has entered into a partnership to integrate the fintech platform MoniMove, owned by DIFC-based Credit Fintech, with the bank's E20., a digital business initiative targeting entrepreneurs, startups, small and …
About 752,400 shares were exchanged at a turnover EGP 40.13 million
13 April 12:39 PM CIB's stock hits lowest level in 28 months early Tuesday
By: Heba El-Kordy Cairo – Mubasher: The Commercial International Bank-Egypt (CIB) saw its stock plunge sharply to its lowest level in 28 months. By 11:00 a.m., the heavyweight stock declined by 2.1% to EGP 54.06, its lowest level since December …
The deal will raise the bank’s market share to 4-5%
13 April 11:20 AM FAB expects to complete acquisition of Bank Audi Egypt by 2021-end
By: Abdullah Bedeir Cairo – Mubasher: First Abu Dhabi Bank (FAB) is expected to complete its acquisition of Bank Audi Egypt before the end of 2021, pending the approval of the Central Bank of Egypt (CBE), FAB Egypt’s CEO Mohamed Fayed said. On the …
The sharia-compliant loan deal carries a duration of one year
12 April 05:17 PM FIPCO extends SAR 30m deal with Bank Albilad
Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) has renewed a credit facilities agreement worth SAR 30 million with Bank Albilad, according to a bourse filing on Monday. The sharia-compliant loan deal carries a …
The deal will finance the purchase of two new GEnx and XWB engines
12 April 02:23 PM Sanad Capital closes $55m financing deal with Commercial Bank of Dubai
UAE - Mubasher: Sanad Capital, a wholly-owned subsidiary of Mubadala Investment Company, has closed a $55 million debt financing deal with the Commercial Bank of Dubai. This collaboration is the first of its kind between Sanad Capital, an …
The hired banks will arrange fixed income investor calls
12 April 10:59 AM DIB hires banks to arrange USD Sukuk issuance
Dubai – Mubasher: Dubai Islamic Bank (DIB) has hired banks to arrange for a planned issuance of US dollar-denominated Additional Tier 1 Sukuk that are non-callable for six years, Reuters reported. To arrange fixed income investor calls starting on …
The issuance will be used to finance the country’s budget deficit
12 April 10:49 AM CBE offers EGP 13bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 13 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through three-year notes valued at EGP 7 …
Zand is subject to final regulatory approvals
12 April 09:52 AM UAE to launch world's first digital corporate, retail bank
UAE - Mubasher: The UAE will introduce the world's first digital bank to provide both retail and corporate banking, Zand, with Mohamed Alabbar, the Founder and former Chairman of Emaar Properties, as Chairman. Subject to final regulatory …
Net interest, fee, and commission income retreated to EGP 4.06 billion
11 April 05:44 PM QNB Al Ahli reports 5% higher profit in Q1-21
Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) achieved net profits of EGP 1.96 billion during the first quarter (Q1) of 2021, up by 5.18% year-on-year (YoY) from EGP 1.87 billion in the corresponding period a year earlier, including …
The contract's duration period is one year
11 April 05:13 PM Saudi Paper to obtain SAR 50m loan
Riyadh – Mubasher: Saudi Paper Manufacturing Company received the Ministry of Finance's final approval to obtain additional credit facilities worth SAR 50 million, according to a disclosure to Tadawul on Sunday. The listed firm has signed a …
Remittances of Egyptians living abroad fell by $116.9 million in January
11 April 04:37 PM Egyptian expat remittances grow $1.7bn in seven months
Cairo – Mubasher: Remittances from Egyptian expatriates increased by $1.7 billion or 10.6% year-on-year (YoY) to $18.1 billion from July 2020 to last January, compared to $16.3 billion, according to data by the Central Bank of Egypt (CBE). In …
The NBE will contribute 44.5% to the funding
11 April 03:47 PM SCZone inks EGP 10bn syndicated loan agreement with six banks
Cairo – Mubasher: The Chairman of Suez Canal Economic Zone (SCZone), Yehia Zaki, signed a long-term syndicated loan agreement with a consortium led by the National Bank of Egypt (NBE) as the senior mandated lead arranger, facility agent, and …
Central Bank of Egypt - (Photo Archive)
11 April 01:47 PM CBE to introduce instant payment module, soft POS in 2021 - Deputy Governor
By: Marina Gamil Cairo – Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalising regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as …
This step is in line with the bank’s digital transformation strategy
11 April 11:47 AM ADIB deploys IBM hybrid cloud solutions to accelerate digital transformation
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has collaborated with IBM, a New York-based cloud platform and cognitive solutions company, to adopt IBM hybrid cloud solutions based on Red Hat OpenShift and become a digitally-led Islamic bank. …
State-run banks are the top purchasers of the government debt instruments
11 April 10:35 AM CBE offers EG 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 11 …
Atamayuzz Academy programmes have started
8 April 04:11 PM Aramco participates in launching Altamayyuz for Saudi graduates
ArabFinance: The Saudi Arabian Oil Company’s (Saudi Aramco) has taken part in launching Altamayyuz Finance and Accounting Excellence Academy which aims to build the capabilities of top finance and accounting graduates in Saudi Arabia. The …
Fitch expects the ratio of stage three loans to rise to 4% by the end of 2021
8 April 01:03 PM Egypt’s banks expected to face continued pressure on profitability in 2021 – Fitch
Cairo – Mubasher: Banks in Egypt are expected to face further pressure on operating profitability in 2021 because of lower interest rates and higher loan impairment charges, Fitch Ratings said in a report. The international credit ratings agency …
The company incurred net losses of EGP 29.8 million in 2020
8 April 12:37 PM CIB agrees to reschedule loans of Sharm Dreams
Cairo – Mubasher: The Commercial International Bank-Egypt (CIB) approved in principle to reschedule loans and cut interest payments of Sharm Dreams Company for Touristic Investment.   The company requested an urgent funding of EGP 140 million for …